Forbes released an article looking at recent trends in cybersecurity this summer – both in terms of threats, opportunities, and reactions to threats. After a several year long movement towards increased digitization and hybrid work, the start of the current crisis in Ukraine has brought even more developments to watch out for in the digital space – including the well-publicized attack on Uber this month.
Cybersecurity threats to companies
There have been a number of developments in the cybersecurity space, including a massive 800% jump in cyberactivity following the Russo-Ukrainian War. Some of this is driven by the war itself, but in other cases the economic shocks associated with the conflict have driven ransomware groups or other hostile actors to higher levels of activity.
Researchers contributing to the 2022 Cybersecurity Almanac predict that spending on fighting cybercrimes will rise to $10.5 trillion. In addition to this, not only are the costs of combating cyber hazards rising, but the stakes are also higher. The U.S. National Cyber Security Alliance found that 60 percent of small companies are unable to sustain their businesses over six months after a cyberattack. As seen with the cyberattack on Lincoln University, smaller organizations cannot easily absorb the damage and online threats present an existential threat.
New trends in security and reactions to developments
Continuing the trends from previous years, companies continue to struggle to fill cybersecurity positions in the aftermath of the COVID-induced Great Reshuffle. In response, we are seeing increased investment in artificial intelligence and machine learning tools to try and fill that gap. Additionally, more companies are starting to lean into the possibility of cyberattack insurance.
Cyberattack insurance seems at first like a logical first step to protect data. However, this solution remains imperfect. According to the Forbes article, few companies have luck getting insurance companies to pay out in the case of a cybersecurity breach without lengthy legal proceedings. As such, a more robust approach is needed.
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