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Global rise in Cybercrime. A catalyst for market-wide Cybersecurity regulations?

With the world bracing for a period of significant technological advancement easing the struggles of everyday life, many look towards taking advantage of imperfect products for personal gain and profit. Whilst such may initially be met with a limited reaction, its importance is sparked by the potential damage that one can cause. This specifically relates to so-called cybercriminals who attempt to utilize weak spots to gain access to sensitive information. Whether such relates to company information or personal data, unauthorized extraction of sensitive information is a criminal offense, potentially affecting the victim’s wellbeing or business’s ability to maintain competitiveness.

Cybercrime does, however, further include other activities such as cyber extortion. This approach forces victims to pay-up ‘ransoms’ to assure future safety, which isn’t guaranteed. One would think that the global rise in cybercrime, which is set to accumulate damages worth up to $10.5 trillion by 2025 (globally), would see the worldwide mobilization aimed at enhancing cyber resilience. Whilst many organizations have rightly bolstered their security, most continue to adopt naïve approaches to real threats. With studies suggesting that only 41% of organizations plan to invest in various types of cyber security this year, the global level of cyber resilience is far from optimal.

Government Involvement

Records show that certain industries have suffered more significantly than others. Organizations whose operations require the handling of sensitive information, such as healthcare or finance, have been subject to more frequent attacks. Such data is deemed to be the most valuable, allowing perpetrators to profit from sales made on the black market. Due to the confidentiality of such data, the involvement of national governments on the issue has become apparent.

Many of those have already introduced several measures aimed at improving cyber threat prevention throughout the business, however, the extent to which such are legally imposed is often limited to businesses providing essential services, such as healthcare or energy.

Let’s take the UK as an example. The beginning of 2022 has seen the UK government introduce its first-ever cyber security strategy aiming to educate its population on the importance of cyber security, as well as to aid the existing NIS regulations which enforce a certain level of security to be in place for essential digital service providers. The strategy was introduced alongside the release of revenues generated by cyber security firms. This indicated a 14% growth when compared to 2021 figures, suggesting that cyber security is in demand. The strategy has been met with positivity and support by the majority of parties involved.

Market-wide Regulations, a realistic possibility?

The continued damages caused by cybercrime raise the question of whether legally binding regulations should affect all businesses, regardless of their area of expertise. This has already been deemed a topic considered by the US federal government, and one which has triggered a heated debate involving cyber security firms.

The US government calls for the unification of resources owned by itself and cyber security firms, to tackle and eliminate evolving threats by developing market-wide regulations. This has been proposed due to wide-scale regulatory being “too big” of a job for the government itself. The call has been met with criticism from cyber security industry leaders, who blame the US government for not doing as much as they can. Further concerns are related to the exposure of confidential information to the governing bodies, potentially impacting competitive advantages held by private enterprises.

A solution that ticks all your boxes

The stalemate formed by differing views amongst key decision-makers and further delays, potentially makes it impossible for us to see the introduction of such regulations in the near future. For this reason, and the continued presence of the cyber-pandemic, unregulated industries should protect their futures through individual cyber strategy developments.

Whilst talks outweigh actions, enterprises linked to the Cyber Security market have continued to innovate new products and services providing the level of cyber security required in today’s day and age. Network Critical is a prime example of an organization striving to alter the perception of un-informed businesses through the development of industry-leading networking hardware and zero-trust technology. Many blame the lack of resilience and security on time and budget constraints. This alongside a wrongful mentality based around the idea of a cyber-attack affecting their network being far from possible, drastically reduces their overall ability to withstand an attack.

Network Critical’s zero-trust solution, INVIKTUS, eliminates all constraints businesses may face when attempting to adopt cyber security measures. INVIKTUS utilizes zero-trust technology which eliminates all possible routes inside the network to unauthorized users. In other words, the perpetrator cannot hack what he cannot see. Further to this, the system provides lock & leave functionality meaning that it requires minimum maintenance and continuous background running, all whilst significantly beating its competition on pricing.

To find out more on how to optimize your network’s visibility and security, contact Network Critical’s expert team at .





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