The number of people using the Internet will soon reach five billion. This trend has forced businesses, governments, and other non- governmental organizations to have an Internet-based business model. The simple truth is that developers of these systems prioritize increasing their functionality over improving their security. Regrettably, criminals have also moved their operation online because cybercrime will soon be more profitable than the global trade of all major illegal drugs combined. Estimates show cybercrime damages will cost the world $6 trillion annually by 2021. Thus, governments need to take the threat of cybercrime seriously and come up with a holistic cybersecurity strategy to improve the online safety of their citizen and their businesses. Cybercrime now already accounts for more than 50 percent of all crimes in the UK. Computers and networks are attacked by malicious hackers at a rate of one attack every 39 seconds. To make the matter worse, 300,000 new malware is created every day. Furthermore, it is estimated that the cost of data breaches will increase to $2.1 trillion globally in 2019. More advanced countries are already allocating huge budgets to tackle the societal threat of cybercrime. For instance, the cybersecurity budget in the US is $14.98 billion.
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Cyber risk ought to be a top priority if you are in business today. The digital economy requires companies, governments and not just Banks to safeguard a wealth of sensitive information that can make hackers a fortune and ruin both a business and victim’s lives and in some cases derail the economy. It is important to understand cyber groups are similar to criminal organizations, with a clear management structure, division of labour, and accretion of proceeds towards the top of the control pyramid. Traditional crime groups have embraced cyber-crime as a new vector for profit. The hierarchically-organized cyber-criminal groups operate with structures that are similar to traditional organized crime and with characteristics that would not look out of place in any business in the “white” economy.
Source: My Republica
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