Financial gain is the biggest motive behind most of the cyber attacks

Cyber attacks are concerning. Especially in an era, when we are getting globally connected with each other, thanks to the power of the internet. With an increasing application of technology in our lives, malicious entities have started misusing its wide approach among masses.

Internet can be considered as one of the most valuable applications of technology. Initially used as a medium of communication, the internet has become a part of our daily lives. It has worldwide reach among the masses and therefore, can significantly affect our lives. Due to its large user base, cyber-attacks have seen a rise since the past decade.

Cyber-attack is an attempt to alter, disable, destroy or gain unauthorized access to the computer networks, its infrastructure or any internet-enabled device. Phishing, ransomware, vishing, SMShing etc. are some of the most popular types of cyber-attacks. Cyber attacks can be so devastating for organizations that can result in the collapse of the entire business. This has been a compelling force for organizations to increase their investment in cyber security by 9% in the year 2019. According to 2019 President’s Budget, the U.S. government plans to increase its expenditure on cybersecurity by 4.1% increase in comparison with 2018 budget.

So, what is the reason behind this constant increase in cyber-attacks?

Financial gains: One of the biggest reasons for the popularity of cyber-attacks is financial gains. It is estimated that by the year 2021, the global cost of cyber crimes will reach $6 trillion. This market has been expanding so fast that on an average, cyber-attackers are earning $1.5 trillion in profit annually. Attack vectors such as Ransomware is solely deployed for the purpose of earning money in the form of ransom. In recent times, Riviera Beach and Lake City, two cities in Florida, were forced to pay ransom worth $1.1 million in bitcoins.

Harming reputation: A successful cyber-attack can put enormous power in wrong hands. Attackers can misuse the power within the system for damaging the reputation of the organization. Once there is a breach in customers’ faith in organization, it does not take long before the organization starts losing its customer base.

Loss of sensitive and confidential data: Once the attacker enters within the system, he can easily access the information that is sensitive to the interest of the organization. This acquired data can be either sold to a rival organization or it can be even destroyed.

With security attack simulator and awareness tools like ThreatCop, organizations can create awareness among its employees against different types of cyber attacks including Phishing, Vishing, SMShing, Ransomware, cyber scams etc. With its four-step cycle, employees are first introduced with a dummy attack vector that is based on an actual cyber-attack. Once the employee responds to this attack, he is scored and then imparted with learning modules that are based on the dummy attack. This knowledge is further tested with assessments and finally, in the fourth step, employee is tested with another dummy attack. This entire cycle helps in boosting employee’s immunity against cyber-attacks.

With an ever-increasing use of the internet and its misuse, it becomes necessary for organizations to employ cyber security measures that can help in strengthening the human line of defence and thus defend itself against any probable cyber attacks. Financial gain is the biggest motive behind most of the cyber attacks