6/28/22, 1:04 PM
The Impacts Of Inflation On Cybersecurity - Jacob Parker-Bowles | Cyber Security
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The Impacts Of Inflation On Cybersecurity by Jacob Parker-Bowles | Jun 24, 2022 | Cyber Security, Jacob Parker-Bowles
Inflation is hitting us all when it comes to paying more for gas at the pump, food at the grocery store, and other essentials. Cybersecurity will also be impacted by record inflation on multiple levels. Let us take a look at how inflation and cybersecurity are intertwined. Hackers, the people behind cyberattacks, are impacted by the same inflation that affects everybody else. This means the cost of hacking is increasing for them. While you may think that a higher price to launch a cyberattack will decrease the frequency of cyberattacks, the opposite will most likely be true. Faced with increasing economic burdens, hackers may become more eager to launch attacks as they look to cover their bills. An inflationary environment with rising costs can mean that many companies may have to cut corners or scale back on their cybersecurity budget. Less cyber defense means greater vulnerability to cyber attacks. Hackers may realize this and, despite their increased costs, may seek to capitalize on the weaknesses that companies may be leaving behind to control costs.
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6/28/22, 1:04 PM
The Impacts Of Inflation On Cybersecurity - Jacob Parker-Bowles | Cyber Security
The pace of ransomware attacks is not slowing down and is increasing at a rapid rate. Retail companies saw a 100% increase in ransomware attacks last year. Payouts can be lucrative for hackers. An insurance firm paid a record-breaking $40 million payout to hackers in a ransomware attack last year. Financial burdens around the globe may generate a younger generation of hackers looking to make money through cybercrime. The target size of companies will decrease as hackers may find it too expensive or time-consuming to attack a large and well-secured organization. Hackers will increasingly look for companies that are using legacy systems or cutting corners as a way to make easy money. Data breaches are a serious threat to companies. While it may be tempting to cut costs on cybersecurity, this is one area where cutting corners may lead to the downfall of the entire firm. About 40% of firms that experience a data breach cease to exist after a year. Being proactive and continuing to invest and implement robust cybersecurity practices is the best way to stay safe against an increasingly aggressive and desperate group of hackers.
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6/28/22, 1:04 PM
The Impacts Of Inflation On Cybersecurity - Jacob Parker-Bowles | Cyber Security
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