Rate of Cybercrime has Increased over the Past Decades says Gracy D’Souza, CR Risk Advisory
Gurugram, Haryana, India
CR Risk Advisory talks about the most important factors that have been influencing the growing rate of cybercrime and offers the most efficient steps for a company to protect themselves from these threats.
The rate and variety of acts of cybercrime has dramatically increased over the past decade. Both governmental and private industry studies have confirmed this rising trend over the past several years. Internet service providers, online media conglomerates, and official communications agencies, have been issuing warnings and customer advisories with increased commonality, to help deter practices that increase vulnerability and undermine information security. In the summer of 2016 for instance, the group of hackers known as Shadow Broker's posted access details for a database of toolkits linked to cyber researchers at the American National Security Association (NSA).
Information security & risk management firm CR Risk Advisory (www.crriskadvisory.com) spokesperson Gracy D’Souza noted that the devastating cost of a successful cyberattack on an organization is twofold: Firstly, attacks pose a potential complete loss of data or access to it, without the possibility of recovery. Second and perhaps more importantly, a data breach within a company, especially one dealing with sensitive data, can spell disaster for a company's online reputation as well as their standing within their field.
Gracy further added the most important factors that have been influencing the growing rate of cybercrime and offers the most efficient steps for a company to protect themselves from these threats. There are two important factors which are the primary reasons for the increase in cybercrimes.
Proliferation of Technology
The most basic element influencing the increase in cybercrime is the access of criminals to such tools necessary to execute them. In the past, hardware such as high bandwidth routers and control systems necessary to conduct coordinated attacks were rarer, and involved significantly more difficulty to obtain. Today these devices are becoming increasingly more available through black market mediums especially through online channels. The growing slew of online forums and other venues, often located on dark web platforms, make the dissemination of tactics and methods, including specific malware programs, available to a broad audience. One of the most common attacks that have increased due to this phenomenon is the infamous Distributed Denial of Service or DDoS. DDoS involves the harnessing of multiple computing resources to flood a system with multiple access requests to overwhelm a website and render it inoperable. The frequency of these attacks increased 129 percent in the second half of 2016 and the average cost to a company victimized by DDoS has recently risen to $2.5 million. CR Risk Advisory recommends the deployment of dedicated DDoS mitigation appliances, designed to identify and filter malicious requests, and keep sites open for legitimate users.
Increased Reliance on Tech and Digital Systems
Companies and individuals have become increasingly reliant on information programs and digital platforms to access these systems. Perhaps the most potent indication of this is how uncommon it is for members of the modern workforce to be without a high powered miniature computer in the form of a smartphone to conduct their daily operations. This massive proliferation of, and reliance on, data systems has exponentially increased the instances of vulnerability to an organization’s information security. Due to this increased vulnerability, an estimated 50 percent of companies daily battle attempts by hackers to breach their systems. The ability for company management to maintain control of security protocols and practices has become increasingly difficult. CR Risk Advisory professionals noted that this is a major factor in the trend of organizations outsourcing routine information security processes to advisory firms. CR Risk Advisory emphasizes that automating security practices through incorporating data classification programs and multi-step identity verification systems, are vital to maintaining both a culture of security within the company and the company’s reputation of security within its field.