Cybersecurity: The Good, The Bad and the Hacked

 

The U.S. government spends $19 billion per year on cybersecurity but warns that cyber-attacks continue to evolve at a rapid pace. Did you know the time to identify a breach is 197 days, while the time to contain a breach is 69 days? 

You’ve likely heard some of the horror stories:

In 2016, 1.4 billion data records were breached.
2017 saw a lot of headline making security breaches, including Equifax, Verizon, Bell Canada, Yahoo and Uber.
Hackers stole an estimated $27BN worth of records from businesses in 2017.
In 2018 Facebook and Starwood Hotels made news with data breaches that potentially exposed data of hundreds of millions of users.
2018 also saw a spate of cyberattacks on U.S. universities (300 universities, $3 billion in intellectual property).
2019 saw a dramatic rise in ransomware attacks, and experts are worried about more attacks from terrorists, hackers backed by foreign governments, even AI-enhanced chatbots.
And 2020… more. More cybersecurity attacks and concerns, more AI being used in both attack and defense.

Is your data safe? We rely more and more on online data, use more online services, while cyber criminals get smarter and more audacious every year. Billions of consumer records are compromised and millions of dollars stolen every year. It’s no wonder the cybersecurity industry has already topped $120 billion, up from just $3.5 billion in 2004.

Is There Any Good News?

It’s a game of cops and robbers. The robbers have been getting smarter, but the cops are catching up.

First, more is better. There are more cybersecurity companies and better software being developed all the time. Meanwhile organizations large and small are putting resources into much needed cybersecurity enhancement and protection. There’s a new generation of cybersecurity companies building new technologies and rolling out security platforms.

Second, a new wave of cybersecurity companies and solutions is taking aim at athe endpoint market — detecting malware on laptops, mobile phones and other devices that access corporate networks

Third, experts believe that multi-factor authentication will become the standard for all online businesses, abandoning password-only access.

Fourth, AI is being used to predict and stop cyber attacks.

Finally, a number of states are expected to adopt some version of Europe’s strict General Data Protection Legislation. California recently passed legislation that will make it easier for consumers to sue companies after a data breach.

 

•••

Are you interested in cybersecurity advisory services? Let us know.