The cumulative annual costs to counter cybercrime is now around $1 trillion, which is roughly about 35 times more than it was a decade ago. As more devices and individuals become connected, we can expect the sharp spike in in all types of cybercrimes — espionage, financial crimes, identity thefts, etc. to be an ongoing trend and not a short-term anomaly.
In fact, over a trillion dollars were lost due to cybercrime in 2020. The most impactful reason for cybercrime is the lack of minimum-security standards for businesses involved in the creation or operation of social media platforms, chat applications, and other network-connected apps and devices. Everything from your favorite chat engine to IoT devices to remote employees working on laptops can be exploited by hackers. Further, digital technologies make it impossible for businesses to eliminate threats entirely, so the focus must be on limiting the damage. That is easier said than done because keeping a network secure involves a series of activities that need to be planned well in advance. These efforts must be focused on segregating and protecting data or infrastructure that is critical for the smooth functioning of each unique business. For example, an IT consulting firm could focus on protecting customer data while for an e-commerce business would need specialized support in preventing DDoS and ransomware attacks.
Before your cherished apps and devices turn into attack vectors, make sure to get their security level reviewed by experts who can identify your vulnerabilities, mitigate any existing threats and can provide a comprehensive strategy for meeting the increasingly complex network of cybersecurity standards and requirements.
None of this is easy for small and midsized businesses that cannot afford an in-house cybersecurity team. Therefore, at iVisionNet, we offer everything from Insider Threat Program development to Critical Infrastructure Situational Awareness. For more details, contact our experts and they will let you know how best you can protect your business from security threats.