Cyberattacks: Big need for cybersecurity

Article Excerpt

Hackers, organized crime, and state-sponsored actors are increasingly targeting Internet-linked networks and databases to gain access to confidential information and extract large ransom payments. The lucrative nature of online crime, combined with a relatively low risk of being caught, and a massive and growing target market, indicate that this criminal industry will continue its rapid growth. However, companies that can provide effective protection against cybercrime will benefit from its expansion. Criminals have a large target market Attacks on individuals aim to steal personal and financial information while corporations are targeted to obtain client records and business secrets. Cybercriminals have figured out ways to get paid (mostly in untraceable cryptocurrencies) to extract considerable payments from their victims. The research firm Sonicwall found that this kind of attack increased by more than 148% in 2021. According to another recent study, ransomware attacks were detected by 66% of 5,600 organizations surveyed in 2021. The average cost to recover from a cyberattack was $1.4 million and it took about one month…