Many aspects of our lives are soon to become digitized if they haven’t been already. With so many businesses and institutions pushing for digital transformation, the need for cybersecurity is rising and is likely to remain a necessity throughout our technologically enhanced lives.
Whilst we enjoy the luxury of technologies like online banking and social media, it’s easily forgotten that these systems are built upon layers and layers of meticulously programmed security protocols to protect you and whatever platform/service it is that you’re using. Data is valuable; so much so that it has become an entire industry itself and this naturally attracts bad actors who will harvest and hack data, passwords and anything of worth.
According to the latest reports from the UK government’s Department for Digital, Culture,
Media & Sport (DCMS), March 25th 2020, 46% of UK businesses and 26% of charities surveyed had been victims to a cybersecurity attack or breach in the past year. The report also notes that these attacks are more common amongst medium and large businesses, as well as high-income charities.
Breaches are extremely costly and of course, highlight the need for quality cybersecurity implementation. IBM’s 2019 “Cost of a Data Breach” report notes that the average cost of a data breach amounted to $3.92 million, with an average of 25,575 records stolen.
In terms of industries hit the hardest, cybersecurity breaches cost the Health and Financial sectors $6.45 million and $5.86 million respectively.
The report goes on to note that companies with cybersecurity automation technology tended to fair almost twice as better as those without, losing $2.65 million instead of $5.16 million on average.
The demands for cybersecurity extend well beyond protecting enterprises. At present, the cybersecurity industry and community are banding together as there has reportedly been an increase of attacks on healthcare systems during the current Covid19 crisis.
Warnings from INTERPOL were issued to almost 200 countries on April 4th, 2020, with a notice that detailed the network noticed “a significant increase in the number of attempted ransomware attacks against key organizations and infrastructure engaged in the virus response.”
In this instance, hackers are locking hospital and medical services out of their systems until a ransom is paid, making this particular batch of hackers a very foul bunch at that. Oddly, one report has noted that major hacking groups had actually announced that they would temporarily postpone attacks on hospitals and care centres.
But this has not been the case, and organizations that are working on vaccines, producing personal protection equipment, testing labs and other vital cogs in the pandemic-response wheel are being targeted.
With lives at stake, there are a few initiatives underway to protect networks that are critical to fighting the pandemic. Volunteers have put together the “COVID-19 Cyber Threat Coalition” (CTC) and the “COVID-19 CTI League” (cyber threat intelligence) to act as a collective against hacking in this time of need.
Reportedly, one of the managers at the CTI, Marc Rogers, stated that he had “never seen this volume of phishing,” adding, “I am literally seeing phishing messages in every language known to man.”
To combat it, the CTC is reported to be running through more than 100 million pieces of data every single day, which is being sent through by approximately 70 cybersecurity firms. Once a specific piece of data has been flagged up by 10 or more of those collaborators, the CTC adds it to their blocklist, so that the world can be privy to dangerous websites and malicious actors.
Cybercriminals are relentless and damaging at best, but in this particular instance, there has never been a greater need for heightened cybersecurity efforts at a global level.
Regarding the sentiment of collaboration, Rogers said that he had “never seen” such levels of cooperation, wishing for it to continue post-crisis as “it’s a beautiful thing to see.”
A Digital Essential
As the numbers indicate, it’s far better to be safe than sorry when it comes to securing your data. All over the world there are swathes of cybersecurity firms that leverage cutting edge technologies for their security services.
Whilst enticing for enterprises and institutions, investors are also beginning to realise that these new emerging companies are vital components of our digital future, indeed they require all the support they can get considering the tangible worth of their work.
GBMS Tech is one of the standouts in the cybersecurity market; presently the firm is looking to protect the systems of workers who have been forced to work remotely amid Covid19. At present, the firm estimates that cybersecurity revenues will be worth $251 billion by 2023 as the growing need for cybersecurity becomes more and more evident.
Brilliantly, GBMS offers affordable cybersecurity packages for Covid19 workers/businesses, as well as a complete security package covering SME’s with a cybersecurity insurance policy and addition to other products and services on offer.
Because technology is evolving at such an insane pace, it’s hardly any wonder that a 2019 cybersecurity report estimated that global spending will far surpass $1 trillion from 2017-2021, a signal to investors and industries around the world that this is a technology that not only protects value, but also generates it. Evidently, cybersecurity is an absolute necessity of life now as the events of 2020 so far have shown us.
GBMS Tech is one of the standouts in the cybersecurity market; presently the firm is looking to secure further funding to bolster their efforts and, push their technologies onto the frontlines where they are needed the most.
Find out more on GBMS Tech, the current landscape, and receive expert insights into one of cybersecurity’s latest challenger. Call Bure Valley Group on +44 160 334 0827, or email at [email protected].