In our rapidly advancing digital age, the rise of cybercrime has become an alarming reality. From large-scale corporate data breaches to individual identity thefts, the virtual world is a breeding ground for criminal activities.
Cybercriminals, armed with cutting-edge technology and complex tactics exploit vulnerabilities in our interconnected systems, causing significant financial losses, emotional distress and even national security threats. As our lives become increasingly intertwined with technology, understanding the nuances of cybercrimes and its far reaching implications is not just a necessity but an urgent priority.
Cybercrimes has been a reality since we started using the internet. Already back in 2004 the initiative with Cybersecurity awareness month was established and since then the problem has increased at the same pace as our digital transformation.
Hacker attacks constantly
Back in 2007 a study from A Clark School of Engineering at University of Maryland showed that hackers attacks computers with Internet access—every 39 seconds on average.Even though a lot has happened when it comes to cybersecurity since then there is nothing that indicates that hacker-attacks has become less instead we have seen a rapid increase in cybercrime in the years that has followed.
Worked as a catalyst
The Covid-19 pandemic acted as an unprecedented catalyst, propelling the world into an era of rapid digital transformation. Faced with lockdowns and the urgent need for remote communication, businesses, schools and individuals swiftly embraced technology in a rapid pace. Almost overnight offices and schools became virtual and stores transitioned to online marketplaces. Telemedicine emerged connected patients to healthcare professionals virtually. But the rapid pace in our online activities also ushered challenges when it comes to cybersecurity. Phising attacks, ransomware incidents and data breaches all surged when our world became more virtual. According to Gartner one of the biggest challenges for companies in 2020 was cybercrimes. A problem that many companies most likely still will put at the top as one of their biggest challenges.
Some sectors more at risk
Even if cybercrimes can happen to everyone there are some sectors that are at a higher risk.
One of the most targeted sectors in the recent years is Health organizations. As more patients turned online for healthcare during the pandemic, attackers saw an opportunity to steal sensitive information. According to an article in ThriveDX, from 2022, threat actors have stolen 29 million records annually annually since 2020.
Besides Health organizations governments, retail and technology sectors are at high risk. Small companies also has a higher risk since they often don´t have the knowledge or the resources to invest in keeping their organization safe.
Growing market for cybersecurity
The growing problems with cybercrimes has also lead to a rapidly growing market for Cybersecurity. According to a report from Grand View Research The global cyber security market size was estimated at USD 202.72 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 12.3% from 2023 to 2030.
The growing number of cyber-attacks owing to the proliferation of e- platforms, the emergence of smart devices, and the deployment of the cloud are some of the key factors propelling the market growth according to the report.