Debilitating Cyber Threats To Cost Businesses $6 Trillion By 2021

The steadily rising connection of individuals, companies and countries to the Internet has emerged among the most transformative means to ignite sustainable growth. However, with every advancement in the digital world, cybercriminals have become more sophisticated in their techniques. Growth in connectivity between digital and the physical world expands the potential avenues for the rise in cyber threats. These changes will make the next phase of cyber defense even more challenging.
Cyber risk continues to grow as technological innovation evolves and business’ dependence on information technology expands. In 2018, businesses have been witnessing widespread plague of cyber threats designed to poach data & destroy hardware/physical systems. These social engineered attacks are causing major organizational disruption to companies with a severe financial impact.

 

 

Cybercriminals Have Mastered Chess While Business Are Playing Checkers

The number of ransom ware attacks has shown a stark rise, with the world witnessing an unprecedented growth in data breaches over 2017. A recent data breach in the US resulted in the exposure of critical personal and financial data for 145 Million card holders. While their credit cards could be potentially re-issued with revised numbers, however their legal names, social security numbers, other PII have certainly been compromised.
Equally profound are the implications for companies who use these information. At many organizations, standard procedures for confirming customer identity involve asking for the “last four” digits of a social security number (SSN). The veracity of this practice is now in question as SSNs are in circulation among fraudsters and is available for sale, revealing the dark side of internet.
On December 20th – The Identity Theft Resource Center (ITRC) reported that there were 1,293 total data breaches, compromising more than 174 Million records, resulting in 45% more breaches than 2016. This disturbing trend is further expected to climb this year.

Disconnect From Cyber Threats In the Connected Digital World Of 2018

There remains a huge gap in cybercrime legislations in the digital world. Lack of awareness and knowledge of basic security make most online transactions highly susceptible to digital theft. While the breakneck speed of digital transformation is generally a good news, safeguards must be placed alongside to protect users and sustain the proliferating digital business. A holistic layered approach to fraud and risk management can decrease losses and improve customer service. Businesses must employ a mix of automated tools and technology coupled with predictive behavioral analytics to optimize growth with less fraud.

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