How Cybercrime Should Impact Your 2019 Budget

 

As global internet access and usage continues to incline, the fear of falling victim to cybercrime is reflected by worldwide budget increases in 2019. For many businesses, this means allocating a higher budget to increase precautionary measures. Recent research released by the International Data Corporation (IDC) shows global spend on cybersecurity is expected to exceed $100 Billion by 2020, a 38% increase from their 2016 projections. On average, businesses that suffer from cyber attacks report losses of over $500,000. With fear being the primary cause of action, increases in spend are evident across many industries. From financial institutions to social networking sites like Facebook, who recently announced that sensitive profile information was stolen from over 30 million users. Like Facebook, who is now looking to acquire a cybersecurity company, many industry leaders are looking to increase their protection from the rise in cybercrime.

Trending Cyber Attacks

Increases in digital activity have lead to different trends and preventative practices. With companies taking different approaches to protect their data, cybercriminals are adapting and using new ideas to get the information they seek. Before determining a budget to deter cybercrime, it’s best to know how cybercrime is shaping 2019.

1. A.I. Attacks

Artificial intelligence is already used to combat cyber attacks, but the industry is seeing more evidence that cybercriminals will be implementing it during security intrusions. The power of A.I allows malware and other viruses to mimic everyday normal activity in a business’s network to infiltrate and infect their infrastructure. This allows for attacks to begin very quickly and easily adapt to the environment around them.

2. Phishing

One of the oldest forms of cybercrime, phishing, has gracefully aged over time. It’s simple, cheap, and provides great results for those who are on the hunt to gather login information like usernames and passwords. Its ease and simplicity make it a certain that it will be an issue for both companies and their employees in 2019.

3. Ransomware

More businesses can expect their computers and networks to be held hostage in 2019. A prediction for this year expects that the number of ransomware attacks will rise for both consumers and businesses. This malicious software starts by taking over computers, networks, or other devices in the office. It then threatens to release sensitive information or keep users locked out of their network until a ransom is paid. With the implementation of A.I technology, a rise in the use of ransomware is expected.

4. Open Source Attacks

A type of supply chain attack, this intrusion involves a company being attacked through one of their partners or suppliers who use open source software. This is becoming a more common occurrence with 59% of companies saying they have experienced some sort of data breach because of a third party supplier or partner. Since open source can be so extensive to examine, malicious threats can blend in with the code to insert themselves into the software supply chain and gain access to anything they want.

Budgeting for Cybersecurity in 2019

The best way to determine a budget often begins with a proactive approach, understanding preventative measures to combat and deter cybercriminals. Most commonly, businesses are severely impacted by data breaches, allowing attackers to access sensitive company, client, and employee information.

A recent study from Juniper Research reports that losses from online payment fraud will reach up to $48 billion by 2023, heavily affecting financial institutions and e-Commerce. The impact of fraud and data breach can be extremely impactful to reputation, and cause for unfavorable legal action. Allocating a budget to protect digital assets and network security can be determined with four easy steps by using the Gordon-Loeb Model:

 

  • Determine the value of digital assets (company information, website, and resources).

  • Estimate the probability of each digital asset being breached, and determine which assets are more at-risk than others with a vulnerability score.

  • Prioritize assets by calculating potential loss (Value of Asset x Probability of Breach).

  • Identify which assets are the most valuable and budget accordingly.

A collaborative effort with a Cybersecurity and I.T. Management Company can ensure safety from cybercrime, and keep sensitive information protected. Complete Technology Solutions provides cost-effective solutions without the fear of obsolescence by keeping our clients updated with the latest trends and technology, and keeping their assets and online activity secure

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© 2021 Complete Technology Solutions, Inc.

 

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