Criminology professor at Surrey University Mike McGuire (2019) recently published findings from his nine-month study on global cybercrime titled “Into the Web of Profit” which reveals more than a few startling statistics, but one in particular stands out: business is booming in the cybercrime economy which boasts a total net worth of over $1.5 trillion. Through a variety of methods including personal interviews with convicted cybercriminals, covert observations on the Dark Web, and data from financial intuitions and international law enforcement agencies, McGuire (2019) reveals just how far-reaching the thread of cybercrime is.
Cybercrime is a 1.5 Trillion Dollar Industry
Unfortunately, the idea that small businesses are “under the radar” for cybercrime is no longer true (if it ever really was). In fact, recent data suggests that 60% of small and medium sized businesses go out of business within six months of having suffered a cyberattack:
“[B]ased on data from 1,377 CEOs of small and midsize businesses. . .[s]ixty-two percent of our respondents said that their firms don’t have an up-to-date or active cybersecurity strategy—or any strategy at all. And that’s a major problem, given that the cost of a cyberattack can be high enough to put a company out of business. . .”
- 860 billion illicit/online markets
- 500 billion intellectual property theft
- 160 billion data trading
- 1.6 billion crime ware-as-a-service
- 1 billion ransomware
- 12,000 of new phishing attempts per day delivered for SSL/TLS (encrypted Internet connections) (https://www.zscaler.com/blogs/research/ssltls-based-malware-attacks)
- This means that average anti-virus and anti-malware software has a harder time detecting malicious packets because they’re “hidden” in the encryption.
- 50% of Americans work remotely
- SMBs almost never have dedicated IT personnel let alone those who are security experts
- SMBs often cannot deploy effective managed security systems because they lack expertise and resources
- Most SMBs cannot afford the operational downtime that comes with a security threat or data breach.
Firewell Technology Solutions delivers cloud-based, proactive information security services. Because Firewall Technology Solutions works with cloud-based security tools, we can monitor the security services small and medium sized businesses require from one central console, allowing Firewall Technology Solutions to secure your network and your data while you focus on your business.