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Cybercrime On The Rise

No matter how you spin it, cybercrime is on the rise, and it’s most definitely not going anywhere. With an estimated increase of 350% more activity from 2016 to 2021, there’s an obvious and undeniable demand for more progressive solutions, as well as a drastic increase in allotted revenue for cybersecurity initiatives.

With a surge of new technological advancements comes a new dose of threats, undetected risks, and cybercrime trends. Hackers are getting more and more savvy, and paving a way for a new realm of cyber challenges.

1.) As obstacles continue to strengthen and emerge, ransomware will continue to be an active force meddling with cybersecurity and IT. In fact, it’s one aspect of cybercrime that’s growing exponentially. And with it, enterprises are spending hundreds of thousands of dollars to appease the criminals they’re up against. What’s even more astounding is the fact that a whopping 20% of businesses still lack solutions and partners that advocate for disaster recovery, and 42% of businesses that have a strategy in place only rely on an outdated tape-based backup method. As ransomware tactics continue to evolve, previous solutions must also evolve with it.

2.) A growing defense against cybercrime is artificial intelligence. The use of robots helps to cut long-term costs and improves productivity as these bots are continuously at work. Defense systems can be put in place and programmed to detect malware and intervene the moment it begins to download. Because AI has the ability to intercept an attack while it’s happening, it alleviates the damage most deal with once it’s already taken place.

3.) When considering the average American household, 84% have at least one smartphone, and 80% own at least one laptop/desktop computer. These numbers support the fact that consumption of devices is at an all-time high. Not to mention that all of our devices are interconnected, which acts as a blessing and a curse. Sure, it’s wildly convenient, but it also weakens security and makes it easier for cybercriminals to plot and execute attacks. Furthermore, most consumers have limited knowledge on security that makes them even more susceptible to cybercrime. Even conveniences like Alexa translate as everyday risks at new heights. Experts say there’s a need for password requirements, user verification, time-out sessions, two-factor authentication and additional protocols that tighten security.

4.) Serverless apps is another target for cybercriminals. When users use apps on-server, their personal data is stored in the cloud instead of on their own device, which means increased control over your information and the security used to protect it. The servers help ensure that user data remains private, so without the server, cybercriminals have more access to what they’re looking for.