If your business is concerned about cybersecurity and you haven’t heard about crypto-jacking, you’ll need to catch up quickly. You may have heard about ransomware, but crypto-jacking has now become the more popular technique for cyber-criminals to attack and profit off your business. In 2018, occurrences of crypto-jacking increased by 450%. According to a study, Youtube, the Los Angeles Times, and even Showtime have fallen victim to crypto-jacking. Here’s how crypto-jacking can harm your business and what you can do to stop it.
There has been a significant rise in the number of data breaches as well as other forms of cybercrime over the past several years as businesses increasingly conduct their transactions online. This jump has been more marked with the increase in popularity of cloud computing and cloud services. The cloud offers more access points for cyber criminals and other malicious actors to breach private networks. As such, businesses spend lots of time and money devising strategies to secure their network and protect their data.
As humans, we are constantly weighing the odds of particular events happening, more specifically we identify the likelihood of negative events happening to us as lesser than them happening to someone else. This “that won’t happen to me” attitude is the main reason why we so often take a reactive approach to security. For example, your house gets broken into. From a reactive standpoint, you call the police, go out and buy a security camera, change the locks on your doors, etc. The proactive approach would suggest that you do all of this before the break-in occurs so that you've implemented the cameras, get that guard dog, and change the locks before an incident even occurs. For security issues that pertain to your business and its data, a reactive approach won’t cut it, and will often result in prolonged downtime and unexpected data loss. With security breaches on the rise, the important thing to realize is that it is no longer a matter of IF you will be affected, but when.
There has been an exponential increase in the rate of cybercrime over the past several years as enterprises increasingly conduct more of their business activities online. Cybercriminals have developed more sophisticated tools that offer them greater ability to penetrate and compromise the networks of unsuspecting enterprises, with resulting adverse consequences. There are about 130 reported network security breaches yearly. In 2018 alone, the estimated amount of money lost by businesses globally as a result of cybercrime was $600 billion, corresponding to about 0.8 percent of the global GDP.
At one point in time cybersecurity was considered to be an afterthought but is now an essential consideration in the building as well as maintenance of a cyber network. With more business transactions being conducted online, cybercriminals are constantly devising innovative ways to penetrate cyber networks, making away with valuable data and causing severe damage to the impacted business in the process. It is therefore important that businesses utilize every security tool at their disposal to ensure that their networks are kept secure. Using only one type of security tool is no longer sufficient in offering adequate cyber protection.
What is the Dark Web?
The dark web is a part of the internet that isn’t indexed by search engines, like Google or Bing. You can’t access the dark web by using a regular web browser like Chrome, Firefox, or Safari. Instead, the dark web is accessed via special software, like Tor, where users can maintain anonymity (there are no IP addresses) as they surf the dark web and make exchanges.
As people increasingly use the internet for transactions and other daily activities, businesses must take extra measures to ensure the security of the data being exchanged online. Hackers and other malicious actors devote a considerable amount of time as well as resources seeking ways to compromise computer networks in order to access personal data and proprietary information belonging to businesses. This data, once accessed, is used for various sorts of illegal and nefarious activities. In the first half of 2018, there were roughly 4.5 billion data records compromised by malicious attacks.
One of the challenges faced by businesses that conduct activities online is how to keep their computer networks secure from threats. Hackers and other malicious actors constantly look for ways to penetrate computer networks and access personal or proprietary data. This data, once accessed, is used for various sorts of illegal activities, typically at the expense of the business or the individuals whose personal information was compromised.
In response to the increased sophistication and devastating consequences of cyber attacks, businesses have gradually transitioned their cybersecurity strategy away from on-premise security solutions and Managed Security Service Providers (MSSPs) to the Security-as-a-Service (SECaaS) model. With SECaaS, a third-party cloud provider assumes the responsibility for the development and maintenance of a business' cyber-security strategy. In 2015, the worldwide market for SECaaS was at $3.12 billion. This market size is projected to reach $8.52 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 22.2%.
Over the past several years, there has been a shift by businesses from physical or local network security services to cloud-based services. Initially slow, the shift to cloud-based security services, formally known as Security-as-a-Service (SECaaS) has exponentially increased. The reason? Businesses have become more aware of SECaaS benefits, especially when compared to traditional network security strategies. As a result, there has been an increase in market share for SECaaS; formerly at $3.12 billion in 2015, the market share is projected to reach $8.52 billion by 2020.