In a digital age, cybercrime has rapidly become the fastest-growing kind of criminal activity. It is worrying for officials since it is also set to cost businesses almost $5.2 Trillion across the globe in 5 Years, as reported by Accenture. With approximately 43% of online attacks are aimed at small businesses, only 14% are prepared to guard themselves, and the owners increasingly need to begin making high-tech security as a top priority. Jesse Rothstein—CTO of ExtraHop (online security provider)—said, “The latest IT infrastructures are extremely sophisticated and complex than ever, and the quantity of virtual ground that we should safeguard has also increased exponentially. The cybercriminals can initiate thousands of digital attacks on mobile to desktop interactions, and only one of which needs to connect to lead to severe disruption.”
As an outcome, he stated, it is ensured that nearly every contemporary organization’s high-tech borders will eventually be breached. In this case, for small business owners, it is no more a matter of considering if security dangers will arise, but when it would arise. The repercussions of cyberattacks persist to increase, with digital incidents now impacting small businesses and costing $200,000 on average, as stated by insurance carrier Hiscox, and 60% of them are going out of business in just 6 months of being victimized.
Speaking of cyberattacks, recently a Huawei executive revealed that almost 1 Million cyberattacks are done every day. China’s Huawei is being attacked more, stated a company official. John Suffolk—Senior VP and the GSPO (Global Cyber Security & Privacy Officer) at Huawei—said the tech giant undergoes almost a million cyberattacks every day on its networks and computers. As stated in the Japanese press, Suffolk hinted such attacks are aimed at IP-theft, as Huawei leads the world for 5G system innovation and files extra patents than any other firm across the world.