Cyberthreats to Have US$ 10.5 billion Impact on Global Economy

Approximately 5 billion people actively access and store data on both physical devices and cloud platforms, according to Infosecurity Mexico. This trend constitutes a cybersecurity risk that has prompted 30% of IT executives to allocate greater resources to bolster their security controls. The underlying rationale is straightforward: as data access channels grow, so does the potential surface area for cyberattacks. 

Cybersecurity Ventures anticipates that global data storage will surpass two hundred zettabytes by 2025. This massive data ecosystem spans both public and private IT infrastructures, such as cloud services, data and the expanding realm of IoT devices. While data storage options presents unparalleled opportunities, it has significantly heightened cybersecurity risks for individuals and organizations alike. While data breaches are the initial primary consequence, it can also result in identity theft, where cybercriminals exploit stolen personal information for unauthorized purchases or other criminal activities. 

Global cybersecurity concerns do not focus solely on the escalation of cyberthreats targeting users on the web, but on the financial repercussions a successful data breach can have on organizations. These repercussions include direct financial losses, such as those incurred through investigations, notifications to affected parties and legal fees, among others. Furthermore, they can inflict severe damage to an organization's reputation, leading to diminished customer acquisition and retention rates.

According to IBM, the average cost of a successful data breach can surpass the US$4.45 million dollars, which includes spending on recovery assessments and protocols, costs regarding operational interruptions and economic downfalls related to reputational damage. However, Infosecurity Mexico predicts that cyberthreats could exert an alarming US$ 10.5 billion impact on the global economy annually, prompting IT executives to take decisive countermeasures. 

The confluence of data proliferation and evolving cybersecurity threats has prompted CIOs and CTOs to redirect their investment focus from Data Analytics and Artificial Intelligence towards enhancing cybersecurity resilience. However, implementing enhanced cybersecurity measures and addressing the aftermath of a breach can be excessively expensive for some companies. This includes investments in cybersecurity technologies, employee training and incident response protocols, which many SMEs are not capable of paying due to budgetary constraints. 

To remain resilient against cyberattacks and potential data breaches, Infosecurity Mexico advises companies to carry out data encryption on a regular basis, maintaining data backups as a precaution against cybersecurity incidents and complying with regulations regarding data protection.