It is measured that cybercrime has risen by 600% due to the pandemic, which led to putting businesses from all sizes under the threat of cyber-attacks. This pushes businesses and organizations to make cybersecurity a priority. In fact, cybercrime costs all around the world are rising, increasing by 15% each, according to Cybersecurity Ventures. By 2025, it is estimated that cybercrime will reach $10.5 trillion USD annually.

To note that the global cost of cybercrime went up from $3 trillion USD in 2015.This symbolizes the greatest transfer of economic wealth in history.

The cybercrime losses are approximated to be $6 trillion USD in 2021. To rank this, if the cybercrime losses were measured as if it were a country, it would be the third-largest world’s economy after the US and China.

The consequences of cybercrime were numerous and not limited to beyond financial repercussions only. Businesses and organizations affected by cyberattacks may also go through:

  • Loss of data
  • Theft of IP (Intellectual Property)
  • Theft of financial and/or personal information
  • Reputational harm
  • Lost productivity

 

Cybersecurity Best Practices

With increasing cyberattacks and their threats, especially due to the rise of remote work, businesses need to be well prepared to mitigate the risks of cyberattacks. Here are some cybersecurity best practices that companies should follow to strengthen security and avoid cyberattacks.

  1. Minimizing data transfers. Be aware of how many devices enclose important data and try to minimize transfers as much as possible, especially for sensitive data.
  2. Verifying download sources. Before directly downloading, try to scan the website you are downloading from to confirm that it is verified, and only click on legitimate download links.
  3. Updating software regularly. Updating your software and devices whenever possible is the best way to protect against cyberattacks.
  4. Encrypting whenever possible. Make sure to choose complex passwords and change it regularly.
  5. Monitoring data. Data breach monitoring tools will prepare you to when there is suspicious action regarding your data and help you avoid data theft.
  6. Having a breach response plan. Having a codified and a well-structured plan helps prevent cyberattacks and speed up recovery efforts.