Cybercriminals are coming up with new ways to exploit flaws and attack key infrastructure, across industries, on a global scale. The classic lone hacker is no longer the primary threat, with Cyberhacking growing into a multibillion-dollar industry with institutional structures and R&D budgets. Cybercriminals are not just targeting large corporations, commercial companies or government agencies, but SMEs as well.
SMEs aren't prepared to recover from a cyber attack in 83% of cases because they are less likely to have comprehensive cyber security defences in place, meaning they are unable to respond.
So, what are the key trends and developments within cyber security this year? And why does attending the European Women in Technology conference ensure you can plan and implement cyber resilience in your career, business and technology?
There has been a significant increase in cybercrime over the last year
Ransomware attacks are becoming more common - increasing by 150% in 2021, according to the European Union Agency for Cybersecurity, and the trend is expected to continue into 2022.
According to Securium Solutions, cybercrime expenses are expected to increase globally by 15% each year over the next five years, reaching $10.5 trillion annually by 2025, up from $3 trillion in 2015.
Ad fraud on the internet is also on the rise. According to a Bloomberg Law report, ad fraud costs the advertising business $51 million per day, and by 2023, that figure will have risen to $100 billion per year.
Ethical AI is a priority
Artificial intelligence (AI) is therefore advantageous for both government and private companies. More firms will attempt to deploy responsible and ethical AI to detect, prevent, and counter cyber attacks this year. Their rapid response techniques will include cutting-edge AI technologies and solutions. Furthermore, legislation, policies, and regulations governing the use of AI in cybersecurity must be developed by local, national, and worldwide government agencies and organisations.
Remote work has created a stronger need for increased cyber demands
When firms shifted to remote work, more focus was placed on building up network security policies and infrastructure to ensure data protection, seamless operations, and speedy reaction to cyber incidents were and still are in place. As post pandemic persists, remote employees' cybersecurity remains a significant priority for companies globally, formerly a ‘nice to have ‘ is now a necessity.
The cost of a data breach is also affected by whether workers work from home. According to the Ponemon Institute, companies that have implemented remote working spend an extra $1.07 million (about €930,000) responding to data breaches.
European Women in Technology has a key focus on planning and implementing the cyber skill-up
This year, the event will focus on how organisations, of all sizes, can improve their cyber security. We'll look at topics such as future-proofing risk defensive security strategies, learning best practises in mitigating data breaches and securing devices, data, and information using various security measures - from employing the right security professionals to implementing rigorous policies and firewall settings.
Learn how leading organisations will endeavour to develop technologies and solutions that remove risks and strengthen remote working infrastructure during the rest of 2022.