Cybercrime is growing.

The Internet of Things (IoT) is seeing rapid growth and bringing along many security problems. There are too many poorly protected devices coming out, many with default usernames and passwords. These are easy targets to be compromised, giving access to your network, jeopardizing your data, or potentially being used to power a botnet or launch other attacks.

Other contributing factors to cybercrime’s growth include new attack technologies, cybercrime-as-a-service and the increased financial sophistication of cybercriminals in their business schemes. The question is no longer “if” your business will be targeted, but “when”. With much anticipated new technologies come new attack vectors, which makes constant vigilance a requirement.

If we truly see our data as valuable, we need to ensure that it’s secured, insured, and treated with careful diligence. Our business and personal data move around the internet continuously and criminals are always creating new ways to sabotage it. This means securing your information is more important than ever.

Cybercriminals will be more aggressive.

There are so many ways criminals can gain entrance to your business: accessing servers, planting malicious code, calling or emailing employees, and stealing mobile devices. Even worse – cybercriminals might already be inside – waiting on your network, working as a contractor, or sitting at a desk as an employee.

Cybercrime daily estimates run as high as 4,000 ransomware attacks, 33,000 phishing attacks and 80 billion malicious scans. That equates to the potential to lose over 1,000,000 records to malicious actions.

A 2018 McAfee report on the Economic Impact of Cybercrime, found that it costs the global economy around $600 billion a year. That’s up from $500 billion in 2014, or around 0.8 per cent of global GDP. The report’s author, James Lewis and a senior vice president at CSIS (the Center for Strategic and International Studies), noted that “cybercrime is relentless, undiminished, and unlikely to stop.”

The spending on countermeasures will grow along with cybercrime. With the combination for GDPR compliance, risk management, privacy measures, and security services, Gartner predicts that global information security spending will exceed $124 billion in 2019, up about 20% from 2018.

Increased worldwide response to cyberthreats.

Let’s face it – it needs to go beyond the constant upgrading of business security measures. Cybercriminals need to be crippled with a push for tougher cybersecurity laws, increased international law enforcement, and severe penalties for nations that harbor cybercriminals.

The worldwide response level will be the biggest factor in our ability to prevent future consequences that could break our trust in the Internet and damage continued economic growth and social impact. National security will be a strong driver for governments to strengthen technology policy and international cooperation.

As the number of connected devices continues to grow, so will action on the international stage to protect online activity, establish trust, and protect privacy. In the end, with new technologies will need to come new security models and new responses.

Cybercrime defense is possible.

With an escalating threat landscape, security management requires time, research, and expertise meaning your IT staff may need support to stay compliant. We can tailor a solution that closes gaps and provides ongoing support. Contact us to stay secure.