Cost of Cybercrime to Reach $6 Trillion Annually by 2021

By: | July 20th, 2017

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Once a software has been hacked, it is pretty much up to digital forensics experts to determine what has happened. It’s a regular part of “after hack” procedures to call in the forensics response team for investigation, determination of data breach, and more.

With many security companies claiming they can prevent, manage, and investigate data security incidents, it is odd that so many hacks occur daily, week after week, and month after month. The problem may be that most companies don’t have the systems in place to thwart an attack once it comes. This may be due to not having any security setup whatsoever or one that is old and vulnerable. The other possibility is your security team isn’t up to battling the best and brightest targeting your business from all over the world.

Competence Is Close to Godliness

The best scenario is to have a competent team in place, such as the Cybersecurity Incident Response Retainer Service (CSIRRS), before an incident occurs and to train staff in common ways to avoid giving away the house. For their part, local and national governments have their own Law Enforcement High Tech Crime Units like the Delaware Law Enforcement Cyber Center, Counter Terrorism Units, as well as contracts with security consultants who can be called in to help on a moment’s notice. Some firms go so far as to hold “data breach mock exercises” as part of retained services.

In any case, the longer a security firm has been in business, the better prepared they will be to help, although there are exceptions to this rule. After having gone through hundreds of data compromise incidents, security companies have a general idea of who gets hacked and why. Cybersecurity Ventures provides a list of the top 500 cybersecurity firms in the world.

Licensing & Areas of Expertise

In the security industry, there are a number of licenses available for individuals and companies. Companies looking for security help should be working with security firms that have licensed staff. Security companies must be well trained and experienced in the following areas:

  1. computer and network security
  2. penetration testing
  3. common programming languages
  4. incident response
  5. PCI-DSS QSA/PFI, i.e.: cyber security training

In addition, a competent security company will be well versed in:

  1. code analysis
  2. cardholder data discovery
  3. malware analysis
  4. security assessments
  5. litigation support
  6. creation and implementation of employee policies, i.e.: BYOD

Insurance Against Data Breach Damages

Security firms often require companies who hire them to carry insurance that helps lessen the costs of security breaches and data theft in case they occur. Security firms then do their part to help make sure these companies meet the requirements needed when an insurance claim is necessary.

In the following video, “Cybercrime to Cost $6 Trillion Annually by 2021,” Cybersecurity Ventures discusses the future of cybersecurity.

David Russell Schilling

David enjoys writing about high technology and its potential to make life better for all who inhabit planet earth.

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