This likely doesn’t come as a surprise. In 2021, a number of major brands fell victim to ransomware, and 2022 was a record year for cyberattacks and breaches. The fact is, it doesn't matter if you're in the public or private sector; in 2023, I believe that, in addition to ransomware and breaches, the world could witness another evolution of cybercrime-as-a-service where cyber mercenaries are hired to carry out sophisticated attacks and breaches on behalf of rogue nations, "hacktivists" and criminal-minded networks.
Let's explore six important cybersecurity considerations against the backdrop of an expected recession. Despite expected economic headwinds, organizations cannot afford to allow cyber risk and associated cyber investments to slow down. Focusing on solutions to these six challenges can help leaders ensure they're positioned for recession resilience.
Viewed as a criminal “industry,” cybercrime is now expected to amount to 1-2% of the global GDP, or $1-2 trillion—and that number is expected to grow with each passing year. Intellectual property theft has also become part of the cybercrime ecosystem; Mark Warner, head of the U.S. Select Committee on Intelligence, has said that the United States alone loses $600 billion annually in IP theft.