Lessons Learned from the Skyrocketing Cost of Cyber Crime

Businesses worldwide faced a slew of challenges in 2021 – the main ones being COVID-19 and cybercrime.
The global pandemic forced many to shut their doors and have employees work remotely or from home.
Cybercrime also increased in frequency and sophistication. As a result, cyberattacks are now one of the fastest-growing crimes, losing businesses around the world billions of dollars, and causing catastrophic disruption.
Furthermore, there’s been an increase in ransomware, malware, phishing, island hopping, and hyper-targeted nation-state attacks. For example, Japanese automaker Honda said their internal servers and production systems were hit by ransomware in June 2020. As a result, the company had to suspend some of its motorcycle and auto production.
Cost of Cybercrime
A new study from Iomart, a cloud computing company, found that large-scale breaches became even more of an issue last year. The number of data breaches in the first quarter rose by 273%, compared to the same time in …

Written By: Matt Shealy

Original Article: https://readwrite.com/2021/11/22/skyrocketing-cost-of-cyber-crime/

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