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THE THREAT eSentire is aware of widespread exploitation attempts targeting the recently disclosed ownCloud vulnerability CVE-2023-49103. CVE-2023-49103 (CVSS: 10) is tracked as a disclosure of… READ NOW
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Waterloo, ON and GITEX GLOBAL 2023, Dubai, UAE – October 18, 2023 – eSentire, Inc., the Authority in Managed Detection and Response (MDR), today announced that Inspira Enterprise Inc, (Inspira), a… READ NOW
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Although security leaders are facing growing pressures to keep their organizations ahead of disruption, they are also grappling with significant challenges – the constant expansion of the cyber threat landscape, the cost of data breaches being at an all-time high, and cybersecurity expertise becoming even harder to find. While it’s clear that there’s no end to cyber risk, it is possible for your organization to actively improve cyber resilience by adopting proactive security measures like 24/7 threat detection, investigation, and response capabilities.
This article highlights some of the key takeaways from the 2023 Cybersecurity Ventures Cybercrime Report and discusses how organizations can defend against modern cyber threats by adopting a risk-based approach.
Cybersecurity Ventures is a prominent industry research and media organization recognized for its authoritative insights and contributions to cybersecurity. Cybersecurity Ventures conducts comprehensive research on global cyber threats, emerging trends, and market dynamics, providing valuable data-driven analyses.
Through its reports, publications, and industry forecasts, Cybersecurity Ventures equips security professionals and business leaders with essential knowledge to address evolving cyber risks. Cybercrime Magazine publishes Cybersecurity Venture's annual and quarterly reports covering global cybercrime, cybersecurity market forecasts and spending predictions, cybersecurity companies, venture funding, mergers and acquisitions, employment data, and more.
Cybersecurity Ventures provides some of the most cited and trusted research in the infosec industry. All Cybersecurity Ventures reports are based on their ground-up research and writing. When necessary, they synthesize and repurpose research from credible sources, such as analysts, researchers, vendors, industry experts, and other media publishers.
The Cybersecurity Ventures Cybercrime Report is a comprehensive resource that provides detailed insights and analysis into the ever-evolving threat landscape, the global cybercrime trends, and their impact on businesses and organizations across various sectors.
From ransomware attacks and data breaches to insider threats and phishing scams, the Cybersecurity Ventures Cybercrime Report covers various topics to help security leaders understand the evolving nature of cyber threats and make informed decisions when investing in security solutions.
In addition, the Cybersecurity Ventures Cybercrime Report aims to shift the executive-level conversation about cyber risk. The publication recognizes that there is no end to cyber risk and continuously emphasizes the need to prioritize cyber resilience and build a strong security posture that allows businesses to anticipate, withstand, and recover from cyberattacks.
The 2023 Cybersecurity Ventures Cybercrime Report predicts a rapid increase in damage costs associated with cybercrime. By 2025, cybercrime is projected to cost $10.5 trillion in damages – a substantial leap from the $3 trillion recorded in 2015. These damages represent the cost of data breaches, stolen funds, intellectual property theft, operational disruption, and post-attack recovery.
A breakdown of global cybercrime damage costs predicted by Cybersecurity Ventures in 2023
Cybersecurity Ventures attributes this growth to several factors, including increased nation-state-sponsored and organized crime activities, the rapid expansion of the attack surface, and a deepening reliance on digital infrastructure across industries. The report emphasizes the importance of implementing a risk-based approach to avoid business disruption.
One of the key highlights in the 2023 Cybersecurity Ventures Cybercrime Report is the increase in the volume and sophistication of ransomware attacks. The annual cost of ransomware attacks is projected to rise, reaching $265 billion by 2031. The rise of ransomware is attributed to the continuous evolution of ransomware tactics, the proliferation of nation-state ransomware gangs, and the continuous refinement of extortion strategies.
In recent years, national cybersecurity authorities reclassified ransomware as a top security threat that requires a comprehensive approach to combat. The destructive potential of ransomware is also recognized at the board level of most organizations – according to the 2023 Cybersecurity Ventures Cybercrime Report, cybersecurity and business leaders regard ransomware as one of their top cybersecurity concerns. The persistence of ransomware attacks underscores the critical need for robust cybersecurity measures and a strategic shift towards risk-based approaches.
“Ransomware is continually evolving, and it’s really hard to keep track of all the different strains. While each ransomware variant has different ways of spreading, all ransomware variants rely on similar social engineering tactics to deceive users and hold their data hostage”
- John Moretti, Principal Solutions Architect at eSentire
Cyber threats impact organizations across all industries. Critical infrastructure organizations face an increased risk of disruption from sophisticated cyber threats, from state-backed ransomware groups to supply chain vulnerabilities and new threats stemming from the ongoing geopolitical tensions. However, the expanding threat landscape impacts private-sector organizations. According to Verizon’s 2023 Data Breach Report, the majority of attacks targeted public administrators as well as organizations in the IT sector, finance, manufacturing, and professional services.
Ongoing geopolitical tensions are one of the primary drivers behind the increased focus of business leaders on building an effective cyber risk management strategy. According to the World Economic Forum’s 2023 Global Security Outlook report cited by Cybersecurity Ventures, 74 percent of organizations revealed that global geopolitical instability influenced their cyber strategy.
“For many companies, the threat in cyberspace is still higher than ever. The conflict in Ukraine and wider geopolitical tensions are reshaping the cyber risk landscape, heightening the risk of a large-scale cyberattack.”
- Scott Sayce, Global Head of Cyber at AGCS & Group Head of the Cyber Center of Competence
To ensure business continuity and avoid reputational damage from sophisticated cyber threats, organizations need to be able to anticipate, withstand and recover from cyber threats. By shifting their mindset from reactive to proactive cybersecurity, investing in 24/7 threat hunting, detection, and response capabilities, and continuous protection of networks and proprietary supply chain data, organizations can build a resilient security operation and minimize disruption.
According to the Cybersecurity Ventures report, the number of unfilled cybersecurity jobs worldwide grew 350 percent between 2013 and 2021, from 1 million to 3.5 million. More than 750,000 cybersecurity professionals are needed in the United States alone, creating a substantial supply-demand imbalance.
As threats continue to grow in sophistication, an increasing number of cybersecurity jobs require industry certifications, like the Certified Information Systems Security Professional (CISSP). However, not all job seekers can demonstrate the necessary certifications. As a result, many businesses are struggling to find qualified candidates.
The cybersecurity talent shortage is a global problem, affecting businesses of all sizes and industries. This talent crunch extends beyond recruitment challenges, with retention proving to be equally demanding, as cybersecurity professionals struggle with burnout and frequently change roles in the highly competitive job market.
This talent crunch can be daunting for security leaders struggling with retaining their staff amidst decreasing budgets and growing responsibilities. Organizations looking to access top cybersecurity talent without investing in recruitment, training, and salaries of in-house security teams may choose to outsource MDR capabilities to an external provider, who will conduct 24/7 threat detection, investigation and response, acting as an extension of your team.
As cyber threats continue to rise, security leaders are tasked with taking on more responsibility to protect their organizations. The Cybersecurity Ventures Cybercrime Report shows that businesses face an increased risk of cyberattacks resulting in downtime and revenue disruption, loss of reputation and customer trust, legal fines, and more.
Here are the top 10 cybersecurity predictions and statistics that help put the growth of cybercrime into perspective and emphasize the importance of building cyber resilience:
Download the Cybersecurity Ventures Cybercrime report to learn more about how cybercrime is expected to evolve and why your organization should adopt a risk-based approach to your cybersecurity strategy for more proactive defense against modern cyber threats.
Our MDR service combines cutting-edge Extended Detection and Response (XDR) technology, multi-signal threat intelligence and 24/7 Elite Threat Hunters to help you build a world-class security operation today. Our threat protection is unparalleled in the industry - we see and stop cyberattacks other cybersecurity providers and technologies miss, delivering the most complete response and protection.