Cybercrime can often reflect the state of the economy. As the markets have experienced a rollercoaster of disruptions from soaring inflation, the pandemic and the rise of remote working, criminals have gotten bolder in their abilities to infiltrate network vulnerabilities and weakened or overburdened security systems. According to the World Economic Forum’s Global Risk Report for 2022, cybersecurity failure has quickly become one of the leading threats for businesses with no sign of decline.
While the global economy is potentially on the brink of a serious downturn, businesses and critical infrastructure organizations are at a much higher risk than ever for cyberattacks. Targeted attacks on organizations and entire industries have become incredibly sophisticated and effective, often leaving behind millions in damages and ransomware payments. Thus, both small and large business disruptions through ransomware extortion are expected to continue to proliferate across traditional enterprise environments. Business leaders must take actionable responsibility through a proactive cyber resilience plan.