Seven cybersecurity facts and stats for a secured technology 2021

Hacking and data breaches have been the two security issues hassling businesses of the late, thanks to the surge in pandemic and the subsequent lockdowns. With the remote workforces also adding to the abundant online presence, cybersecurity has become one of the feared technical issues requiring serious contemplation. 

So, what makes cybercrime a major security problem in 2021? 

The stats reveal that a large number of companies still have poor cybersecurity in place, risking their enormous data to cybercrimes like data breaches, hacking, and identity thefts. It is high time that companies become aware of cybersecurity and its importance in today’s business scenario. This article highlights a few facts about the necessity of investing in Cyber security services providers for a successful business. 

Cybersecurity insights worth pondering

The year 2020 has been a vital year for technology that witnessed several new technologies being revealed and implemented extensively, helping the world economy prevent a severe plunge. The rollout of 5G, cloud-based operations, and forced remote working have been the major technological breakthroughs of the COVID era, which also initiated a wave of fatal cybercrime rates. Remote workforces became a constant target for cybercrimes, increased cloud usages rampantly increased the breaches, and enhanced 5 G connectivity made connections more vulnerable. As the pandemic is nowhere nearing its end, it has become imperative for the establishments to consider a few important cybersecurity facts and work upon them for a secure and crime-free future.

Data breaches and hacking

2020 witnessed rampant data breaches and hacking incidents in large firms, severely exposing sensitive information and ruining the reputation immensely. An average of $3.86 million was spent to tackle these breaches. Besides the expense involved, data breaches take enormous time to recover and to become operational.

Most prevalent Cybercrimes 

Some of the most prevalent cybercrimes threatening network security are whaling, phishing malware, ransomware, distributed denial of service(DDoS), and social engineering. Ransomware and malware crimes rose to a whopping 33% in 2020, with 94% of the cases attributed to malicious emails. The average cost of ransomware amounts to about $133,000, and most of these cases are concentrated in locations that are more connected through the internet. Phishing also contributes to 80% of crimes in the country.

Regulatory compliances

Companies, especially those with an extensive remote workforce, must adhere to regulatory   compliances that many countries are increasingly enforcing. European Union’s GDPR and California’s California consumer privacy act are a few developments in this stride. The recent evolution also necessitates the laws for getting rid of stale data to enhance data protection by maintaining compliance with privacy legislation like SOX, HIPAA, and many more.

More protection to healthcare, financial, and government institutions

Industries like healthcare and financial institutions are worst affected by cybersecurity issues. The data such as social security numbers, personal data, and medical info prompt the hackers to attack these institutions. Hence, these institutions must ramp up their cybersecurity services and invest in them considerably.The onset of the pandemic has been the worst for technology in terms of security, with establishments worldwide reporting incidents of crimes in plenty. The trend also showed that the unemployed, healthcare industry and remote workforce are the most impacted cybercrimes.