Page 74 - BusinessWest February 20, 2023

CYBERSECURITY >>
Defense Mechanism
What Does the Cybersecurity Landscape Look Like in 2023?
BY JOSEPH BEDNAR
[email protected]
The numbers are staggering. According to Cybersecurity Ventures’ 2022 cybercrime report, the cost of cybercrime is predicted to hit $8 trillion in 2023 and will grow to $10.5 trillion by 2025.
The impacts on businesses are already well-established. Accord- ing to security.org, one in every six businesses that fell victim to
cyberattacks faces ransomware, and about half of them pay the ransom. And according to a report last year by Security Intelligence, the share of data breach- es caused by ransomware grew 41% in the previous year and took 49 days lon- ger than the average breach to identify and contain.
A study conducted last year by Positive Technologies among financial orga- nizations, fuel and energy organizations, government bodies, industrial busi- nesses, IT companies, and other sectors found that cybercriminals are able
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