Rising Cyber Crimes Mean High Prevention Costs
December 13, 2021
The COVID-19 pandemic forced organizations to institute remote work. Many organizations were not prepared, because they lacked secure networks and other necessary security measures to prevent cyber crimes. It is not surprising when Read Write explains in “Lessons Learned From The Skyrocketing Cost Of Cyber Crime” are loss of revenue, obvious preventable issues, and that cyber security and cyber crimes are burgeoning industries.
The pandemic spurred a rise in cyber crime, especially in ransomware, phishing, malware, island hopping, and hyper-targeted nation state attacks. (Does spreading of misinformation count as a cyber crime?). Cloud computing company Iomart recorded that data breaches rose by 273% in the first quarter of 2020 compared to 2019. Cyber crime cost the US an estimated $3.5 billion and the UK $1.8 billion, but it could be more as many crimes are unnoticed.
The cost of cyber crimes are projected to rise exponentially and cause more economic damage than natural disasters. It is important that organizations take preventative measures:
“With all the realistic threats that lurk in the digital space, it’s imperative for companies to deploy best practices in cybersecurity to protect their data and other digital assets. Plus, companies need to do everything they can to avoid the burdensome financial costs associated with cybercrime. While we can’t always prevent cyber attacks, we can learn from them and apply tangible steps to protect ourselves and our businesses.”
Good cyber security practices include implementing and enforcing identification, robust encryption policies, strong data hygiene, patch management programs, using blockchain and crypto currency solutions, and use traditional measures like firewalls, antivirus software, and anti-spyware.
Whitney Grace, December 13, 2021
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