The FBI recently reported that in 2019, cybercrime cost businesses $3.5 billion, a number they say is likely grossly underestimated. Another study from Accenture that spanned 11 countries across 16 industries found that the complexity of attacks is also increasing. As a result, the average cost of cybercrime for an organization grew from $1.4 million to $13.0 million. The stark reality is that as threat actors advance their techniques, our traditional and conservative methods of defense are no longer as effective as they once were.
Digital fraud and theft are forms of cybercrime that involve creative attack tactics and deception, often for financial or personal gain, to steal valuable assets from an entity. Digital fraud can be targeted at a variety of groups and industries. To an individual consumer, digital fraud is often realized in the form of identity theft where attackers use their information to open new credit card accounts, file fraudulent tax returns, and more.
At the end of 2019, Security Intelligence released a report on trends that should influence your security planning for 2020. Near the top of the list was the need for visibility, alignment, and analytics when it comes to cybersecurity. Leaders are coming to terms with the idea that being able to see, understand, and have reliable records of what users are doing with their corporate assets can provide valuable insights when trying to reduce cybersecurity risks within your organization.