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Cybercrime Damage Expected to Hit $6 Trillion Mark Annually by 2021

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Poor cybersecurity measures and unprotected data make organizations vulnerable to data loss and cyber threats. Cyber threats are becoming increasingly popular nowadays. Reports have shown that data breaches, phishing, ransomware attacks, cryptojacking, cyber squatting, and threats to connected devices are on the rise. With no relief in sight, this trend will continue to grow substantially over the next few years.

No wonder, cybercrime damage is believed to be worth $6 trillion annually, or around 10% of the global economy by the year 2021. Also, due to the amount of consumer and corporate data stored across the US, the country will account for more than half of the data breaches occurring globally by 2023.

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Insights from the World AI Show

At the recently concluded World AI Show, Rajkumar Devulapalli of Spirent Communications talked about the recent state of cybersecurity around the globe and presented some really amazing but daunting stats. He stated that less than 30% of Security Analysts have experienced a ransomware attack, while less than 20% have experienced a security incident that went on to disrupt the business process. The percentage of personnel experiencing a serious breach in their careers is even lower.

That puts forth an important question, would the security personnel be actually able to mitigate the risk or take care of the security threat when presented with one?

While the instances of cybersecurity are on the rise, employers are having a hard time looking out for and recruiting the right talent for open positions in security. As per reports, the cybersecurity workforce shortage is expected to reach 6 million globally this year.

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What to Do?

What could be a possible solution to rising security threats? Possibly, precautionary measures can help prevent such attacks in the first place.

Using a VPN to secure your connections seems like a good start. It secures your internet connection even if hackers are monitoring devices and encryption helps mask your usernames and passwords. Around 23% of all internet users are using VPN as of this year, and the trend is bound to continue.

But VPNs are not the full-proof solutions to corporate security woes.

Rajkumar introduced the audience to the Spirent Cyber Range that’s built to help combat modern security threats. A cyber range can help emulate real networks where companies can test their own networks, introduce scenarios in the systems, emulate/simulate real-time traffic/threats/malware and check the vulnerability of their networks. Such a system can help evaluate network elements and cyber-skill the staff so that in cases of actual cyber threats/attacks, they would know exactly how to respond.

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