Cybercrime is one of the most pressing challenges facing businesses today. According to a recent report, the global annual cost of cybercrime is expected to top $8 trillion by 2023. As businesses embrace digital transformation and new ways of operating, they are also exposed to an increasing number of cyber threats like data exfiltration and ransomware. The rapid pace of technological change has made it difficult for companies to keep up with the latest threats and to stay ahead of the curve.
Cybercriminals have evolved, turning into well-established and well-funded organizations. They have also changed their methods, attacking in new ways and focusing on different types of industries. Like the corporations they target, they are reinvesting profits from basic ransomware attacks back into the business to expand their criminal enterprise and deliver new types of threats and attacks on organizations. They are targeting individuals, monitoring their social media, obtaining e-mail addresses, phone numbers and life events, and attacking them with precision using perfectly written spear phishing attacks. To build more advanced capabilities, they are doing what every corporation is doing. They are aggressively hiring the best talent they can find to design, build and test new attack services. Gone are the days where it was easy to identify a cyber-attack, businesses need to be cognizant of every little detail, link or ask they are receiving.