Cyber Security

The High Price of Global Cybersecurity Arrangements

Cybercrime is a growing industry where risks are high, but returns are equally high. It does not mean you have chosen the wrong profession. The global pandemic is responsible for the surging cybercrime due to which millions of people are suffering. In this article at Security Boulevard, Filip Truta brings forth some alarming statistics about global cybercrime costs and malicious activities. The less-identified aspect of the industry is one of the prime reasons for its emergence. The soaring crime rates have severe implications for employment.

A Reality Check

According to the recent RiskIQ research, cybercrime has fueled at an average rate of $25 per minute since 2015. The per-minute cost would be over $11 million worldwide by 2021. The volumes of malicious activities and threats are flourishing at the rate of 375 per minute in the pandemic. Together corporates and government must initiate stringent actions and execute an action plan to counter cybersecurity threats.

Threats and Objectives

Hackers use a range of malicious activities that include phishing, ransomware, domain infringement, and crippled supply chain to hamper online transactions. Web skimming is one of the malicious activities used by attackers to cripple JavaScript coding and hinder online web portals. The ‘Magecart hacks’ grew by 30 percent after the novel coronavirus epidemic outbreak. Attackers use such threats to earn money, tarnish a brand’s reputation, or win political benefit.

The threat activities are prevalent, but so is the power of threat intelligence that can safeguard your organization from potential threats. Not only organizations but also countries will face the repercussions of having a weak cyber defense.

Awareness, knowledge, collaborative efforts from employees can save your company from potential cybersecurity threats. Implementation of governance practices and the adoption of reliable standards are the key to reducing cybercrime.

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