The cost of cybercrime by the end of 2021 is predicted to be $6 trillion

  • A business of any size today is vulnerable to a cyber attack. Infact, it is said small and medium businesses are just as likely to face a cyber attack as large businesses.

  • Hence, it is of paramount importance to adopt a cybersecurity strategy by keeping in place a robust strategy and training employees on the importance of cybersecurity.

Marriott recently suffered a data breach that affected 5.2 million customers across the globe
Cyberattacks are easily one of the biggest business concerns, infact, once employees started working from home, this concern has multiplied twofold.

An estimate suggests that the global cost of cybercrime will rise to $6 trillion by the end of 2021. This estimate was before the Covid-19 pandemic hit us.

Marriott and Honda targeted

Attackers are opportunistic and the pandemic was the perfect time to strike for them. Marriott recently suffered a data breach that affected 5.2 million customers across the globe. Marriott believes information such as contact details, loyalty account information, additional personal information, preferences, and partnerships, and affiliations may have been accessed or extorted by the attackers. The investigation is currently ongoing.

Another significant cyberattack on Honda resulted in global disruptions of their operations costing them nothing short of billions. For the very first time attackers are believed to have used sophisticated software previously used by state agents only. The attack forced several of its factories to shut and cut off employees from their emails and access to internal servers. Investigators and cybersecurity analysts say that this is a real advancement from the attackers’ side.

What are some of the pandemic related malware and phishing attacks?

  1. Work from home vulnerabilities - They include unauthorized video conferencing links or other confidential information such as passwords. This can be used to steal company sensitive information. People using unsecured networks from their homes might also pose a cybersecurity threat.

  2. Fake pandemic related goods and services - Hackers are great when it comes to replication and duplication. As a result of the pandemic, they’re taking advantage by setting up dubious websites selling masks and other coronavirus remedies without actually providing any of it. Some of them also dupe innocent people by selling face mask exemption cards.

  3. Ransomware and Malware - Netwalker, a strain of ransomware, is using files with coronavirus in the name so that they look important. The files embed code that will encrypt your files.

  4. Information stealing - By embedding code into websites that provide real and legitimate information about Coronavirus, hackers are able to gain critical information.

While the above are just some of the ways hackers can harm us, there are also other ever-evolving cyber threats we might not be aware of. Staying cautious at all times is very important.

7 ways a business can prevent hackers from attacking their systems? Read on.