Statistics from cybersecurity ventures predicted there will be a ransomware attack on businesses every 14 seconds at the end of 2019 and every 11 seconds by 2021.
This does not include an attack on individuals which occurs even more frequently than businesses.
Same source also forecasts cybercrime will cost the world 6 trillion dollars annually by 2021, growing by 15% per year over the next 5 years. By 2025, the figures are expected to reach 10.5 trillion US dollars up from 3 trillion US dollars in 2015.
The latest prediction is that global ransomware damage costs will reach 20 billion dollars in 2021, which is 15 times more than it was in 2015. This makes ransomware the fastest growing type of cybercrime.
Cybercrime is the greatest threat to every company in the world and one of the biggest problems with mankind.
In this week’s Tech Trends episode, we had a chat with Joshua Moses (Founder, Diary of Hackers), and he took us through the world of cybersecurity and how important it is in protecting individuals and organizations from malicious attacks.
CFA: Joshua, glad to have you on the show today
Joshua: Thank you so much for having me.
CFA: What does cybersecurity mean to you?
Joshua: Alright, as we all know, the world is already in a digital form, digital age, and so, we need cybersecurity to protect these digital assets, the infrastructures, the technologies, the processes, and the people that are using this technology.
Cybersecurity is more than that but, at least, it encompasses these three things I’ve mentioned.
CFA: Okay. So, give us an example of digital assets that need to be protected.
Joshua: Now, take for example the bank. The bank uses technology to run everything. Whatsoever we are doing, maybe making transactions or deposits and so, think about it that whenever you put your money in the bank or you have your whole sweat and you put it in the bank and so, the criminals are actually after the value that is in the bank and so…(watch the full video here)
Don’t miss important articles during the week. Subscribe to techbuild.africa weekly digest for updates.