Most of us are aware that cybercrime exists but in, 2021 alone, online criminality is predicted to cost the world a massive $6 trillion. To put that into perspective, the cost of online crime now makes it, by equivalence, the world’s third-largest economy behind the USA and China. And the issue is, unfortunately, predicted to only get worse.
A growing “industry” that shows absolutely no signs of slowing
Security experts predict the costs of cybercrime will continue to grow year on year by 15% for the coming five years, reaching an estimated tally of around $10.5 trillion by 2025. In real terms, this means online criminality will cost more than the damage inflicted by natural disasters or even the combined profit generated by the worldwide trade of all illegal drugs. Cybercrime is a real and present danger facing the world and, in particular, business today.
No business or individual is beyond the risks of cybercrime
Unfortunately, many smaller businesses consider themselves too insignificant or financially not profitable enough to be the target of online criminals; however, the real picture couldn’t be further from the truth. Larger corporations invest heavily in their online security, making themselves a far more difficult target for hackers. Conversely, many small-to-medium-sized enterprises (SMEs) use outdated or unsuitable, cheaper web security services, which makes them a ripe target for skilled hackers.
An ever-changing picture and the need to stay one step ahead
Hackers are using increasingly more sophisticated methods to target companies and gain access to their all-important data. When you consider almost all firms now rely on their web services, email, and online applications to operate on a daily basis, falling victim to a malicious attack can cost businesses dearly; and in worst-case scenarios, has even been known to end some firms.
As hackers become ever smarter in the type and severity of attack they can launch, businesses need to be aware and take adequate security provisions in order to stay one step ahead.
In truth, if your company relies on data to any extent (and, let’s face it, what company doesn’t these days), then you certainly would be well advised to enlist the services of a professional online network and security company.
The most common types of cyberattack
As mentioned above, hackers are constantly coming up with new ways to infiltrate company data, including leveraging bots for owasp automated threats. This poses a serious risk to the security of a web application, emphasizing the importance of understanding how to prevent such attacks. Some of the most common forms of attack include:
SQL injection: In an SQL injection attack, the hacker gains access to an SQL database by exploiting weaknesses in the database permission settings.
Malware: A type of application specifically designed to execute malicious tasks.
Phishing: Where the hacker attempts to fool the victim into handing over private information (username, passwords, etc.) by pretending to be a trusted source.
Distributed denial-of-service (DDoS): Essentially, where the hacker attempts to overwhelm a server with a flood of traffic.
Man-in-the-middle (MITM): The attacker intercepts communications to steal personal data.
Password attacks: As the name suggests, with a password attack, the hacker will attempt to guess or otherwise crack a user’s password.
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin