Hacks are becoming more vicious, more frequent. Today, thanks to advancements in technology – and an ever-increasing trend of storing financial and personal information on 3rd party cloud platforms – the new “train” robberies are cyber-crime related.

 

Think about it: If a criminal wanted to rob 100,000 people at once, they couldn’t do it the “old fashioned” way. Today, all is needed is a hack into a single, large “platform” and they can use advanced technology to instantly rob millions – and they are as you can tell by the increasing number of attacks that make the news every day.

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• For the first time in history, cybercrime is now the most prevalent type of crime against businesses.​

• There were 137.5 million new malware incidents in 2018 and 25 million new incidents in 2019.​

• In 2018, 93% of malware was polymorphic, meaning it has the ability to change its code to evade detection.

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Indirect costs of not being ready for an inevitable cybercrime attack:

 

• Costs of not protecting employee and client data 

• Reputational damage, loss of credibility in the marketplace 

• Loss of clients for not protecting data, or being unable to service them

• Class action lawsuits, individual lawsuits

• Legal fees to handle a breach

• Compliance lawsuits (fines for non-compliance)

• Replacement of data corrupted or “locked” from ransomware

• The real cost of downtime and lost productivity