Are Cybercriminal Business Growing Faster than Tesla?

by | Jun 14, 2021

FBI Director Christopher Wray said recently that the agency was investigating about 100 different types of ransomware, many tracing back to hackers in Russia. Apparently, complaints and reports to the FBI from the private sector show ransomware incidents have tripled in a year.

Business is booming for cybercriminals.

Digital transformation is accelerating as businesses and industries seize the opportunities offered by leaps in technology. It is enabling firms and supply chains to become more agile, which is vital in times of turmoil, volatility, and disruption.

What we didn’t count on was how fast criminals too would innovate to take advantage of the vulnerabilities. Their potential market is growing as more firms and value chains embrace digital tools and technologies.

The impacts of ransomware attacks go far beyond individual businesses. Industries, supply chains and consumers across all sectors are proving vulnerable, from agriculture to oil and gas and healthcare.

Here in Australia, the recent attack on JBS is a wakeup call for everyone. JBS is a world class company and, if they were vulnerable, what chance is there for the rest of us?

We are likely sitting ducks.

Cybercrime is a clear and present threat for all businesses and industries and in a speech in January 2021, Wray said the solution must involve partnering with the private sector. 

Therein lies the opportunity for world class industry service organisations. They can work more with business leaders to escalate awareness of cybersecurity risk and form collaborations to take action. 

You would never contemplate an agricultural industry without national strategies, collaborations and capabilities in place to deal with risks like biosecurity or animal welfare. 

Is cybersecurity part of your industry strategy, have resources been allocated, do you have the skills needed, who has responsibility?

Until next Monday.

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