The rising threat of cyber crime

May 8, 2019

Cyber crime blog header

Organizations are constantly making the business case for new inittiatives to combat the rising threat of cyber crime. Wire understands that the risks and rewards decisions are based on facts. Therefor, we have tried to assemble a set of facts that address various aspects of the decision process.

  • CEO's are concerned - 63% of CEO's are concerned with cyberthreats according to PWC's CEO survey 2018
  • Cybercrime will not go away - Cybersecurity Ventures predict that cybercrime damages will cost the world $6 trillion annually by 2021. Exponentially more than the damage inflicted from natural disasters in a year, and more costly than the global trade of all major illegal drugs combined.
  • Cybercrime is becoming more and more accesible - Hacking tools and kits for cyberattacks, identity theft, malware, ransomware, and other nefarious purposes have been available in online marketplaces for several years; at prices starting as low as $1, making the cost of entry to a life of cybercrime attainable to anyone.
  • The threat is global - According to Symantec, over 20 percent of cyber attacks in 2017 came from China, 11 percent from the US and 6 percent from the Russian Federation.
  • Almost unavoidbale - +70% of business' with more than 10 systems have suffered cyber breaches according to Cisco's Security Capability Benchmark Study.
  • Not only the big ones - According to Verizon, 61% of breach victims in 2017 were businesses with under 1,000 employees.
  • Email still the most vulnerable point - 91% of cyber attacks start with an email according to Barracuda Networks.
  • The cost associated is high - 53% of attacks incur damages of more than 500,000 USD according to Cisco.

The future threat picture is pretty clear for any business. It is a growing concern and no business is spared.

From here the decision tree leads to a number of avenues - where shall we start and how can we determine the biggest ROI on our efforts.

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