The COVID-19 pandemic accelerated the digital transformation of businesses. However, the increased adoption of new technologies has created new challenges for organizations — cyber threats now being a major concern.
An external hacker can breach an organization’s network in 93% of cases. This is evidenced by the growth of unseen cyberattacks from 20% to 35%. And for those working from home, 47% of whom fall for phishing scams.
Ransomware infects devices while employing encryption that holds the victim’s data at ransom. Files are locked away behind unbreakable cryptography and there is a threat for them to be destroyed unless a ransom is paid, most often in the form of cryptocurrency.
This type of malware can quickly paralyze entire organizations and drive billions of dollars payments to cybercriminals.
In their research on Global Ransomware Damage Costs, Cybersecurity Ventures reveal that the cost of a ransomware attack was estimated at $20 billion in 2021 and is expected to rise to $265 billion by 2031.
2) Cloud Threats
Considering that cloud technologies are evolving very rapidly to adapt to the needs of organizations, there is a space for many security gaps in the deployments, therefore increasing threat exposure. Adding to their adoption challenges, 79% of companies reported cloud data breaches at least once in the past year.
3) IoT Threats
There’s been a reported total of 1.5 billion IoT breaches in the first half of 2021 alone.
The growing complexity of IoT networks leaves space for various unexplored possibilities that cybercriminals can use against organizations.
Also considering that the average IoT device gets attacked in only five minutes after going online, companies need to be very attentive and secure their products effectively.