Top 6 Alarming Cybercrime Facts

Top 6 Alarming Cybercrime Facts

In the age of technology, there are many new developments and discoveries every day. These mutations bring a lot of unpredictable challenges and problems. One of the challenges facing the business world is cybercrime. Cybercrime is no longer a joke, but a real threat that every CEO and organization should take seriously. Collecting information is regularly the first step in taking action. Below are six important and up-to-date facts on cybercrime.

1 – The World’s budget for cybersecurity is growing exceedingly:

Yes, it is true. When you read that Cybercrime damages are predicted to cost the world $6 trillion annually by 2021, then you will understand why we should spend much money on the cybersecurity (1). Therefore, in FY 2019, U.S.A is spending a 15 billion dollar budget for cybersecurity, representing a 4.1% increase from the previous year.

Invest in your business cybersecurity and enhance your safety measures.

 

2 – Financial Services are one of the most cyber attacked industry:

It is logically. This industry may seem like quite an obvious target of attacks– access to investment records, personal savings information, tax records, etc. The financial services sector was the most attacked in 2016, but this has changed recently as health organizations took the lead because they overlooked the danger of cyber attacks. Moreover, businesses in this field have made the offense much harder for hackers, while they are until now one of the most attacked targets (2).

If your business is in financial services, do not stand and wait for a hack. Keep cybersecurity in mind, increase the employees’ awareness, and asses secuirty perifoicly.

 

3 – There are cybercriminals on the FBI’s most wanted List (3):

We are not talking about terrorists, but cybercriminals. If you still underestimate the hacking danger, I want to tell you that the FBI does not do that. In 2015, 19 cybercriminals on this list were answerable for substantial consumer losses, up to $100 million. In 2018, the same file has 41 cybercriminals from around the world. It is increasing.

Cybercrime can be more expensive than you think. It is a massive business for some dangerous people. Work hard to protect yourself as cybercrime can cost you your company’s future.

 

4 – The most effective weapon for hackers is the Employees’ Poor cybersecurity Practices:

You can have the best safety system, professional security team, test regular your network and cover all your vulnerabilities. The bad news is that just one employee will send his password to his colleague per SMS, log in to an unsecured Wi-Fi or open an e-mail used by a hacker, then nothing can stop him. After everything you have done, a pirate will not refuse the gift, and you should know that Law does not protect the fools.

Repeatedly, you have to increase your employees’ social security awareness and test it frequently.

 

5 – On average, it costs any business four months to know that its data has been compromised (4):

After a hacker attack, it is not easy to deal with it. However, if you know early, it will, of course, help you reducing losses.120 days are far too much. You may have no chance to save your enterprise, especially in case of losing important data, like your customer’s personal.

Monitor your system and perform penetration tests periodically will give you a better chance to deal with an attack earlier and more effective.

 

6 –  Global Cost of Cybercrime Exceeded $600 Billion in 2017 (5):

Yes, four years ago if you had told anyone that cybercrime would cost the world between $445 and $608 billion in 2017, he would never believe you. However, that is indeed the situation today. That indicates that we may be soon to face something worse than we now expect concerning cybercrime.

 

Cybercriminals are developing new ways to hack, they are intelligent, and if you do not worry about your always-developed cybersecurity, more often than not, you will be one of their victims.

 

 

In Conclusion, we have to say that Cybersecurity has become one of the most critical issues facing businesses. Although awareness of the risk is growing, we are yet to see a significant change in behavior in the boardroom. “Cybercrime is the greatest threat to every company in the world,” said Gini Rometty, IBM’s chairperson, president and CEO. This statement shows how seriously you should take the cybersecurity. During the next five years, cybercrime might become the enormous danger to every person, place, and thing in the world.

 

References:
(1) https://cybersecurityventures.com/2015-wp/wp-content/uploads/2017/10/2017-Cybercrime-Report.pdf
(2) https://media.scmagazine.com/documents/296/2017_ibm_x-force-_security_tre_73846.pdf
(3) https://www.fbi.gov/wanted/cyber
(4) https://www.nccgroup.trust/globalassets/your-sectors/uk/putting-cyber-security-on-the-board-agenda.pdf
(5) https://www.mcafee.com/enterprise/en-us/assets/reports/restricted/rp-economic-impact-cybercrime.pdf