20 Jul

Cyber Crime 2nd Most Reported Economic Crime, Most Companies Unprepared

(Threatcare) Cybersecurity is one of the fastest growing fields out there, and for good reason: cyber crime is on the rise, and just about anyone or any company can quickly become a target. The WannaCry outbreak took down over 300,000 computers across the world – and that’s only the beginning. PWC recently collected and analyzed data from 2016, and found that cyber crime had increased so dramatically, it was the second-most reported type of economic crime.

The survey from PWC also revealed that an overwhelming majority of companies did not seem to have a security team capable of dealing with this ever-expanding threat. Just 40 percent of survey respondents said that they had employees “fully trained” on how to be a “first-responder” to a cyber threat, and only 37 percent had a fully operational response plan.

In other words, 60 percent of companies do not have a single employee that’s well-versed in responding to cyber attacks, and 63 percent didn’t even have a workable response plan to such threats.

Has the rise in cyber crimes really been so fast and so dramatic that companies simply haven’t been able to respond in time? Probably not. More likely, it seems that the value and importance of reliable cyber security is simply underestimated. Many cyber crimes,often go unnoticed – which can tend to people to believe that they don’t have any reason to be concerned. But, as sources say, the average cost of a security breach averages out to around $7 million.

Marcus J. Carey, the founder of Threatcare, states that the rising rates of cyber crime should never really come as a shock. “Constant rise in cyber crimes shouldn’t be a surprise to anyone; essentially everything has either already moved, or is in the process of being moved, to the cyber realm,” he explains. Carey notes that virtually any and every device is going to need a layer of protection, especially as we move towards an increasingly technological world. “Cybersecurity is going to have to get to a pEx-Pentagon aide: US Cybersecurity in need of “rapid repair” lace where it’s built into all devices. There will be proliferation of the IOT (internet of things),” Carey explains.

The sad truth is that while cyber defense is a rapidly evolving field, so is cyber crime. Keeping up the pace is a difficult task, which is why cybersecurity is growing so quickly. People need professionals who know what they are doing in order to protect themselves and their businesses.

Threatcare is the leader in proactive cyber defense. Threatcare’s platform allows organizations to discover and mitigate risk — because everyone has a right to know if their network is secure. 

 

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