CYBERSECURITY CONCERNS

Analysts warn of an impending disaster if Cybersecurity is not made a priority

More data records have been compromised in 2020 alone than in the past 15 years combined, yet companies are not spending enough to protect their systems

More on that report a little later, but first, let’s start off with Microsoft’s inaugural Security Signals report for March 2021. The report highlights that despite 80% of enterprises experiencing one firmware attack during the past two years, only one-third of security budgets are dedicated to protecting firmware. Although protecting firmware is a major concerning point mentioned in the report, it basically states that enterprises are not just not taking the general Cybersecurity concerns seriously enough.

In addition to this, a study from analysis firm Canalys suggests that we are reaching a “data breach crisis”. Over the past 12 months, 31 billion data records have been compromised — up 171% from the previous year and constitute well over half of the 55 billion data records that have been compromised in total since 2005 (Figure 1). Cases of ransomware have seen an increase of 60% in reported incidents, as compared to 2019.