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What’s the True Cost of Cybercrime?

A criminal can use this data to get credit in your name or evade prosecution, or she could sell the information to someone else. Whatever they do with it, your personal information is like catnip for criminals. 

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Who knows how many incidents have gone unnoticed or even unreported. Companies might try to hide the fact that their systems have been breached because admitting this would damage their reputation. Pixabay

 

Do you have an idea what the cost of cybercrime is on an annual basis? Most people would guess millions, or maybe even billions. That would be a rather conservative estimate, though.

Unfortunately, the costs actually reach trillions of pounds globally every year. But that’s just the base financial cost measured in the losses made by companies and individuals. The true cost is hard to calculate.

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Hiding the fact that a breach had occurred could land the company in even more hot water, so businesses are starting to believe that it’s better to own up when something goes wrong in this arena. Pixabay


Who knows how many incidents have gone unnoticed or even unreported. Companies might try to hide the fact that their systems have been breached because admitting this would damage their reputation.

It’s something that some companies can never quite recover from. And while it’s wrong not to admit what happened, we can understand why they’d be reluctant to report the incident. After all, who wants to be held responsible for leaking customers personal data?

That said, most of the larger companies now have breach plans in place. They have procedures that dictate how they react should a breach occur. A standard part of these plans nowadays is to ensure that companies get the PR aspect right.

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The stakes are just as high for people who are victims of this kind of crime in their personal capacity. Identity theft is one of the top-performing cybercrimes, and this is why personal data is such a hot commodity. Pixabay



Thanks to the GDPR, companies can face hefty fines if they are found to have been negligent when it comes to client security. Hiding the fact that a breach had occurred could land the company in even more hot water, so businesses are starting to believe that it’s better to own up when something goes wrong in this arena.

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The stakes are just as high for people who are victims of this kind of crime in their personal capacity. Identity theft is one of the top-performing cybercrimes, and this is why personal data is such a hot commodity.

A criminal can use this data to get credit in your name or evade prosecution, or she could sell the information to someone else. Whatever they do with it, your personal information is like catnip for criminals. 

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India Faces High Impact of Hacking in APAC Region: Tech Report

Larger organizations were prone to more cyber incidents but organizations with more than 500 staff suffered an average of 209 incidents, which is almost 8 times higher than businesses with 50 to 100 employees, said the report

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A man takes part in a hacking contest during the Def Con hacker convention in Las Vegas, Nevada, on July 29, 2019. VOA

India is most likely to have “high” impact (58 per cent) of cybersecurity incidents on the business compared to Singapore (42 per cent) and Australia (16 per cent), a new report said on Tuesday.

The report by cloud cybersecurity company McAfee revealed that an enterprise faced up to 120 data breaches on an average in the past year, with the respondents across Asia-Pacific (APAC) region, estimating an average loss of $298,812.

Interestingly, when asked whether they could put a cost on their recent cyber incidents, Indian organizations led with 91 per cent believing that they were able to quantify the financial impact.

Owing to high hacking risk, 93 per cent organisations in India believe they are cyber-resilient, taking the top position among all the other countries in the APAC region.

“Organizations in India are most likely to have ‘high’ impact of cybersecurity incidents. Therefore, involvement of cybersecurity in digital transformation at the management level becomes critical in more developed jurisdictions such as India, where regulation and compliance are evolving and, therefore, may be more of a focus for organisations,” explained Sanjay Manohar, Managing Director, McAfee India.

Organisations in India describe their culture of cybersecurity as either “strategic” (60 per cent) or “embedded” (33 per cent).

The survey covered 480 cybersecurity decision-makers across eight Asia-Pacific countries including Australia, Hong Kong, India, Indonesia, Malaysia, New Zealand, Singapore and Thailand.

To protect your digital self, you shouldn’t reveal your real name and data on high-risk websites. Pixabay

It revealed that 97 per cent of the organizations in India were familiar with the concept of cyber-resilience compared to Australia (73 per cent) and New Zealand (75 per cent).

“Nearly 98 per cent Indian enterprises are likely to invest more in security due to regulation, despite the maturity of their jurisdiction,” the findings showed.

Data breach (62 per cent), data tampering (49 per cent) and fraud (43 per cent), were predicted to be the top three risks enterprises will be prone to in 2021.

Investment in categories such as data protection, cloud protection technology and network protection technology were top priorities for enterprises targeting an “optimized” cybersecurity maturity posture.

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“As the cyber threat landscape continues to evolve, cybersecurity is fast becoming an integral part of digital transformation, with 49 per cent ‘extremely’ involved and 41 per cent ‘very involved’ in the digital transformation process,” said the report.

Data breach (62 per cent), data tampering (49 per cent) and fraud (43 per cent), were predicted to be the top three risks enterprises in 2021.

The findings also show that in 2021, new risks will spread through a range of other potential issues such as an increase in fraud (23 per cent – 30 per cent) and defacement (24 per cent – 28 per cent).

Larger organizations were prone to more cyber incidents but organizations with more than 500 staff suffered an average of 209 incidents, which is almost 8 times higher than businesses with 50 to 100 employees, said the report. (IANS)