29 Oct , 2019

Cyber-Crimes Effect on Global Businesses

Posted By Jassim Mohammad

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Security is a Global Delimma


In an age of ongoing digital transformation, cybercrime has quickly become today’s fastest-growing

form of criminal activity. Equally worrying for modern executives, cber-crimes also set to cost businesses

$5.2 trillion worldwide within five years, according to Accenture.With 43% of online cyber-crimes attacks

now aimed at small businesses, a favorite target of high-tech villains, yet only 14% prepared to defend themselves,

owners increasingly need to start making high-tech security a top priority, according to network security leaders.


The Cost of Being Online


“Modern IT infrastructures are more complex and sophisticated than ever, and the amount of virtual ground

that we’ve got to safeguard has also grown exponentially,” explains Jesse Rothstein, CTO of online security

provider ExtraHop. “From mobile to desktop interactions, cyber-criminals can launch thousands of digital attacks

designed to compromise your operations at every turn, only one of which ever needs to connect to cause serious disruption.

”As a result, he says, it’s guaranteed that virtually every modern organization’s high-tech perimeters will eventually be

breached. This being the case, for small business owners, it’s no longer a matter of considering if security threats will arise,

but rather thinking in terms of when.

Worse, the consequences of cybeattacks continue to grow, with digital incidents now costing small businesses $200,000 on

average, according to insurance carrier Hiscox, and 60% going out of business within six months of being victimized.


Many Fails to Secure


The frequency with which these attacks are happening is also increasing, with more than half of all small businesses having

suffered a breach within the last year and 4 in 10 having experienced multiple incidents, reveals Hiscox. At the same time,

though, according to Keeper Security’s 2019 SMB Cyberthreat Study, 66% of senior decision-makers at small businesses still

believe they’re unlikely to be targeted by online criminals. Similarly, 6 in 10 have no digital defense plan in place whatsoever,

underscoring the need for heightened industry awareness and education across the board.

Source: Cyberattacks cost small companies $200K, putting many out of business

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