2021 Cybersecurity Defined: Ransomware, Hacks and Data Privacy
2021 was the year of ransomware, hacks and data privacy concerns. We’ve seen massive disruptions to private and publicly traded companies, government agencies, supply chains and consumers. There was a rise in ransomware attacks, mass circumventions of cybersecurity defenses and a widespread increase in digital-based frauds across the board.
In all, this year can be, unfortunately, defined by its lack of effective cybersecurity and the rise of cybercriminals.
In January, we had the SolarWinds attack…
The $40 million ransom of CNA Financial in March…
In May, both the Colonial Pipeline and JBS USA were hit with ransomware…
July gave us the Kaseya “ransomware apocalypse” …
And in October, there was a massive data breach at Twitch.
These are just a small sample of the headline makers. Hundreds, perhaps thousands of other companies experienced an unprecedented level of cyberthreats this year, with ransom payments reaching all-time highs.
In fact, in the first six months of the year alone, financial institutions totaled $590 million in ransomware payments, surpassing all of 2020 by over $170 million. Keep in mind, this does not include other types of digital bank frauds which are also on the rise.
By the end of September, the number of publicly revealed data breaches already exceeded the total for 2020. And the final quarter of 2021 may show it accelerated even faster.
There will be an estimated $6 trillion in global cybercrime damages this year. More than double the levels of 2015. But 2022 is likely to be worse. Far worse.
Companies involved in financial transactions and data housing must take notice now, as traditional defenses have become obsolete. Without proper precautions, many of these companies could collapse.
Fortunately, there are cutting-edge, and cost-effective measures they can take to avert disaster.
New artificial intelligence technologies can help private and public companies, financial institutions, insurance companies, all transactional businesses and governments detect and avoid cyber-attacks while preventing millions of dollars of ransom payments and fraud losses.
Ai is not only the future, it’s the now.
ToolCASE, a leading transactional Ai firm out of Denver, creates customized anti-fraud defenses that have proven to save banks, credit unions and other transactional institutions millions. Their fully scalable, real-time Ai systems may be the only defense companies can rely on in 2022 to protect their and their customers assets.
Read more about the record breaking year for cybercrime, HERE
Or learn more about the technology that could have helped detect and prevent massive fraud losses, HERE