06 Apr Impact Of Cybercrime
Threat is a mirror of security gaps. Cyber-threat is mainly a reflection of our weaknesses. An accurate vision of digital and behavioral gaps is crucial for a consistent cyber-resilience
Cybercrime is one of the biggest threats faced by businesses across the world. With the advent of new technologies and large scale digitization, companies are exposed to a wide range of cyber security threats and vulnerabilities.
The alarming rate of such attacks can be attributed to rapidly growing ransomware and extortion operations. Cyber attackers are quickly adapting themselves to our changing business environments. They are finding new ways to carry out their attacks resulting in disruption of business processes (especially data) and loss of revenue.
The cost of cyber-attacks has been growing at an alarming rate and reported at over $6 Trillion (roughly 1 percent of Global GDP!) It is estimated that the global cost of cybercrime is expected to grow 15 percent a year, hitting a whopping $10.5 Trillion in a few years.
Top reasons for the increase in cybercrimes:
1. Growth of Ransomware
2. Number of Connected Devices
3. Sophistication Cybercrime AI models
Cybercriminals have taken advantage of our new Remote/Hybrid Workplaces and dramatically increased ransomware. The impact of these threats is widespread and affects a wide spectrum of industries, resulting in a reported “cyber intrusion volume” impacting over 60% of companies.
Connected devices – known as the internet of things (IoT) – are expected to reach 18 billion units by 2022. Hackers have set their sights on these vulnerable devices, attacking their high risk software, misconfigured devices and weakly encrypted networks.
Latest technologies like AI and Machine Learning are increasingly being used by outside hackers. Countering this increased sophistication with the latest AI security models is a critical element of any companies’ cyber strategies. (Xforia’s CIO and Cyber Expert Kumar Chandramoulie is a prominent speaker at national cybersecurity conferences and offers our clients the latest advice on new technologies and staffing configurations)
Valuable Actions that can counter these growing threats:
1. Educate your employees and contract teams (Xforia Technology Teams are all coached on appropriate cybersecurity protocols)
2. Build up your Cybersecurity Teams with management and staff that offer the latest skills/AI Platforms
Mitigating Cyber risk is one of the key objectives of every leader. It’s imperative that the leadership team familiarize themselves with cyber security risk in their operations and formulate a robust cyber security policy to mitigate them. Cyber security strategies need to be an integral part of their day to day operations.
The full time and contract employees need to be future proofed with updated skill sets for building effective cyber control measures. Xforia Technologies provides a robust cyber security team capable of delivering high-end cyber defense programs that guard your sensitive data in this new digital landscape.