| | December 20218CYBER SECURITY ­ A PERSPECTIVE By Manu Sharma, Director - Information Technology & Corporate Security, OnMobile Global IN MY OPINIONver past several months, we all, in one-way or other, embraced the digital life which is now an integral part of our lives. Covid pandemic outbreak shifted the world order from physical model to virtual mode establishing new normal, which would stay forever. Global trends fast tracked the digitalization by at least 10 years. Unsurprisingly, cyber criminals and hackers became super active as new threats and vulnerabilities are introduced into system. People are no longer operating behind the corporate protections and home networks are extremely weak and open for exploit.Cyber Threats are Real!Cyber threat landscape is constantly evolving, there are numerous new created every day and millions created every year. Although the threats follow basic procedures and protocols, they are becoming more potent and frequent.Online threats are varied and they do not discriminate organizations from individuals when looking for a target.Cyber-attacks can cause massive blackouts, failure of utility services, theft of valuable information, sensitive data like medical records, credit card information, data important for country national security etc. It is not an exaggeration to say that cyber threats may affect the functioning of life, as we know it.Most common type of Cyber-Attacks that gained prominence include targeted Phishing, Ransomware, Denial of service, Social Stigma, Trojans, Malware on Mobile devices.· Cybercrime costs the global economy about1 trillion. It is more than one percent of the global GDP.· The average cost of a data breach in 2020 was a whopping $3.86 million.· A data breach compromising 1-10 million records cost $50 million on average, whereas one compromising 50 million records can cost as much as $392 million.O(Data Source: Parachute, 2021 Cyber Attack Statistics, Data, and Trends)
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