In the last 3 years, the adoption of smart devices, personal smartphones, exponentially more powerful computers, and the pandemic rush towards digitization of businesses has dramatically increased the vulnerabilities for cyber attacks. In addition to this, more value is being stored digitally, with the rise in popularity and adoption of mobile banking, investing apps cryptocurrencies and user data a financially valuable asset class. This vulnerabilities make it a perfect target for cyber-criminals to steal -also exponentially- large amounts of money.
In 2021 financial costs we went from $1 Trillion USD in 2020, to $6 Trillion in 2021, and it’s expected to reach to $10.5 trillion in 3 years, if not more.
What would happen if a hacker destroys all your data, spreadsheets with your accounting, inventories and records of purchases, the emails where you had the communications with your clients and agreements about next steps which you rely on to perform their work, which a lot of times is time sensitive, and even worst, the hacker takes down your website?
The new law mandates companies to report hacks to the U.S. Department of Homeland Security within 72 hours of discovery of a hacking incident, or 24 hours in the company pays a ransom.
President Joe Biden signed Tuesday new sweeping cybersecurity legislation requires the private sector to report data breaches and ransomware payments.
