As Accenture’s Fortress is Breached, the Cyberattack Threat to your Business is More Real than Ever
August 2021 by the Center for Strategic and International Studies (CSIS)
Accenture’s confirmation that it was the target of LockBit 2.0 made global headlines, but the company is only the latest in what has now become a long list of cyberattack victims.
According to data from the Center for Strategic and International Studies, around 170 significant cyber incidents involving government agencies, defense organizations, and high-tech companies were recorded since August 2020. The findings are in sync with the research we have been doing in this field – ransomware is a real threat, with ransomware protection already a multi-billion dollar marketplace.
And, the momentum isn’t going to slow anytime soon --- global revenues are set to grow at over 16% CAGR to reach US$ 50 billion by 2031. Remediation costs can reach US$ 800 per employee, which is likely to reach US$ 1500 by the end of 2021.
Further, 33% of organizations in India are considering the usage of AI and ML in their cybersecurity operations, which is expected to increase by 12.4% in the coming decade.
Cybersecurity in robotics is projected to grow at a CAGR of nearly 11% through 2031.
Up to $1 Mn per Attack: The Cybercrime Costs Continue to Soar
A new study conducted by researchers from the University of Warwick, has found a major surge in the number of cyber-security crimes during the covid-19 crisis.
Over 80% of these attacks involved smishing or phishing, of which over 30 percent included financial fraud, 15% accounted for ransom extortion. With businesses and commercial organizations deploying remote networks and systems to support staff that are working from home, cybercriminals are leveraging increased vulnerabilities in network security causing disruptions and stealing sensitive data, costing between US$ 20,000 to US$ 1 Mn for every attack.
According to Interpol, between January and April 2020 alone, over 900,000 spam messages, 48,000 malicious domains, and 730 incidents associated to malware were noted, a 50x jump from 2015. Cybercriminals have stepped up their efforts by exploiting the uncertainties arising from the unpredictable economic and social situation created by the outbreak.
How Lax Cybersecurity Can Hurt Your Business
Cyber-attacks can result in significant damage to your business, with a major impact not only on finances but also in terms of legal and reputational issues that can harm your business in the long term.
Some of the common results of cyberattacks include:
• Loss of corporate and financial information.
• Theft of money and disruptions to trade.
• Losing customer trust, resulting in poorer sales, profits, and contracts.
• The compromise of sensitive data can also cause legal issues, leading to fines and regulatory sanctions.
According to the Center for Strategic and International Studies (CSIS), the costs of cybercrime to the global GDP have jumped by over 50% since 2018, with more than 90% of companies feeling consequences beyond monetary loss. Cyber Security Businesses Eye New Opportunities
Every challenge opens new avenues for opportunities.
The lucrativeness of the cybersecurity business isn’t lost on existing vendors and new entrants.
No surprise then that within the last year, over 100 companies in the cyber-security space have been founded and over 800 have been involved in seed funding with the aim of capitalizing on the growing gap between the number of cyber threats and the security solutions available in the market. Some of the prominent startups formed recently include SourceAI, Seedata.io, HomeSirens Inc., Half Square Security, Arcana Network, SentiLink, Magic, Nozomi Networks, and SecurEnds, which cumulatively accounted for funding of over US$ 1.2 Bn this year.
However, winning in this space requires a deeper understanding of more than just end-user requirements.
As cyberattacks become more sophisticated, investment in developing the right technology remains a key aspect.
Vendors also need to stay in tune with the evolving market scenarios. That’s why access to real-time market intelligence is crucial.
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