STATE OF CYBER SECURITY 2022…!

We live in a digital age. In our professional, personal and financial lives, the internet, mobile computers and electronic media have grown increasingly crucial. Unfortunately, as a result of this ubiquitous tendency, we are now more vulnerable than ever before to harmful assaults, invasions of privacy, fraud, and other such annoyances.

Cyber security is crucial because it protects all forms of data from being stolen or lost. Sensitive data, personally identifiable information (PII), protected health information (PHI), personal information, intellectual property, data, and government and business information systems are all included in this category. Without a cyber-security programme, your firm will be vulnerable to data breach activities, making it an easy target for fraudsters. Data protection is becoming a strategic issue for private and public organizations due to the exponential growth of work-from-home opportunities and cyber-attacks such as ransom ware and phishing.

Are Cyber-criminals smarter?

Cybercriminals are becoming smarter, and their techniques are becoming more resilient to traditional cyber defences, so business executives can no longer rely only on out-of-the-box cyber-security solutions like antivirus software and firewalls. To be well-protected, it’s critical to cover all aspects of cyber-security.

Businesses demands a secure infrastructure to support all elements of their operations, including secure IoT connection, user and device policy control, communications and collaboration applications, and workflow automation. The difficulty is reducing the dangers posed by Bring Your Own Device (BYOD), Internet of Things (IoT), shadow IT, and Cloud solutions.

People desire control over their data and how it is used, and data privacy is a public concern for everyone working in the digital world today.

Is Cybercrime Increasing?

The most expensive and fastest-growing type of cybercrime is personal data theft. The increasing availability of identification information on the web via cloud services is driving this trend.

Social engineering is still the most common type of cyber assault, followed by ransom ware, phishing, and spyware. Another prominent attack vector is third-party and fourth-party suppliers who process your data and have weak cyber-security procedures, making vendor risk management and third-party risk management even more crucial.

Cyber-Stats

According to recent statistics, cybercrime has cost the world $2 trillion so far this year. According to cyber-security Ventures, damages would reach $6 trillion by 2021, forcing a global investment of around $10 billion in cyber-security measures by 2027 to protect against these catastrophic losses.

Large enterprises and organizations aren’t the only ones who are affected. Phishing scams, ransom ware attacks, identity theft, data breaches, and financial losses are all common occurrences for everyday consumers.

Hacking an internet-connected device, such as your smartphone, wristwatch, on-board automobile computer, smart television, and home management systems, takes only five minutes, according to a Netscout report.

According to Accenture and the Ponemon Institute’s Ninth Annual Cost of Cybercrime Study, the average cost of cybercrime for a company has climbed by $1.4 million to $13.0 million in the last year, while the average number of data breaches has increased by 11% to 145. The importance of information risk management has never been greater.