Cybercrimes are more profitable than illegal drug trafficking worldwide

Norton Cybercrimes Report 

The profitability of cybercrime is attracting its fair share of cybercriminals for a few good reasons.

Companies by and large are reluctant to disclose any cyberattack for fear of the negative publicity it would generate. This unwanted publicity would affect their hard-earned reputation, and consequently their bottom line. No one wants to have their bonuses impacted.

Another reason is that the delivery of a cyberattack is no longer complicated. The approach has changed and the ‘new’ target is now of unsuspecting employees who would easily fall for their tricks. This larger attack surface increases the success rate of a cyberattack.

Thirdly with more and more people downloading applications it makes any mobile device or laptop more susceptible to an attack.

With more and more users working remotely. The chances of a cyberattack increase especially if the employee are not educated in practicing good cyber hygiene. Hence, employee education is paramount in the fight against these criminals.

Hence it is no longer a question of “if” but a question of “when” a malicious attack will hit you.

Most businesses have a website to “announce’ their presence and offering. If you have access to your backend, you can see numerous attempts made by web bots to access your website. By virtue of its programming, these automated bots will be relentless in their efforts.

When an attack happens, this will result in a lot of stress and even disruption to a business.

This is made worst if it involves personal data loss. This will attract the attention of regulators, who is unlikely to let you go without a fine or a resolution that you out in place policies, processes, and even systems to ensure that such an incident will not happen again.

Beyond the fine and expenses incurred, you will earn a dubious reputation. Sales and revenue will suffer for it. These expenses and lost in goodwill might lead a company to shut down.

According to statistics, as much as 60% of small and medium-sized businesses will close down within 6 months after an attack.

Thus having a cybersecurity framework in place is paramount to ensure that your exposure to these attacks is reduced, and the management of it is proper.

The cost of implementing such a framework is just but a fraction of the cost of any business impact that might result from a cyber attack.

Drop us a note if you need help in establishing a cyber defense against these unwelcome visitors that will make a mockery of your life’s work.