Cybersecurity may be in the national news almost daily across the United States, but according to a recent study, the majority of adults in the US don’t really understand what cyberattack entails. This is true even for adults who say they have completed university programs with a focus on cybersecurity. Below are three reasons why you should take cybercrime seriously.
Cybercrime is Expensive
In 2016, global spending on the internet reached over $700 billion, all of which could potentially be at risk for cyber attack. Just as more business is conducted online, so too is crime occurring online as well. The US government increased its spending on cybersecurity by nearly 400% between 2007 and 2016, and that number is expected to grow. By 2021, cybercrime damage is expected to cost $6 trillion annually.
Cybercrime is on the Rise
Ransomware (a kind of malware < that denies users access to their own data) attacks increased by 300% between 2015 and 2016, according to the FBI. That equates to about 4,000 attacks per day. The next year, in 2017, a study from Gemalto found that over two billion records were stolen online–and that was just in the first half of the year. In fact, cybersecurity companies can hardly keep up with the demand for endpoint security to protect corporate networks, with hundreds of thousands of cybersecurity jobs going unfilled every year.
Finance isn’t the only Industry at Risk
Nearly half of all US-based financial institutions have experienced a security breach, and over ten percent have been the targets of multiple breaches. However, finance is not the only industry at risk for cybercrime. Experts agree that the four other industries that are most at risk are healthcare, manufacturing, government and public sector, and the legal field. Healthcare, law, and the public sector all have sensitive information about consumers and clients, but they may not have invested in cyber security infrastructure. Likewise, manufacturers often do not believe that they are at risk and tend not to arm themselves with network access protection.
While it may seem that your company’s data is at risk imminently, you can protect yourself by working with a cybersecurity company with endpoint security solutions and network access protection services. Good cybersecurity companies will work with you and explain the processes in layman’s terms, so you’ll always know that your clients’ and customers’ information is protected.