6 Factors That Would Act As The Contributors For The Progress In The Cybercrime

Criminals yield benefit of technology in several different ways. Especially, the internet becomes the great tool for the scammers and other malicious users because it permits them to perform their trade while standing behind the digital anonymity. Cybercrime affects our society in a myriad of ways both in the offline and online. Likewise, the incident of cyber-crime is on the upturn, and as a result of rising use of technology as well as rising volumes of data enterprises, it is no wonder. However, a recent report from the Cybersecurity Ventures tabs everyone to frighten about the digital world.

According to the report, A Cybercrime Revelation published by the Cybersecurity Ventures, 

“Cybercrime Cost Estimates Have Risen From $400 Billion In Early 2015 To $6 Trillion By 2021”

The cost includes the damage & destruction of data, lost productivity, stolen money, intellectual property theft, personal & financial data theft, fraud, embezzlement, forensic investigation, reputational harm and much more.
This report predicts that the following factors would act as the contributors for the progress in the cybercrime. 

  1. Digital Growth
  2. Cyber Security Spending
  3. Speed of Cyber Offense over Cyber Defense
  4. Money & the Laws
  5. Cybersecurity Workforce Shortage
  6. Attack Against Small Business

Organizations which suffer a cybercrime are expected to have the opportunity, revenue and customer losses. Given the complication of the today’s interrelated world, we all need to work together in order to protect the enterprise from cybercrime. Here we have presented the overview of the contributing factors, according to the report in order to encourage the enterprise to strengthen their cyber security efforts. 

1. Digital Growth

Among the several contributing factors, the expansion of global attack surface that attackers target sounds as the absolute predictor. 
For Example:

Microsoft researched the digital growth and estimated the following changes will happen in 2020:

Similarly, CIO of Federal Communication Commission estimates how the people, web server and data online will be in 2022:

According to a research of Secure Decisions, around 111 billion lines of programming code being developed each year and these will include the chance of having billions of vulnerabilities, which can be exploited. 

In addition to the digital growth, the attacks like Social Engineering, Phishing, Machine-to-Machine attacks and Ransomware increase the chances of hackers entering into the organization networks. 

These raised numbers increase the level of complexity and risks of cyber-attacks & security exposures. 

2. Cybersecurity Spending

“$1 Trillion Cumulatively Will Be Spent Globally On Cyber Security From 2017 To 2021”

The cyber security has received more focus, attention, and investments, organizations today are spending enough amount on the products and services which support to defend against the cybercrime. 
A report from Gartner.Inc, which states that worldwide spending on the cyber security have touched $75 billion in the year 2015 can be the best evidence on the influence of cyber security spending. 
Cybersecurity Vendors forecast that this spending will reach $1 trillion over the consecutive five years (2017 to 2021). 

3. Speed Of Cyber Offense Over Cyber Defense

The Black -Hats or offenders are ahead of the White-Hats or defenders today. This is the main problem in the cyber security because the offenders or attackers still possess the edge over the defenders or good guys. In the current situation, 11 % of security compromise is achieved within seconds and another 82% takes just an hour because the attackers can work without any rules and their main aim is breaking the rules. By contrast, defenders are packed with rules of permissions and engagements; hence their defensive response is comparatively slow, often take hours or days. 

4. Money & The Laws

The crypto currencies empowered the cyber criminals. The rise of these kinds of currencies has increased the chance of safe & easy, to claim & receive an amount anonymously. This has influenced the type and number of cybercrime opportunities. Moreover, the lack of effective Law Enforcement makes the criminals no fear of payback and allows them to continue hacking. 

5. Cybersecurity Workforce Shortage

Right now, the cyber security and associated workforce shortage are extremely severe. The organizations require security leadership to remedy the issues. As per the Cybersecurity jobs report, approximately one million positions of cyber security openings remain unfilled in 2016 and this number is forecast to rise to 1.5 million in the future.

cybersecurity workforce shortage
This shortage would leave the corporate IT security team and CISOs shorthanded, as well as the scramble for the talent whilst cybercrimes, are intensifying. 

6. Small Business Are Targets

Nearly half of the total cyber-attacks target the smaller organizations. All organizations find it hard to solve the impacts of the cyber attacks on their own. This is especially true for the small business who don’t possess enough resources and employ full-time cyber defense professionals. In addition, most of the small and medium sized business do not include email security, data protection & an employee awareness training program in place. These lacking factors make them prone to the cyber attacks often. 

How to Fight Back

Of course, the cyber war would not end, ever; however, we can neutralize the hackers by the cyber defenders. 
Since the employees are the weakest link for the cyber attack, the organization should plan proper training programs to make them the first line of defense against the attacks. A study from the IBM ‘s IBV (Institute for Business Value) indicated that 57% of the HR officers report that they have conducted employee training, which addresses the cybersecurity factors. Cybersecurity Vendors predicts that the employee security education programs would become a basic defense strategy by the year 2021.  
Hope the above information, offers helpful information on the costs and contributing factors of the cybercrime. This would make you aware better how to spend your information security budgets.

Hack2Secure is as one of the few global vendors with a capability to deliver End-to-End Information Security programs via Training, Certification (PearsonVUE) and Services across Information Security domains aligned with Industry Security Requirements and Best practices. Connect with us to explore more.

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