Cybercrime is a global problem that’s been getting a lot of buzz lately keeping pace with the speed of digital transformation we have witnessed in the past few years. Increasing instances of data breaches, malware and ransomware attacks pose a threat to individual security and even bigger threat to companies and governments. Organized cybercrimes outshadow the lone-wolf hackers or pranksters of the past. In today’s digital age where data is the biggest asset and with so much data to exploit out there, cybersecurity has become essential.

While gathering precise and reliable statistics about cybercrime is difficult, and assessing the true number of cybercrime victims is next to impossible, here are some eye opening numbers we have seen reported by government agencies or cybersecurity firms :

59% of Americans report they have experienced cyber crime or in some way fallen into the hands of a computer hacker
70% of small businesses are completely unprepared for a cyber attack
88% of professional hackers can infiltrate an organization within 12 hours.
With nearly $7 Trillion lost to Cybercrime globally per Center for Cybercrime and Security, it is important that we make cybersecurity a priority in our organizations.
As part of the digital agenda and with increasing adoption of cloud, DevOps and Agile becoming mainstream as a result of embracing microservices and containerization, over 55% of organizations release software products weekly. This naturally causes strain if security principles are not adopted upfront by developers.

With $4.7B lost in 2020 per FBI in the US alone to cybercrimes, it is estimated to become a $10T problem globally in the not too distant future. Cybersecurity refers to a set of techniques used to protect the integrity of networks, programs and data from unauthorized access and attack. Protection includes both physical security as well as cybersecurity and information security designed to maintain confidentiality , integrity and availability of data as a subset.

Thus effective Cybersecurity reducing the risk of cyber attacks and protection from unauthorized exploitation should be a top priority for every organization.

The challenge is that the attack surface is expanding, and the threat landscape is adapting so quickly that it is increasingly difficult to keep up with the sheer volume of threats—never mind effectively defending against them. The only way to prevent cyberthreats is to adopt a Zero Trust architecture where no one is trusted unless explicitly verified and authenticated. The perimeter security architecture designed 30 years ago built on firewalls and VPNs is no longer sufficient to protect organizations with mobile users and cloud-based applications against modern security breaches and instead, fosters a false sense of security.

Last week, we partnered with American Society of Engineers in bringing together 20 thought leaders from around the world for a conference on Cybersecurity industry. Co-Chaired by Veridic CDO Piyush Malik, this event featured experts who engaged in meaningful discussions around key cybersecurity concepts, malware, ransomware, threats to individuals and organizations and opportunities. Also discussed were special topics such as software supply chain and IoT security, Cyber talent gaps, threats to the homeland security and implications of Nation-actor sponsored Cyber warfare and Geopolitical situation caused by the Ukraine - Russia war.

Top 10 Key takeaways from this conference are summarized here:

Security is everyone’s job
Cyber Skills-gap exists and plenty of opportunities are available in Cybersecurity
Resilience mindset is necessary from strategy to execution
Think about getting Cybersecurity Insurance
New kind of talent needed besides technical skills in cyber security- Negotiation skills
Collaboration is key to execute and enable security strategy
Security hygiene is a must have posture
Organizations need to build resilience in software supply chains and take steps to protecting rapidly multiplying IOT devices
Security by Design (SBD) and Privacy by Design (PBD) are not just slogans. They need to be shared values going forward
When it comes to cyber threats, you can’t always predict when one will occur. But your organization can prepare and help is available - Just ask!

Thanks to all speakers and ASEI for bringing us all together and hosting an exhilarating and visionary event where we all got a taste of how technology and cybersecurity are changing the world.

Cybersecurity is definitely part of #thedigitalagenda for us and our clients. What about you?

Here's a blog that summarizes this 4 hour conference. This event received a lot of media attention and kept Veridic in the news. Here are a few links