Cyber Crime in Businesses

Cyber crime in businesses is now a very common phenomenon. Data-protection – and not only – is the core for their proper operation and success. That’s why businesses must be careful about these situations.

Cyber crime

As the threat of cybercrime continues to grow, businesses must prioritize safeguarding their data and protecting their core operations to ensure success. Much like experienced outdoor athletes who focus on maintaining their core temperature for peak performance in winter, organizations must be prepared for the escalating cyberattacks, especially amid the COVID-19 pandemic.

According to experts, cybercrime incidents surged in 2021, occurring every 11 seconds—twice the rate seen in 2019 and four times that of 2016. This surge is projected to cost the global economy a staggering $6.1 trillion annually, making it the third-largest economy after the United States and China.

With the increase in remote work due to the pandemic, home routers became vulnerable targets for cyberattacks, and distracted employees were at higher risk. Despite rapid industry innovation, security measures often fell behind.

To enhance their defenses, organizations must focus on protecting their core assets: people, processes, and data. Continuous training and monitoring are crucial for employees to minimize accidental disclosures and vulnerabilities. Compliance with privacy regulations should be a top priority for executives and directors. IT departments should regularly review and update processes, paying special attention to unauthorized software, known as shadow IT, which poses significant risks.

Data protection should be given the utmost importance. Organizations can improve their defenses by conducting thorough inventories of third-party interactions and understanding industry benchmarks in cybersecurity. Keeping track of key metrics such as detection time, response time, and resolution time for cyber incidents is vital.

Conversations about cybersecurity should be proactive, emphasizing the importance of building cyber-resiliency, much like investing in warm coats or winter tires for athletes. By taking a proactive approach and fortifying their people, processes, and data, organizations can effectively shield themselves from the rising tide of cybercrime.