Research from Cyber Security Magazine found that 43% of all data breaches involve small- and medium-sized businesses. (Photo: Gorodenkoff Productions OU/Adobe Stock)
The ever-escalating frequency and severity of cyberattacks are becoming impossible to miss, with this year seeing mega breaches and record-breaking ransomware demands. These included attacks on the Colonial Pipeline Company, JBS US, and Ireland's Health Service Executive — events estimated to have cost each tens of millions of dollars, with the final total possibly reaching even higher.
Such attacks reflect the increasing experience of highly organized criminal groups, which have attained levels of sophistication matching those of any large tech company or law enforcement agency. According to McAfee's "Hidden Cost of Cybercrime" report, when the cumulative financial burden of cyber incidents is added to the investment made in security measures, the total cost of cybercrime worldwide was more than $1 trillion last year. This means cybercrime is currently costing over 1% of global GDP, a significant increase from McAfee's 2018 estimate of approximately $600 billion.
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