Islamabad: Big companies and organizations worldwide are losing billions of dollars each year due to cybercrime, despite the fact that most of them have significantly increased their cyber security budgets, the 2020 ENISA report reveals.
Cyber attacks like data breaches, phishing, ransomware attacks or cyber espionage represent one of the biggest risks in the business sector, the report states.
According to data presented by Trading Platforms.com, the information and finance industry were the most targeted by cyber espionage, with almost 300 reported cases last year.
Almost 65 per cent of cyber espionage incidents involved phishing attacks, the trading platform writes.
Over the years, cyber espionage became a growing threat affecting industrial sectors and critical and strategic infrastructures worldwide, including government ministries, railways, telecommunication providers, energy companies, hospitals, and banks.
Its main goal is to steal state and trade secrets and confidential data in strategic fields. State-backed cyber spies may also seek intellectual property from advanced industries or customers’ data from finance or travel companies.
Once, cyber attackers might have needed the latest zero-days to gain access to corporate networks.
However, today, phishing emails using social engineering tactics are most likely to provide attackers with the initial entry they need.
The 2020 ENISA report showed that almost 65 per cent of cyber espionage incidents involve phishing attacks while around 11 per cent of cyber incidents and 20 per cent of data breaches were motivated by cyber espionage.
Behind the internet and the finance industry, the healthcare organizations remain an increasingly popular target amongst cybercriminals, especially those exploiting the worldwide interest in the covid-19 vaccine.
Verizon’s 2021 Data Breach Investigations report showed that there were 119 reported cyber espionage cases targeting companies and organizations in this sector last year.
Public administration and professional services also rank high on this list, with 118 and 114 cyber espionage cases in 2020. The real estate market, the accommodation sector and administrative services were on the other side of the list, with 14, 11, and 10 reported cases, respectively.
Companies increasingly investing in cyber insurance, entire market to grow by 21 per cent YoY and hit $9.5 billion value
As data applications and technology in the business sector increase, organizations are becoming more aware of the need for insurance coverage for cyber risks.
Cyber insurance helps companies and organizations hedge against the potentially devastating effects of cyber espionage, ransomware, malware, or any other cyber attack used to compromise a network and sensitive data.
Last year, the global cyber insurance market hit $7.8bn value, revealed the Markets and Markets report.
The growing number of companies taking preventive measures against cyber attacks is expected to continue driving the impressive growth of the entire sector. In 2021, the cyber insurance market is expected to grow by 21 per cent YoY to hit a $9.5bn value. By 2025, this figure is forecast to hit $20.4bn.