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article imageRansomware continues to be the major threat to businesses

By Tim Sandle     Jul 21, 2019 in Technology
A new report from CyberScout finds that businesses are still facing a major threats from online attacks. The biggest of these risks remains ransomware, and the weaknesses are both technological and cultural.
The 2019 CyberScout Global Insights Report charts a number of issues impacting upon businesses and their customers, ranging from an increase in cases of identity theft and fraud to large-scale enterprise breaches.
A similar review conducted in 2018 by CyberScout revealed a record number of incident reports across growing business and consumer incident management services. The 2019 version shows a continuation of this trend. Based on the trends over the past several years, the business world can expect the threat of ransomware to continue to rise.
Of these incidences, the report notes that financial fraud and account takeovers were the two most active forms of cyber events for individuals. Whereas, for businesses, ransomware and phishing attacks remained the leading forms of attack, and non-targeted attacks are on the rise.
A related risk is with businesses losing customers and there are signs that consumers are becoming frustrated with data losses and there is some evidence of support for business data privacy regulations (along the lines of the European Union GDPR legislation).
The CyberScout Resolution Center employs a proprietary resolution methodology to protect victims from further harm and affect meaningful resolutions Based on data collated, in 2018 CyberScout fielded 29,638 cases of cyber incidents. Further analysis reveals that over 30 percent of the cases were Internet-crime driven. In terms of the cost to businesses, it is estimated that $6,905,771 was the total dollar amount involved in CyberScout’s fraud cases alone.
While CyberScout recorded fewer tax fraud incidents perpetrated in 2018, identity thieves did not stop trying, highlighting the continuing risk with identity theft. There’s a human error element connected with this issue; when businesses improperly dispose of paper records or old hard drives, employee or customer information is easily exposed.
It remains that many systems in place to prevent cyberattacks are operated by personnel and almost 70 percent of the incidents that were managed in 2018 were related to some kind of human error.
Tom Spier, Commercial Director, Global Markets, CyberScout states: “Nearly 70 percent of the incidents CyberScout deals with are related to human error of some description. Someone has clicked on a link, downloaded something they should not have, or visited a counterfeit website. If you can educate people into changing those small behaviors, that makes a huge difference.”
More about ransomw, Hacking, Virus, Computers
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