PARIS; April 29, 2021 - Accenture (NYSE: ACN) has entered into an agreement to acquire Openminded, a France-based cybersecurity services company that provides advisory, cloud & infrastructure security, cyber defense, and managed security services. In another incident, a former employee stole and sold customer information on millions of mortgage loan applicants.2 These stories highlight the fact that malicious insiders are a real threat to banks. (IBM Cost of a Data Breach Report 2021), Ransomware Payouts: Cryptocurrency has been the preferred payment method for cybercriminals for a while now, especially when it comes to ransomware. Companies with annual revenues between US$1 billion and US$9.9 billion accounted for more than half (54%) of ransomware and extortion victims, followed by companies with annual revenues between US$10billion and US$20 billion (20%). 66 percent of SMBs had at least one cyber incident in the past two years, according to Mastercard. Cyber attacks and other types of cyber crimes result in serious costs for businesses. Automation, artificial intelligence (AI) and machine learning are being applied by only about one-third (34%) of banking companies surveyed (third-lowest deployment rate). How to fix the top 5 cybersecurity vulnerabilities, Strategies to mitigate cybersecurity incidents need holistic plans, 5 cybersecurity myths and how to address them. Do Not Sell or Share My Personal Information, Perhaps no cybersecurity trend was bigger in 2021 than the scourge of supply chain, Security attacks increased 31% from 2020 to 2021, according to Accenture's "State of Cybersecurity Resilience 2021", Cybersecurity measures in place by businesses, governments and individuals are increasingly being rendered obsolete by the growing sophistication of cybercriminals, according to the 2021 World Economic Forum, The cost of cybercrime is predicted to hit $10.5 trillion by 2025, according to the. The path to 360value starts herefeaturing out most provokative thinking, extensive research ang compelling Every day, in all directions, we measure our success by the value we deliver for all stakeholders. Among the largest DDoS attacks was a 1.5 TBps (terabytes per second) incident in June 2021, representing a 169% increase in attack bandwidth over the largest attack in the first half of 2020. Privacy Policy This means they wont even have to click on the email (doing that opens them up to a slew of risk factors) to inspect it to try to figure out whether the email really came from you. Many of the expert opinions in this years database (now at 500+ predictions) are pointing to inflation easing off as the year progresses*. Malware occurrences are experienced by 96% of the banking companies surveyed, with web-based attacks following at 87%. Energy was the S&P 500s top performing sector two years in a row, and many experts feel that more growth is on the horizon. more attacks, find and fix breaches faster and reduce breach impact. Heres your annual roundup of the top security industry forecasts, trends and cybersecurity prediction reports for calendar year 2022. Accenture. We also continued to explore how winning organizations tackle cyber resilience, All rights reserved Cybersecurity Ventures 2018. Join VC+ for 2023s Global Forecast Report of Expert Predictions. Experts predict that AI will impact peoples lives in a much more visible and tangible way in 2023 than in past years. According to RiskIQ, which was acquired by Microsoft in 2021, the average cybersecurity incident costs an average of $1,797,945 per minute! DigiCerts 2021 State of PKI Automation Report data shows that 9 in 10 organizations either want or are tossing around the idea of implementing PKI automation within their IT environments. IP traffic has reached an annual run rate of 2.3 zettabytes in 2020, up from an annual run rate of 870.3 exabytes in 2015. Just when you thought things couldnt get any worse, it turns out theres, apparently, a way to do just that. It is the new basis of competitive advantage, and it is transforming every profession and industry. Cybercrime is more expensive for some industries than others, but Accenture says the cost of an attack to an individual organization averages $13 million. The CIA is working with the industry to recruit more security pros by promoting diversity through the hiring of more women and minorities. But cybercrimes weren't the only news security experts should consider from 2021. performance while maintaining superior cyber resilience. As explained below, attacks can happen at any time and both individuals and organizations are victims. A growing DDoS trend in 2021 was the rise of ransom or extortion DDoS attacks, according to, Part of maintaining a high level of security is ensuring nonsecurity employees know how security affects their day-to-day activities. AI systems like AlphaFold unlock a world of possibilities in scientific domains. The study, conducted by the Ponemon Institute on behalf of Accenture, analyzes a variety of costs associated with cyberattacks to IT infrastructure, economic cyber espionage, business disruption, ex-filtration of intellectual property and revenue losses. Generative AI tools are useful for generating ideas and mock-ups, and even functional snippets of code. Just 9% of budgets are spent on this dimension, fifth in the list of six layers surveyed. Or, putting it another way, thats the equivalent of $29,965.75 every second, or basically the average cost of buying a used car with current inflation (which has increased 28% since November 2020) every second. Three-fourths of the banking companies we surveyed had experienced people-related incidents such as phishing and social engineering (just behind malware and web-based attacks, the top answers), with an average cost of $118,000 to resolve. FINANCIAL SERVICES IS SLIGHTLY BETTER THAN GLOBAL PEERS Average number of security breaches each year . Casey also serves as the Content Manager at The SSL Store. The main goal for cybercriminals is to acquire information -- name, passwords and financial records, for example -- that is then sold on the dark web. Do you know what and where those are? Accenture analyzed nine cutting-edge technologies that are helping mitigate cybercrime, and calculated their net savings: the total potential savings minus the required investment in each type of technology or tool. Cyber Intrusion activity has more than doubled in the first half of 2021 according to @AccentureSecures latest mid-year report, This area is reserved for members of the news media. This year, we identified four levels of cyber resilience including an elite group of Cybercrime has hit the U.S. so hard that in 2018 a supervisory special agent with the FBI who investigates cyber intrusions told The Wall Street Journal that every American citizen should expect that all of their data (personally identifiable information) has been stolen and is on the dark web a part of the deep web which is intentionally hidden and used to conceal and promote heinous activities. Chinas reopening will also impact other economies as well. Cookie Preferences people. Symantec also found that four in five security professionals said they are burned out. However, each of these cybercrime statistics provides valuable insight into what attackers are doing and things you can consider for improving your organizations cyber defenses. Either way, one of the best solutions to this problem is to train your employees. Zero trust architecture is an approach thats been picking up a lot of traction over the last few years. Next, Iran could be a flashpoint in the Middle East this year. Businesses Rely on Hardware Security Modules (HSMs). The hard part is understanding who is at risk, why and when you may fall prey to an attack, how pervasive attacks are and what types of threats are most likely to occur. Cyber Champions demonstrate that, with the right balance of alignment between need to lead this change by challenging how cyber risk is treated, ), government-owned clouds that are accessible to citizens and businesses, private clouds owned by mid-to-large-sized corporations, and cloud storage providers will reach 100 zettabytes by 2025, or 50 percent of the worlds data at that time, up from approximately 25 percent stored in the cloud in 2015. The global system that supplies us with energy is breathtakingly complex, with a lot of unpredictable factors at play. About Accenture Accenture is a global professional services company with leading capabilities in digital, cloud and security. By doing this, attackers can simultaneously capitalize on your good name while dragging it through the mud by using it to trick or manipulate consumers. The "Cybersecurity by the Numbers" infographic is an excellent at-a-glance information resource that is ideal for accompany published reports on cybersecurity trends and issues. The first known mention of computer (phone) hacking occurred in a 1963 issue of The Tech. Security leaders must closely align with the business as This included devices that were rooted or, At the end of 2021, there was a security workforce gap of 377,000 jobs in the U.S and 2.7 million globally, according to the, The "ISACA State of Cybersecurity 2021 Part 1". Chuck was named by Oncon in 2019 Top Global Top 50 Marketer by his peers across industry. Small and medium sized businesses lack the financial resources and skill set to combat the emerging cyber threat, says Scott E. Augenbaum, former supervisory special agent at the FBIs Cyber Division, Cyber Crime Fraud Unit, where he was responsible for managing the FBIs Cyber Task Force Program and Intellectual Property Rights Program. He has a BA from DePauw University, and MA from the University of Chicago, and studied at the Hague Academy of International Law. Xi Jinpings reversal of Zero-COVID restrictions should drastically change the trajectory of the countrys economy. Visualizing Currencies Decline Against the U.S. Dollar. Raleigh, North Carolina, United States. Data from Proofpoints 2022 Cost of Insider Threats Global Report shows that insider threats represent a growing risk area for organizations around the world. Identification numbers, credit card numbers, and addresses were stolen from 20 million victims. Cybersecurity professionals are painfully aware that cybersecurity risks are a plague on businesses of all sizes, as well as the average online consumer. CEOs Data is the building block of the digitized economy, and the opportunities for innovation and malice around it are incalculable. What will the New Year bring in cyber space? Cyber crime as a whole has been steadily increasing since 2019 when we published our last cybercrime statistics article on the topic. security posture, earlier and more effectively to the cloudlike Eileen Moynihan, Vincenzo Palermo and Ann Vander Hijde for their contributions One in 36 devices used in organizations was classified as high risk, according to Symantec. In this last section on cybercrime statistics for 2021 and 2022, well go over some of the biggest hang ups organizations face when it comes to keeping cybercriminals at bay. With organizations spending nearly 23 percent more than last yearUS$11.7 million, on averagethey are investing on an unprecedented scale. This is basically a 25% increase over the previous years dataset. I will revisit new stats later in the year ad cybersecurity is never static. Analysts estimate the global standalone cyber insurance market to be worth $2 billion. A 5-Minute Overview of Everything Encryption, Email Security Best Practices 2019 Edition, Ransomware attacks and other malware attacks, Data compromise (theft, loss, or manipulation), Identity theft or fraudulent impersonations of individuals, companies or other entities. For the criminal mind, cybercrime pays. Simply put, if your organization isnt as secure as it should be, or if youre not crossing your Ts and dotting your Is when it comes to staying compliant with industry and regional regulations, then you might find yourself facing staunch penalties or fines. (See Figure 2. As dawn breaks in 2023, a few analysts now feel that the U.S.and possibly Europecould narrowly avoid recession. A campus network is a proprietary local area network (LAN) or set of interconnected LANs serving a corporation, government agency A point-of-presence (POP) is a point or physical location where two or more networks or communication devices build a connection Green networking is the practice of selecting energy-efficient networking technologies and products and minimizing resource use Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings. The United States, the worlds largest economy with a nominal GDP of nearly $21.5 trillion, constitutes one-fourth of the world economy, according to data from Nasdaq. business strategy and cybersecurity, organizations can achieve strong business 7 Cybercriminals Targeted Web Apps in 80% of Hacking-Related Breaches. Search Cybercrime jobs in Fort Lauderdale, FL with company ratings & salaries. Ransomware attacks are of particular concern. 2023 The SSL Store. Ransomware a malware that infects computers (and mobile devices) and restricts their access to files, often threatening permanent data destruction unless a ransom is paid has reached epidemic proportions globally and is the go-to method of attack for cybercriminals. A Better Business Bureau survey found that for small businesses which make up more than 97 percent of total businesses in North America the primary challenges for more than 55 percent of them in order to develop a cybersecurity plan are a lack of resources or knowledge. Many of these Things are connected to corporate networks in some fashion, further complicating cybersecurity. All rights reserved. are up, security investment continues to rise and cloud still has a complex However, rather than go through the process of listing every single type, we thought it best to jump right into the cyber crime statistics (2021 and 2022) youre here to read. Cyber attacks and data breaches arent going away and only continue to increase with each passing year. Here is the average cost of cyberattacks (per organization) across 15 different industries: Interestingly, the impact on life sciences companies rose the most in a year (up by 86% to $10.9 million per organization), followed by the travel industry (up 77% to $8.2 million per organization). Many experts predict that regulators will either ban the app altogether in 2023, or force the sale of the company to an American entity. also seize the advantage in the race to cyber resilience. Its no secret that data breaches are costly events for businesses and other organizations. The same IBM report further substantiates this concept, stating that the average cost of a breach was $1.76 million less at organizations with a mature zero trust approach than those that lacked it. Doing this is troublesome considering that large organizations can have tens of thousands or hundreds of thousands of digital certificates within their IT environments. REPORT. The infographic focuses on data from the latest Accenture Cost of Cybercrime study, which details how cyber threats are evolving in a fast-paced digital landscape. Well also dive into some of the trends and stats the experts are pointing to for 2022 and the next few years to come. Both information loss and business disruption occurring from attacks have been found to be the major cost drivers, regardless of the type of attack: In 2018, information loss and business disruption combined for over 75% of total business losses from cybercrime. To define four levels of cyber resilience, an analysis was conducted on a sample subset of 3,455 organizations, with Cyber Champions accounting for 5% of those. Cybersecurity Ventures expects global cybercrime costs to grow by 15 percent per year over the next five years, reaching $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015. Security is not part of the cloud discussion, Managing Director - Accenture Security, Europe Lead, Senior Managing Director Accenture Security, North Security investment continues to rise: More than 80% of our survey This should come as no surprise, considering that the world has been entrenched in the throes of the Covid-19 pandemic and the skyrocketing scams and attacks that accompanied it. And by 2022, 1 trillion networked sensors will be embedded in the world around us, with up to 45 trillion in 20 years. Attackers love to search for weaknesses unmitigated vulnerabilities such as unsanitized inputs and outdated software they can exploit to gain access to other vulnerable resources and data within your IT environment. but the end result is that bad guys get to do bad thigs basically with near impunity. Greater concerns about malware and web-based attacks. Oh, boy. The network and application layers had the most investments, at 37% and 27%, respectively. Your email address will not be published. At the heart of every great change is a great human. 130 million. The above-mentioned CISCO study also found that ransomware was not among the top three cyber threats identified by small businesses. Accenture's fourth annual State of Cyber Resilience report outlines what to expect from cybersecurity in 2021 and how leaders can prepare. Real art will never truly go out of style, and accomplished artists will always attract an audience, but this one example shows how quickly technology can disrupt an industry. The best thing you can hope for is to take steps to make your organization and data as secure as possible by: Casey Crane is a regular contributor to (and managing editor of) Hashed Out. There may be plenty of individuals out there -- such as networking admins, developers, systems engineers and even security analysts -- with the chops needed for the job. Verizons 2021 Data Breach Investigations Report (DBIR) show that phishing was involved in nearly two in five data breaches. Identity and multi-factor authentication (MFA) will take center stage as passwords (finally) start to go away in a tipping-point year. As much as US$5.2 billion worth of outgoing Bitcoin transactions may be tied to ransomware payouts involving the top 10 most common ransomware variants. Heres a bit of a different approach that having strong cyber security can benefit you in addition to your organization. However, their survey also shows that a whopping 61% nearly two-thirds of respondents dont include zero trust within their zero trust strategies. The latest forecast is for global ransomware damage costs to reach $20 billion by 2021 which is 57X more than it was in 2015. monitoring security investments and leading culture change on security. cloud security framework. Go here to send me story tips, feedback and suggestions. Here's a look at some of the major industry trends related to incident response, attacks and testing. Since DigiCerts survey also shows that organizations have an average of 50,000 certificates to manage, its no surprise that automating PKI processes would be on the table. illustrates the urgent need to alter the approach to cybersecurity. That's because the average cost of a breach involving an organization using high standard encryption (i.e., at least AES 256-bit encryption) cost $3.62 million, whereas a breach that didn't cost an average of $4.87 million. In 2004, the global cybersecurity market was worth $3.5 billion and in 2017 it was worth more than $120 billion. Implementing strong cyber security policies and procedures. Rogue and shadow IT certificates and mismanagement issues are a serious concern considering that it only takes one expired certificate to bring down a world of pain on your organization and customers. One in five small companies does not use endpoint security, and, Recovering from a ransomware attack cost businesses, 2022 Cybersecurity Almanac: 100 Facts, Figures, Predictions And Statistics. This represents the greatest transfer of economic wealth in history, risks the incentives for innovation and investment, and will be more profitable than the global trade of all major illegal drugs combined. Cyber Championsorganizations that excel at cyber resilience, but also align with PHOTO: Cybercrime Magazine. If enemies are using AI to launch cyberattacks, then our countrys businesses need to use AI to defend themselves. Organizations View HSMs As Key Components of Effective Encryption & Key Management. strategy and cybersecurity. Ransomware, now the fastest growing and one of the most damaging types of cybercrime, will ultimately convince senior executives to take the cyber threat more seriously, according to Mark Montgomery, executive director at the U.S. Cyberspace Solarium Commission (CSC) but he hopes it doesnt come to that. One of the ways many illustrators and artists earn a living is through commissionsessentially being hired and paid to create a specific piece of art in their style. Its a concept in which no users, internal or external, are automatically trusted and must undergo continuous authentication to ensure that they are who they say they are. Experience fewer successful breaches 8 percentage points lower than Business This is why Verizons 2021 DBIR data shows that four in five hacking-related breaches involve vulnerable web apps. The world will store 200 zettabytes of data by 2025, according to Cybersecurity Ventures. cybersecurity resilience, we found 85% of CISOs agree or strongly agree that the Given the influence of Elon Musk in the tech industry, many experts are suggesting that his strategy of ruthlessly slashing headcount at Twitter might serve as inspiration for other technology leaders. Cloud still has a complex relationship with security: Despite most resilience for fast, scalable, proactive and cost-effective cloud Strategy & Consulting | Song | Technology | Operations | Industry X |Careers, Digital Engineering and Manufacturing Jobs, Do Not Sell My Personal Information (for CA). Cybersecurity is a day-to-day operation for many businesses. A 2017 report from Cybersecurity Ventures predicted ransomware damages would cost the world $5 billion in 2017, up from $325 million in 2015 a 15X increase in just two years. Addressing the business and economic impact. Based on interviews with more than 2,600 security and information technology (IT) professionals at 355 organizations worldwide, Accenture's 2019 "Cost of Cybercrime Study" found that the cost to companies due to malware increased 11 percent, to more than US$2.6 million per company, on average, and the cost due to malicious insiders . The damage cost estimation is based on historical cybercrime figures including recent year-over-year growth, a dramatic increase in hostile nation-state sponsored and organized crime gang hacking activities, and a cyberattack surface which will be an order of magnitude greater in 2025 than it is today. Data from Verizons 2021 Data Breach Investigations Report (DBIR) shows that 85% of breaches involved the human element meaning that either your employees were targeted or they made a mistake that resulted in a breach. leadership team, CISOs can gain a broader perspective that In the last quarter of the year, DHL was represented in 23% of phishing attacks they studied globally. Blockers and 36 percentage points lower than Cyber Risk Takers. Increase in the average number of attacks per Accenture. Business owners may be underestimating the threat of ransomware, however, MSPs are not. serves the whole business well. Its predicted that the total amount of data stored in the cloud which includes public clouds operated by vendors and social media companies (think Apple, Facebook, Google, Microsoft, Twitter, etc. The industry targeted most often by ransomware operators was insurance, accounting for 23% of ransomware attacks, followed by consumer goods & services (17%) and telecommunications (16%). This means that cybercrime costs the same amount of money it would take to buy LGs new 325-inch 8K TV every 60 seconds. ( phone ) hacking occurred in a much more visible and tangible way in 2023, a few analysts feel... Breach Investigations Report ( DBIR ) show that phishing was involved in nearly two in security! Few analysts now feel that the U.S.and possibly Europecould narrowly avoid recession was acquired by Microsoft in,! Investing on an unprecedented scale in five security professionals said they are burned.. 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