Cyber Security – Cost of Loss Much Higher Today !!
Globally, cyber security has become a challenge, for small entities a bigger headache as after all cyber crime costs businesses much more today as well as government agencies and consumers in general have been beaten more by over a $1 trillion in 2020, according to the data analyzed by researchers at Atlas VPN. That is around one percent of the global GDP.
While $945 billion was lost to cyber incidents, $145 billion was spent on cybersecurity. Those costs in 2020 increased by more than 50 percent compared to 2018, when over $600 billion was spent to handle cybercrime.
Off late, lot of improvements apart from research & steady investments have improved cybersecurity world wide, still is it enough and affordable today for all sections working in the web today. Keeping databases and protecting cloud instances secure are still a struggle. AI and IOT have a lot of aggressive role to play to make new technology digitally reachable for mankind.
Hackers have become sneaky and find ways to get into networks and this trend is increasing day in and out. These criminals in intent want to attack those which is most easy to reach out to. Small unsecured business’es will and are the most hit on the web today. Phishing and unprotected misconfigurations are the biggest threats as they get into the psyche of our systems. Ransomware and spywares are the easiest ways for nuts to crack into our banking systems which today better encrypted but callers with an intent keep doing the damage which we all hear about from time to time.
Sources tell that nearly 98 percent of all cyberattacks rely on some form of social engineering to deliver a payload such as malware or ransomware. One of the most successful attack formats which cybercriminals use regularly is to initiate a social engineering attack through phishing emails and sms’s(messages). Therefore, threat actors distribute malware via email approximately 92 percent of the time.
Cloud infrastructure & breaches will continue and cyber resilience needs to be get better with a separate DevSecOps in place is required for better vigilance and tracking.
Skills shortage is always going to be challenge as the modus operandi keeps changing every 6 months. Learnings have to keep updating for security professionals as need will keep increasing two fold with different flavors.