Cybercrime is predicted to hurt the economy by 2025 – these 5 things will be hit the hardest

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According to a report by Cybersecurity Ventures, cybercrime is expected to cost the global economy up to $10.5 trillion by 2025. A recent Gartner survey found that by then, more than half of all cybersecurity attacks will be due to a lack of talent or human error.

Which areas are most at risk and how can consumers protect themselves from fraud and other cybercrimes?

Small businesses

A Barracuda Networks report highlighted by Forbes found that small businesses are three times more vulnerable to cyberattacks than larger organizations. These attacks can often be prevented by employee training. Smaller companies experience 350% more social engineering attacks than companies with 100+ employees.

Threats span all industries, but reports show that most attacks are focused on user data, and businesses in the retail and e-commerce, healthcare, and finance industries are most at risk.

According to Designveloper.com, the most common attacks include:

• malware.
• phishing.
• Insider Threats.
• Attacks via public WiFi networks.

productivity of workers

Cyber ​​threats not only pose a financial risk, they also affect employee productivity. More than half of small businesses said their website was down for up to 24 hours after an attack. Data breaches can also lead to increased workplace stress and affect employee morale.

health care

The healthcare industry faces a major threat from cyber attacks. Although healthcare companies in the US are required to follow certain standards — known as HIPAA regulations — to protect patient data, healthcare remains one of the most targeted industries for cyberattacks, according to a study by Nozomi Networks.

financial services

For obvious reasons, the financial services industry is also at greater risk from cyberattacks than many other industries. A report by the Boston Consulting Group found that financial firms are 300 times more likely to be victims of cyberattacks than other types of organizations. According to IBM X-Force, 70 percent of these attacks target banks, while 16 percent target insurance companies.

Online and traditional banks use FDIC insurance to protect deposits from bankruptcy or default. However, before you choose a financial institution, check their fraud protection policies and see if the company has insurance to protect your funds from cyberattacks.

energy

Nozomi Networks named the energy industry as one of the top five sectors at risk from cyberattacks. An example of this risk is the ransomware attack on the Colonial Pipeline, which shut down a major fuel well in the US in 2021.

Remember: Cybersecurity starts at home

It is the responsibility of companies to implement cybersecurity measures to protect their customers. But you as a consumer or employee can also make a contribution to defending against cyber attacks – especially when it comes to protecting your own financial or health data.

As a first line of defense against fraud and cyberattacks, follow these simple tips:

1. Never share personal information, including passwords, on public WiFi networks. Bank or shop online at home over a secure network.
2. Also, do not share any personal information, including financial information or passwords, with AI programs like ChatGPT.
3. Use a password manager to set strong and secure passwords, and use two-factor authentication programs at work and at home where available.

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