The increasing digitisation due to the rising pandemic has led to an increase in instances of cybercrime. According to a study by World Economic Forum (WEF) titled Global Cybersecurity Outlook 2022, there was a 151 percent increase in ransomware attacks in 2021. It shows that on an average 270 cyberattacks were faced by one organisation during the period.
As the global population went digital, there was a surge in cybercrime. Cybercrime saw an increase of 31 percent since 2020. According to a report after a breach becomes public, the average share price of the hacked company underperforms the NASDAQ by – 3% even six months after the event The report also says that a cyber breach costed a compony a loss of roughly 3.6 million in the last year.
“The acceleration of digital tools in the pandemic has increased risk in these areas further. It is great to see these trends recognised as priority concerns by the World Economic Forum in its Global Risk Report, published this week and we welcome the amplification it creates around these issues, ” said Sridhar Iyengar, managing director, Zoho Europe to IT Brief, Australia.
According to the report, there is a perception gap between executives who take their organisation to be secure and security leader who don’t agree to the claim. In the survey, 92 percent executives agreed cyberresilience to be integrated into risk-management strategies, on the other hand only 55 percent of cyber leaders agreed. Employee cyber training, offline backups, cyber insurance, and platform-based cybersecurity solutions that halt known ransomware attacks across all attack vectors are among the solutions available.
Julie Sweet, Chair and CEO, Accenture told Modern Diplomacy that Organizations need to work more closely with ecosystem partners and other third parties to make cybersecurity part of an organization’s ecosystem in order to be resilient and promote customer trust.
“Companies must now embrace cyber resilience – not only defending against cyberattacks but also preparing for swift and timely incident response and recovery when an attack does occur,” Jeremy Jurgens, Managing Director at the World Economic Forum to said to Modern Diplomacy.
As per the WEF survey, data theft, cybercrime, third-party-induced fraud, bribery and corruption, and fraudulent documentation were identified as the top five concerns with over 42 per cent of respondents (cumulative) reporting being victims of these crimes.
Deloitte India Banking Fraud Survey as per statement published in Business Standard stated “In the wake of COVID-19 and new digital operations, banking and financial institutions have been struggling to deal with an increasing number of fraud incidents. This trend is expected to continue, with 78 per cent respondents stating that frauds could increase over the next two years”.
According to research company Cybersecurity Ventures, global cyber crime costs are to increase roughly 15 percent on a yearly basis over next four years to reach 10.5 trillion USD, which rested at 3 trillion USD in 2015.
“Over this past year, we have seen cyber criminals get smarter and quicker at retooling their tactics to follow new bad actor schemes – from ransomware to nation states – and we don’t anticipate that changing in 2022,” said Raj Samani, fellow and chief scientist of the combined company formed after the merger of McAfee Enterprise and FireEye to N Business.
Further, the Survey respondents said that the top three outcomes of COVID-19 on their Fraud Risk Management (FRM) function would be increased dependence on analytical tools for fraud monitoring and detection (25 per cent), the need to create awareness about fraud amongst customers and employees (23 per cent), and a change in the target operating model to enhance capabilities of the remote FRM function (21 per cent).
Recently, in November, 2021 Chief of Defence General Bipin Rawat said that cybercrime in India went up 500 percent during the pandemic. He also stressed on the need for a national framework to fight the rising cyberattacks in the country. He added cybercriminals are increasingly weaponizing data as tool against national security.
In India, according to recent reports, cybercrime cases in Hyderabad police Commissionerate increased by 218 percent this year when compared to 2020. While 1,212 cybercrime cases like OLX, KYC, job and loan frauds, were registered last year, the number went up by 3,854 cases this year.
“Cases have increased as people also started reporting the offences through National Cybercrime Reporting Portal, its helpline number 155260 and various social media platforms,” Commissioner of Police M. Stephen Raveendra said to The Hindu.