Breaches increased almost 80% from 2022 while in 2023, global cybersecurity spending reached almost $200 billion. Business leaders are asking why risk of a breach is worsening.
According to MIT/Sloan Professor Stuart Madnick in a March 2024 WSJ article, here are the reasons:
• Evolving ransomware attacks: ransomware gangs franchise their malware which is allowing more criminals, particularly the less computer savvy ones to get into the ransomware game.
• Cloud misconfigurations: companies increasingly rely on cloud services such as from Amazon and Microsoft which make attractive targets for hackers. In 2023, over 80% of breaches involved data stored in the cloud. Cybercriminals are taking advantage of mid-sized and smaller companies’ mistakes configuring their cloud services.
• Exploitation of vendor systems: Most companies use a network of vendors ranging from A.C. maintenance to updating software. These vendors have special access to the company’s computers which can be entered by hackers that breach a vendor’s system.
Takeaway and next steps: In spite of growing risks, mid-sized and smaller companies should seek help from outside cybersecurity experts, such as Axiotrop to identify and address vulnerabilities. To learn more, visit axiotrop.com or schedule a 15 minute call.
About AXIOTROP, LLC:
AXIOTROP’s mission is to make cybersecurity accessible, attainable, and sustainable for small and medium-sized businesses so they remain competitive and poised for growth. We simplify cybersecurity by working closely with businesses to right-size their program for their needs, resulting in client retention, business expansion, and reduced risk.