The recent ransomware attack on Colonial Pipeline Co. has resurfaced the rising threat that cyber crime poses worlwide. This followed the December 2020 hacking incident at SolarWinds supply chain.
Although heavy reliance on technology by business as well as individuals drove operational efficiency and eased our lives, the same increased vulnerability to cyber offences
Rapid Automation Resulting in More Cyber Raids
This simply underlines the fact that the frequent use of technology is directly proportional to the possibilities of cybercrime. Therefore, the more technology will be leveraged, higher will be the chances of virtual breaches.
Notably, the COVID-19 pandemic further fuelled the incidence of cyber onslaughts as businesses of all sizes are transitioning their operations to various online platforms. Now from working to spending, education to entertainment, and even healthcare and much more went virtual causing high technology percolation in everyday lives. This puts not only businesses but also schools, hospitals and other organizations at the receiving end of online assaults.
While public institutions and large companies have always been the target of hackers, now smaller organizations with lower security standards are reaching their radar.
Further, the advent of 5G will enable other devices to connect to the Internet, thereby expanding the scope for Iot and AI. While AI and IoT will simplify things, it will also aggravate the rate of cyber crime with accessibility of wider options as more and more activity becomes technology reliant.
Cyber Attack to Grow by Leaps and Bounds
Cybersecurity Ventures expects global cybercrime costs to grow 15% per year over the next five years, reaching $10.5 trillion, annually, by 2025, up from $3 trillion in 2015.
The United States is already hard-hit by cyber violations. In 2018, an FBI agent said that every American citizen should expect that all their data (personally identifiable information) is stolen and is on the dark web.
Research firm Gartner forecasts that the corporate computer security market will grow more than 10%, on average, annually through 2024, outpacing the 3% growth rate of spending in the information technology…