Hackers are making a lot of money off of cybercrimes, and they go to great lengths to put their victims on the ground. While it only takes hackers a small investment in their tools, the consequences can be life-threatening for both victims and benefiting employers. Cyber pay largely targets corporate banks and military/government investments, ultimately costing plenty. For example, skilled operation malware does everything but operate defense artillery systems.
The latest cyber security trend seeks to detour the disastrous future of black market data. With ransomware expected to continue growing and edge computing as a top threat vector.
The US under $100 Billion Burden
Apart from the cost inflicted by cybercrime, attacks on business networks have piled up US firms with an expense burden of more than $100 billion. This not only increases their costs and spending.
Cyber attacks on businesses could result in financial costs, a study has found that a quarter of all reported cyberattacks were on B2B companies. Some ways to mitigate this are to ensure data security is maintained throughout the whole organization and by setting up industry-based protections in your IT software.
How much does cybercrime cost businesses globally?
Damage and destruction of data, theft of intellectual property, and stolen money can all be prevented with working technology.
Purposefully destroying data to hurt the company is cyber-payback. Similarly, having a company become the victim of multiple instances of cybercrime can hurt the company’s public reputation and even encourage investors to withdraw financial support. Backing up your data should be a top priority both in terms of security and as a business expense.
How much does cybercrime cost in the US?
A New Zealand-based estimation states that ransomware alone cost the US over $9 billion. A 2017 study showed that on average companies of 50,000 employees are losing data for 10 million per year per company.
The average ransom demand is $100,000 and the number continues to grow. More than a third of all companies attacked with ransomware end up paying that price, leading to 16-day downtime.
Over 95% of malware takes a synthetic form, meaning that it can change its code on the fly. This is why over half of all PCs infected with malware get re-infected in the same year. It’s refreshing to know that this can be avoided by suggesting cyber pay. Cyber pay fraud is on the rise and hackers are using cyber cleaners to cover up their tracks. For companies to avoid the costly financial risks of cybercrimes, they should implement cybersecurity best practices.
How did the McAfee study estimate the average cost for cybercrime?
Not only do you deal with another form of crime, but you also have to contemplate cybersecurity because of the chance it may be an attack. With predictions of a $2 trillion cyber-security market, organizations have to spend 23% more of their budget on cybersecurity than in 2018. Unfortunately, the average number of breaches increases year over year despite the countless millions spent on protection.
Fighting malware attacks after you have been hit usually costs over $2.5 million, or longer. Cyber Pay automatically prevents any data breaches by creating and maintaining new security features that can take care of an attack without the risk of being affected for over 2.5 million dollars.
The average cost of cybersecurity comes in far less than the damages for hackers to attack. Creating a strong incentive for companies to fix any pen-testing issues before hackers do.
Cybreaches Cost Hefty Amount
Reeling in at just over 6 trillion USD a year, cybersecurity breaches cost us $16 billion each day. Broken down, this comes out to $12 trillion lost to direct theft, and another 2.4 trillion to indirect damages. Cybercrime also poses a risk to normal citizens. Going past an economic standpoint, potential vulnerabilities posed by cyberattacks can cripple not just American infrastructure but that of other countries alike.
Recent events have shown the government takes cybersecurity very seriously. Specifically, the U.S. President’s Budget for 2020 includes $17.4 billion for CYBERsecurity-related activities
Why should cybercrime worry you in the future?
With a 34% projected increase in the rate of cybercrime for 2021, there has been a 141% increase in the total projected cost.
As the number of internet-connected devices increases from 31 billion to 75 billion by 2025, more devices with hacking potential will be available. Thus, cybersecurity will remain important in 2020. Cybercrime is costing businesses up to 10.5 trillion USD annually, by 2025, cybersecurity estimates predict cybercrime costs will account for as much as 15% of global economic activity.
Cyberpay delivers a better understanding of cyberattacks. Reviewing the massive numbers from a new perspective helps demonstrate the size of this growing problem.
How do hackers find ways to steal your voice in the future?
Learn about the staggering amount of money that cybercrimes could cost companies
These are only some of the headlines on cybercrime that we often see. For an everyday person or company, cybercrime could be aimed at getting financial gain or hurting people, but it is also important to note that both can be victims of cybercrime.
While financial gain is the main motivation behind cybercrime. Combined, these two categories make up for nearly 90% of cybercrimes.
The financial gains associated with some types of cybercrimes like data theft and ransomware can motivate these people to commit their crimes. The cybercriminals profit either by extorting the victim (both individuals and companies) or selling their stolen data.
Cyber Pay, Insider Commitment
In an age where employees are providing their entire lives on corporate websites and social media platforms, how can organizations protect themselves against human error?
Learn why people would want to get paid in a digital currency
A cyber pay is a fake domain or remailer set up to lure the victim. Those privies to the domain provide the person their location and can steal identity information, have access to private messages, and more. A cyber pay may never contact the target directly, using social engineering tricks that hide their true intentions.
When organizations need to conduct penetration testing to identify threats, they sometimes hire hackers for this job. However, hackers are often used for corporate purposes; organizations or individuals who want to “takedown” their competitors could pay to use a hacker’s service.
It is increasingly common for countries to get engaged in cyber warfare. Cyberwars often use digital attacks such as computer viruses and hacking to obstruct or destroy critical systems of another country to create damage, death, and destruction.
Know your target and know why you are being targeted. Cyber Criminals use the information they know about you to hack your cyber security and cause harm. Maybe they are just trying to steal a password and get into your email account but maybe they want to humiliate or kill someone in public. Know how they intend on using their attack and be able to stay one step ahead.