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Knowing about the current issues concerning cyberattacks is crucial to safeguarding our digital lives and protecting sensitive information from potential threats.
CYBERATTACKS AT A GLANCE
🟠 Cyber risks were the #1 top concern for businesses worldwide in 2021.
🟠 The costs of cybercrime are expected to increase by 15% each year for the next five years, reaching an estimated global cost of $10.5 trillion by 2025.
🟠 In 2021, cybercrime damages amounted to $6 trillion, which would rank as the third-largest economy globally, just after the U.S. and China, if measured as a country.
🟠 Since the beginning of the pandemic, there has been a 300% rise in cybercrimes, including ransomware campaigns that demand payment in cryptocurrency.
🟠 According to an FBI supervisory special agent, all U.S. citizens should assume that their personally identifying data has been stolen and is on the dark web, which is at least 5,000 times larger than the surface web.
🟠 Using cloud native development and DevOps processes has made it harder to secure software supply chains. Around 82% of CIOs admit that their software supply chains are at risk.
🟠 Cybercriminals can penetrate 93% of company networks.
🟠 Surprisingly, more than 50% of businesses do not have a cybersecurity risk plan, even though breaches reached a record high in the past year.
🟠 In 2021, there were 3.5 million unfilled cybersecurity specialist jobs worldwide, leading to a 0% unemployment rate in the cybersecurity profession, according to the Official Annual Cybersecurity Jobs Report.
"Protecting your firm from cyberattacks is crucial because the risk of falling victim to these crimes has increased. However, you can take practical steps to keep your firm safe."
5 Steps you can take now to guard your
firm’s future against Cyberattack
Instead of seeing cybersecurity issues as just technology problems, many firms are now investing in cybersecurity by using secure technology, getting third-party audits, and providing staff training. If your firm doesn't have a cybersecurity plan yet, here are five steps you can take to reduce the risks:
1. Get Cyber Liability Insurance
This insurance helps minimize the costs your firm might face if it experiences a cyberattack. It can cover expenses like credit monitoring, legal fees, loss of revenue, and equipment replacement. Having this insurance gives your firm protection against rising cyberattacks and helps you recover from losses that might affect your clients.
2. Provide Security Training
Employee errors contribute to a large percentage of data breaches. Offering mandatory cybersecurity training to your staff is the best defense. It should cover understanding cyber threats, cybersecurity best practices, secure device handling, and the importance of strong passwords.
3. Use Firewalls and Antivirus Software
With more employees working outside secured networks, firewalls and antivirus software are vital. Firewalls block unauthorized web traffic but allow authorized communications, while antivirus software detects and isolates malicious software.
4. Use Strong Passwords
Weak passwords are a common cause of breaches. Encourage the use of passphrases – longer combinations of words, numbers, and special characters. Multifactor authentication, using both knowledge (passphrase) and possession (a unique device), adds extra protection.
5. Assess Supply-Chain Security
As firms rely more on partners and suppliers, they face security risks from their extended network. Make sure to assess your supply-chain security and consider creating a third-party risk management program. For smaller firms, using licensed third-party auditors to certify potential partners can be helpful.
By following these steps, your firm can enhance its cybersecurity and be better prepared to protect against cyber threats in today's digital landscape.
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