The New Normal in IT by Gregory S. Smith

Author:Gregory S. Smith [Smith, Gregory S.]
Language: eng
Format: epub
ISBN: 9781119839774
Publisher: Wiley
Published: 2022-03-09T00:00:00+00:00

Beyond phishing risks, companies and organizations across the globe worry about websites getting hacked and defaced, corporate networks and data from getting encrypted by ransomware attacks, and malicious code being inserted into their corporate computers and networks that steal competitive-advantage intellectual property and other sensitive information about their products, customers, and employees. Simply put, data is knowledge and knowledge is power in the hands of a malicious actor, who can exploit the information in many ways.

According to Forbes, “the year 2020 broke all records when it came to data lost in breaches and sheer numbers of cyber-attacks on companies, government, and individuals.”20 The Forbes article goes on to discuss the State of Cybersecurity Readiness and notes the following:

According to an IDG Research Services survey, 78 percent of organizations polled lack confidence in their organization's cybersecurity readiness.

Of those surveyed by the IDG Research Services survey, 91 percent increased cybersecurity budgets in 2021.

According to a 2019 Global Data Risk report, on average, only 5 percent of companies' folders and supporting data are protected properly.

The IDG Research Services survey indicated that 80 percent of senior IT security leaders believe their organizations lack sufficient protection against cyber attacks.

The U.S. Federal Trade Commission received 1.4 million reports of identity theft in 2020, double the number from 2019.

Cybercrime is anticipated to cost the world $10.5 trillion annually by 2025.

The average cost of a cybersecurity data breach is $3.86 million as of 2020.21

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