The Covid-19 pandemic has created many new challenges for businesses, in most cases accelerating their digital transformation.
However, as cyber criminals are much quicker to adapt to the new landscape than big enterprises, cybersecurity becomes a primary concern. Ransomware, phishing, malware and disinformation are the most common tools used by cybercriminals during the on-going pandemic. Last year, the number of data breaches and records being compromised, as well as ransomware attacks, has reached an all-time high – ZDNet reported that “More data records have been compromised in 2020 alone than in the past 15 years combined”. At the same time, the number of known ransomware attacks has increased by nearly 60%.
The real cost of cybersecurity weakness
These numbers translates into huge money losses. The average cost of recovery from a cyber-attack is now estimated to be about $2 million. Meanwhile, the average ransom paid in 2021 was $170,404. It means that the ransomware recovery costs for businesses have more than doubled in the past year (Sophos State of Ransomware Report 2021). What is the reason standing behind most data breaches? Verizon’s 2020 DBIR reports that 80% of breaches within hacking involve brute force or the use of lost or stolen credentials. Passwords have been a weak point in the security chain for decades. Is it time to finally forget them? If so, where should we look for more comprehensive, modern and secure solutions to protect our cyber security?