Cybercrime Will Cost the World $6 Trillion by 2021, says Study

organizations, enterprise, cybersecurity, cyber resilience, cyber-attacks, zero-trust framework, CTO, CEO
Cybercrime Will Cost the World _6 Trillion by 2021_ says Study

As per a report from Cybersecurity Ventures, by 2021 cybercrime will cost the world $6 trillion annual, up from $3 trillion in 2015.

With a substantial rise in cyber attacks, it is not enough for enterprises to stick to being cyber secure. They need to take a step further and work towards being cyber resilient and bounce back after facing a cyber-attack.

Here are three ways in which organizations can become cyber resilient.

Budget allocation for cybersecurity

Organizations are still lagging in prioritizing and allocating a substantial budget for threat prevention and mitigation. This is despite recent innovations in the cybersecurity solutions, – threat intelligence platforms (TIPs), and other cybersecurity technologies.

While there is no fixed amount that needs to be allocated, for cybersecurity, most companies allocate about 0.2%-0.9% of their IT budget for cybersecurity, which may be inadequate sometimes.

Zero-Trust Security Framework is the key

In the case of the zero-trust security framework, anyone requesting access to the company network or the existing IDs should be verified thoroughly. Access should be granted after thorough consideration of factors like the type of the device, its geographical location, and its role.

In addition to authenticating network users, enterprises need to keep their networks secure against suspicious domains. A domain reputation assessment must be done regularly by security teams to block disreputable domains.

Also Read: Cyber Security – CISOs Believe There is a Lack of Dedicated Investment

Develop and simulate incident response plans          

In the case of a cyberattack, security teams need to come up with a detailed action plan for different types of vulnerabilities. The team should be ready with an incident recovery team that can comprise security professionals, IT specialists, lawyers, and public relations officers. At the same time, enterprises need to work on a business continuity plan where the organizations can continue to work without any interruptions in case of a cyber attack.

Organizations need to defend themselves against targeted cybercrimes by allocating enough budgets for security tools and solutions and focus on a zero-trust framework.

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