Data is as precious as gold (if not more), and cyber delinquents know this! In recent years, high-profile companies and platforms have fallen victim to data breaches, leaving millions of people vulnerable to having their sensitive information exposed. This includes credit/debit card numbers and passwords. For this reason, a considerable number of cybersecurity solutions emerged over the years, which unfortunately tend to lag behind the most innovative cybersecurity hazards in existence.
In this article, we’ll cover some of the main reasons cybersecurity is becoming a focal concern for many individuals and companies. Let’s begin with:
Reason 1: E-Commerce is More Popular Than Ever
Since more and more purchases are made online using digital payment methods, this has given hackers the golden opportunity to get ahold of delicate financial information, which they can then utilize for personal purposes.
Under this paradigm, online marketplaces and retailers felt obliged to deploy a wide variety of data protection methods that, at times, overwhelm the user, such as 2-factor authentication (2FA) and email security codes.
Reason 2: Automation
In line with reason 1, companies rely heavily on automated processes to streamline their customer/user services. These processes treat info related directly to finances but also details such as home addresses and phone numbers, among others.
This automation gives hackers a significant head start to find exploitable glitches as they attempt to steal all that private data that gets processed digitally.
Reason 3: Cybercrime Costs a Lot of Money
According to data published in Statista, the global cost of cybercrime ascended to approximately $8.4 trillion in 2022. This means cybercrime ate up nearly 8% of the world’s GDP, which was calculated to be $103.86 trillion. Furthermore, costs are estimated to rise to $11 trillion by 2023 and a whopping $20 trillion by 2026.
Typical malware attacks can cost one company alone a hefty sum of more than $2.5 million, notwithstanding all the time needed to address them. But big companies are not the only ones prone to receive cyberattacks. Small businesses are even more targeted by hackers because of their overall lower safety parameters.
Reason 4: Hacking is Getting Sophisticated
The implementation of 2FA and many other high-level security measures have made hacking ever so difficult, but that hasn’t stopped wrongdoers from finding novel ways to lure potential victims.
Over time, cyber threats have also developed into more refined and specialized forms, forcing data security solutions and professionals to work overtime in order to address them. As a result, cybersecurity has become increasingly more expensive as demand increases. Add to this equation the current severe skill shortages!
Reason 5: Cybercrime is On the Rise
The rise of the digital era has not only made hackers more advanced but also more “productive” and numerous. To illustrate, experts have pointed out that the FBI recorded a steep 207% increase in cybercrime between 2008 and 2021.
On top of that, cybercrime is likewise turning out more dangerous and damaging than ever before, especially due to the population’s growing dependence on technology in order to thrive and survive in the modern era.
This threat concerns websites and servers, as well as any other technology that operates via coding and software, including power grids, home and building security systems, car alarms, and many more.