Ransomware, extortionware, and theft: Are your security strategies really working?
By Jerald Dawkins, Ph.D., Chief Technology Officer, CISO Global
Published July 16, 2023
Reflecting on attacks in 2022, SonicWall’s Global Cyber Threat Report reaffirmed what many other reports have stated – that ransomware was on the downward trend in 2022. A handful of high-profile arrests of cyber cartel members from notorious groups like Darkside, REvil, and CIOp, seemed to temporarily raise hopes in some that the “good guys” were finally winning. Conventional wisdom, however, tells us that the criminal appetite for money isn’t going anywhere, and until the industry finds a higher level of effectiveness, cyber criminals are going to have their payday, one way or another.
Even a broad read of industry research points us back to the fact that cyber-crime pays, and that as long as there is a way in, and sensitive information to find, will criminals continue to pivot until they get at it. In short, what we’re doing as an industry isn’t effective.
That’s probably an uncomfortable truth, but take a look at the numbers and see what you think:
That’s probably an uncomfortable truth, but take a look at the numbers and see what you think:
- $13.7 billion was lost to cybercrime in the U.S. alone last year. (FBI)
- Cyber-attack losses are expected to reach $8 trillion in 2023, and $10.5 trillion annually in less than 2 years. (Cybersecurity Ventures)
- The total global losses due to cyber crime represent the 3rd largest global economy behind the U.S. and China. (Cybersecurity Ventures)