A report from Cybersecurity Ventures estimates that by 2025, cybercrime will have cost the global economy up to $10.5 trillion. According to a recent Gartner survey, by then, more than half of all cybersecurity assaults will be attributable to human error or a lack of talent.
What areas are most vulnerable, and how can consumers defend themselves against fraud and other online crimes?
Small-scale companies
Small firms are subject to three times as many cyberattacks as larger organisations, according to a Barracuda Networks analysis that Forbes highlighted. Often, employee training can stop these attacks. When compared to a company with more than hundred employees, smaller businesses endure 350% more social engineering attacks.
Threats exist in every sector, but reports suggest that user data is the target of the majority of attacks, which puts businesses in the retail and e-commerce, healthcare, and financial sectors at greatest danger.
Productivity of employees
Cyber threats not only put money at risk, but they also impact employee productivity. More than half of small firms said that after an attack, their website was down for up to 24 hours. Additionally, data breaches can increase workplace stress and lower the spirits of workers.
Healthcare
Cyber attacks provide a serious threat to the healthcare sector. Based on the research from Nozomi Networks, healthcare is one of the most often targeted areas for cyberattacks, despite the fact that healthcare organisations in the U.S. must strictly adhere to specific regulations, known as HIPAA laws, to protect patient data.
Banking and finance
The financial services sector is more vulnerable to cyberattacks than many other industries, which is understandable given the reasons behind this. Financial institutions are 300 times more likely to be the target of cyberattacks than other kinds of organisations, according to a Boston Consulting Group analysis. Based on an IBM X-Force survey, 71% of those attacks are directed at banks, and 16% are directed at insurance companies.
Safety measures
Businesses have a responsibility to deploy cybersecurity protective measures to safeguard their customers. However, you may also help to avoid cyberattacks as a customer or employee, particularly when it comes to shielding your own financial or medical data.
As a first line of defence against fraud and cybercrime, follow these simple tips:
On public WiFi networks, never share any personal information, including passwords. Online banking and shopping can be done safely from home.
Don't disclose private information to ChatGPT or other AI programmes, especially bank information or passwords.
Additionally, set strong and secure passwords with a password manager and, when available, use 2-factor authentication systems at work and at home.
