Cyber Security: The Leaders and the Laggards
Cybersecurity attacks have surged during the coronavirus pandemic in line with a rapid shift towards remote-working and online transactions. This surge has catalysed a more rapid rise in demand for cybersecurity platforms and services such as Crowdstrike, Palo Alto Networks, Okta, Fireye and national-security focussed firms such as Raytheon.
In the US, the FBI’s Internet Crime Complaint Center (IC3) has seen the same number of complaints from Jan-Mar 2020 as they saw in the entire year of 2019 whilst, across the board, there has been a surge in covid19 related attacks.
According to Accenture, it is estimated that the 2019–2023 global business/economic value at risk from cybercrime will be US$5.2 trillion.
Furthermore, the same report highlights that the average number of security breaches is rising 11% per annum (to 145 in 2018) and the annual cost of these crimes is increasing at a similar rate (to US$13m per company). Although the data is a few years old, you can see double-digit growth across the board, with Malware (trojans, worms, spyware…
