Most of you know that cybercrime is taking on huge proportions, and that it is happening all over the world, but how well do you understand its impact? Once translated into data, you can see the impact of its damage and why it is more than essential as a business and individual to be alert, in addition to properly securing your data.

The Statistics

Cybercriminals have increased their activities in great force, especially since the pandemic, and their targets are both small and large companies. No one is safe. For example, if someone malicious wants to find a social insurance number, it will take them an average of only $3 and five minutes! 

If cybercrime were measured as a country, it is expected to cause a total of US$6 trillion in damage worldwide by the end of 2021. This would make it the third largest economy in the world after the US and China. 

The global costs of cybercrime are expected to increase by 15% per year over the next five years to reach $10.5 trillion by 2025. This represents the largest transfer of economic wealth in history. In addition, cyber attacks have increased by 150% since 2018 and continue to increase year over year.

The Damage Of Cybercrime

Cybercrime can impact many facets of your business. The damages of it include, but are not limited to:  

• Data damage and destruction; 
• Stolen money; 
• Loss of productivity; 
• Theft of intellectual property; 
• Theft of personal and financial data; 
• Embezzlement; 
• Fraud; 
• Post-attack interruption of normal business operations; 
• Forensic investigation; 
• Restoration and deletion of pirated files; 
• Damage to reputation.

A Growing Risk

Seeing concrete numbers helps to better understand the magnitude of cyberattacks, but what you need to know is that this is a risk that is continually on the rise. So the numbers are going to get worse in the coming years.  

As a result of the pandemic, many people are working from home or in hybrid mode. As employees generate, access and share more data remotely via cloud-based applications, the number of security blind spots also increases.  

With cyber hackers increasing their activities since March 2020, you need to be forewarned and ensure your work tools are continuously protected. MS Solutions offers training to develop your skills to identify the threats facing your business and your employees.  

The CEO of Chubb, the world’s largest publicly traded property and casualty insurance company, Evan Greenberg said:  

“The next pandemic, which has a virus-like exposure, is going to be related to cyberattacks, because they have no geographic or temporal boundaries.”  

A cyberattack could potentially disable the economy of a city, a state or an entire country. So imagine the damage an attack could have on your business if you don’t have the necessary tools in place to protect yourself. 

In Short

Please contact us if you have any questions or would like more information on our services and employee cybersecurity training.