The modern day cyber threats have become so disruptive in nature that cyber security now figures among the national security issues of countries. While some countries like the USA have taken this issue head-on, others remain equally worried about cyber threats.
According to a recent report by cyber security company SpearTip, the threat of even more frequent and deadly ransomware attacks very much looms in the year 2022 as well. Some attacks are now disrupting large companies, thus impacting millions in the process.
The most notable ransomware attacks in the recent past include the ones on Colonial Pipeline and the world’s largest meat supplier, JBS Foods. Both these attacks remained in headlines due to the sheer scale of disruption they caused to the masses.
It is expected that by the year 2031, ransomware attacks could cost companies to the tune of US $265 Billion annually. This is a mind boggling figure, especially in the backdrop of a constantly tightening legal framework that bans paying ransoms to cyber criminals.
As per the cyber security company SpearTip, third party vendors that support the major supply chain companies will remain a prized target for cyber criminals. By targeting this segment, attackers not only cause mass scale disruption, but also steal information.
The information we are talking about here refers to the sensitive data of millions of retail customers that make day to day purchases from various retail brands. The company also stresses upon consumers to constantly monitor their accounts for abnormal activity.
This whole process of timely reporting suspicious transactions really helps companies in identifying and rectifying cyber security breaches. The cyber security company highlights that as security measures are beefed up, cyber criminals ironically also evolve.
The proactive role of the US federal government in curbing cyber security threats like ransomware goes a long way in mainstreaming this issue. Educational and awareness programs at a mass scale will also go a long way in improving our vigilance levels.
In addition to the government, we must also invest our time and energies in making our web browsing practices safer. Our ability to pinpoint some glaring red flags here and there will in turn go a long way in protecting our personal and sensitive information.