Global losses from cybercrime since the beginning of the pandemic exceeded $1 trillion in 2020. The chances of catching and prosecuting cybercriminals activity globally is almost 0.05%. Because of this, business awareness and resilience are the primary key to securing sensitive data and avoiding breaches.
Cyber threats are getting more serious, and the cybercriminals are becoming more sophisticated in their work. The increasing levels of remote work are enabling them to hack. Distributed Denial of Service (DDoS) attacks are the biggest cybersecurity threat because hackers utilize remote work and human error to steal corporate data. There were 4.83 million DDoS attacks attempted in the first half of 2020 alone, and each hour of service disruption may have cost businesses as much as $100k on average to rectify the damage.
This year, organizations embraced remote work. By doing this, it resulted in increased online traffic and dependence on digital services which made organizations more vulnerable to cybercriminals. Now, $100k might not be much to companies like AWS or Microsoft but to small businesses, it could be a huge financial issue to deal with. Criminals now employ artificial intelligence (AI) to perform DDoS attacks and that is why it’s important for any and all businesses to make sure your cyber security protection is up-to-date. The cure for this is also AI, the solution can be to look for weak spots, especially if there is a massive amount of data involved. There are DDoS Mitigation companies you can hire to protect your services for a few hundred dollars a month. Even if you catch the attack early and overprovision your bandwidth, DDoS attacks are still typically too large and will most likely overwhelm your servers completely.
The rapid shift from in person to a remote working environment leaves organizations vulnerable and not as shielded as their on-premise IT infrastructures. This shift has left many unsecure gaps that malicious cybercriminals are constantly looking to exploit for financial gain. To solve this issue, executives say they will mainly spend their IT budgets on cyber resilience and develop strong policies to respond to cybersecurity challenges as their first step.
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