Cybercrime prevention is still a hot topic for organizations, from start-ups to enterprises. This is in line with the increase in the number of cyber-crime cases with more and more sophisticated methods every year.
According to the World Economic Forum, cybercrime cases have skyrocketed, with losses estimated at $23.84 trillion in 2027, up from $8.44 trillion in 2022. Security Magazine notes that 2,200 cyberattacks occur daily, which equates to over 800,000 attacks annually.
This data points to the importance of finding ways to prevent and combat cybercrime. Check out this article for a detailed explanation of what the impact of cybercrime is and how to deal with it.
Different Industries are Vulnerable to Cybercrime Threats
Cyber-attacks can cause many types of damage, ranging from data breaches to business interruption, financial loss and reputational damage. It is interesting that there is no single industry currently immune to cybercrime.
According to IBM Security, there are seven industries that are most vulnerable to cybercrime: manufacturing, finance and insurance, energy, retail, healthcare, government and education.
Meanwhile, agriculture, construction, management, services, media and entertainment, technology and software, transportation, hospitality, and communications also face the risk of internal and external threats related to the breach of critical data. Therefore, cybersecurity maintenance is critical to avoid major losses for organizations in various industries.
The Rise of Cyber-Crime in the Digital Age
The threat of cybercrime continues to grow every year. It’s becoming more sophisticated. Statista estimates that the global indicator of estimated costs associated with cybercrime is expected to continue to rise between 2024 and 2029, totaling $6.4 trillion. After 11 consecutive years of growth, this indicator is expected to reach $15.63 trillion. It will peak in 2029.
Among the various types of cyberthreats, ransomware is the most discovered. Approximately 70 percent of cybercrime is ransomware attacks. Compared to other industries worldwide, the manufacturing industry is the one that faces the most ransomware attacks.
Impact of Cyber-Crime on Business Operations
Cybercrime can have a negative impact on organizations, ranging from disrupting business operations to losing valuable data. In addition, companies will have to incur additional costs for the repair of their IT infrastructure, the recovery of data, and the restoration of additional security solutions. Business operations also change as the company’s reputation declines, resulting in significantly reduced revenues.
Why Businesses Should Be Aware of Cyber-Crime?
The increasing incidence of cybercrime can have a serious impact on business operations. Therefore, organizations need to increase awareness of growing cyber threats.
Cybercrime is not just about financial impact and business disruption. It is also about a range of losses. From the risk of losing sensitive data and information to financial loss and damage to corporate reputation.
Risk of Data and Sensitive Information Loss
Cybercrime can be the cause of loss of sensitive consumer and business data and information. The perpetrators of cybercrime can leak business strategies, which can lead to the theft of information by competitors. Consumers can also file complaints and lawsuits against the company for failure to maintain the security of sensitive data and information.
Financial and Reputational Losses Due to Attacks
Cybercrime attacks certainly cause financial losses by disrupting operations. The company’s reputation can also be damaged because the business network system has been infiltrated by cyber criminals. In the end, consumers and business partners will look for other companies to do business with. This can increase financial losses.
The Importance of Preparation and Quick Response
In the long term, this requires preparation and quick response to cyber threats. Organizations must be more proactive with additional security protection in place so they can be more responsive to threats.
What to do if Your Company Becomes a Victim of Cybercrime?
If your company does not have technical cybersecurity skills, it is important to be suspicious of cyber-attacks against your company. There are steps you can take to minimize the effects, especially if you aren’t technically savvy about cybersecurity.
Cyber-Crime Detection and Identification
Detect and identify potential breaches of sensitive corporate data and information and take immediate action. Understand how the breach occurred and what kind of information was accessed by the cyber criminals. This is important because the study found that it took an average of 197 days for companies to become aware of a data breach. It also found that it took them an average of 68 days to remediate the breach.
Isolate System and Secure Evidence
Once you are aware of the data breach and the loss of information, be sure to isolate the system and preserve evidence. Consider enlisting an IT forensics expert to help solve the problem by providing detailed attack information.
Communicate the Incident
Report the incident to the authorities. Be sure to notify your customers immediately and provide them with an explanation of what the company is doing in response to the cybercrime incident. A proactive approach can help companies manage the impact. It can also foster customer trust and loyalty.
How to Recover and Prevent Future Cybercrime?
There are many ways to recover from a cybercrime attack and to prevent it in the future. However, if you have experienced a cybercrime attack, make sure it does not happen again. Here are the steps you can take to keep your business cybersecure.
Recover Affected Data and System
Ensure immediate recovery of cybercrime data and systems. Have a comprehensive disaster recovery plan in place to quickly restore business operations in the event of a cyber-attack.
Evaluate and Improve Security Policies
Review your organization’s internal security policies. Take simple steps such as requiring strong passwords and changing them every three to six months and enabling 2FA. Make sure WiFi connections are secure, company email stays on a secure network, and run periodic malware scans.
Build Long-Term Cybercrime Resilience
Investigate potential data breaches to help build a long-term plan to resist cybercrime. Improve your cybersecurity in a variety of ways to help prevent attacks and limit the damage that may occur.
Also Read: How to Improve Cybersecurity in Indonesia: A Complete Guide for Businesses
Explore Cybersecurity Solutions with CTI Group
The threat of future cybercrime is increasingly alarming, targeting all industries worldwide. By implementing reliable, effective cybersecurity solutions, organizations can protect sensitive information before it falls into the wrong hands.
Learn more about reliable and effective cybersecurity solutions for your business. Explore the innovative cyber security solutions offered by CTI Group and our subsidiaries. Find out how we can help you with a cyber security system you can trust.
Author: Ervina Anggraini – Content Writer CTI Group
