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2021 . 06 . 22

The Cybersecurity Outlook for 2021 and Beyond

Cyberattacks in the first half of 2021 have escalated globally to affect virtually every industry. Earlier this year TechNewsWorld spoke with cybersecurity experts about the expanding threat landscape, imminent threats, and what can be done to counter the ongoing offensives against the IT systems of companies, organizations, and government agencies.
 

Some cybersecurity experts agree with a report by Cybersecurity Ventures and expect financial damages from cybercrime to reach $6 trillion by the end of this year. Industry studies show that cyberattacks are among the fastest-growing crimes in the United States.
 

Cyberattacks are absolutely on the rise. Based on everything we know and every single analyst we have spoken with, there is no doubt that attacks are increasing, according to Robert McKay, senior vice president, risk solutions at Neustar.
 

"Cybersecurity experts predict that in 2021 there will be a cyberattack incident every 11 seconds. This is nearly twice what it was in 2019 (every 19 seconds), and four times the rate five years ago (every 40 seconds in 2016)," he told TechNewsWorld.
 

The rapidly growing increase in cyberattacks worldwide comes at a hefty cost for businesses in order to better protect their computer networks from intrusions.

Cyberattacks not only are increasing in frequency, but they are costing victims larger financial losses.

 

The Growing Price of Cyber Risk

Worldwide, cybercrime cost businesses, government agencies, and consumers in general more than $1 trillion in 2020, according to the data analyzed by researchers at Atlas VPN. That is around one percent of the global GDP.

While $945 billion was lost to cyber incidents, $145 billion was spent on cybersecurity. Those costs increased by more than 50 percent compared to 2018, when over $600 billion was spent to handle cybercrime.

But twenty percent of organizations worldwide have no plans on how to protect against cybercrime events, according to the Atlas VPN report. That leaves a gaping hole in networks for cybercriminals to extend their attack strategies to steal even millions of dollars more.

The only sure defense, warn cybersecurity experts, is to step up efforts to pass legislation that bolsters technological defenses. That may be the only way to alter the course of ongoing cyberattacks.

Despite all the efforts into protecting systems and data, cloud breaches are likely to increase in both velocity and scale, said John Kinsella, chief architect at Accurics about his company's 2020 summer research report on the State of DevSecOps.

"This [analysis] comes as cloud breaches have been rampant over the last two years. More than 30 billion records have been exposed as a result of cloud infrastructure misconfigurations," he told TechNewsWorld.

In order to keep pace with an evolving economy that requires more digital transformation, organizations must place cyber resilience and the practice of DevSecOps at the top of their priority list, he added.