24 Jul Cybercrime Surges. Humans Are Still The Weakest Link.
This week in cybersecurity from the editors at Cybercrime Magazine
–Read the Full Story in The CEO Magazine
Sausalito, Calif. – Jul. 24, 2024
Cybercrime expert Foo Siang-tse is under no illusions as to the size of the challenge ahead for global businesses as the crypto-jackers, phishers and malware trojans refine their art and mount ever more brutal attacks to steal data, gain intelligence or paralyze entire networks.
“The threats are only moving in one direction,” Foo tells The CEO Magazine from the Singapore office of Southeast Asia’s leading IT services provider NCS, where he heads up the Asia–Pacific cybersecurity division.
“They’re getting more sophisticated and more dangerous. The criminals are no different from what you see on The Godfather — they’re extremely well organized and very commercially driven.”
So driven, in fact, that cybercrime will cost the world $10.5 trillion USD a year by 2025, according to Cybersecurity Ventures. That’s $333,000 per second — triple its value in 2015 — and greater than the gross domestic products of Germany, Japan, India and the United Kingdom.
“Humans are still the weakest link. The biggest root cause of most cyberattacks is still an employee clicking on a nefarious link that a firewall has failed to spot. That’s why we always bring the entire organization on the cyber hygiene journey with us and give them the training they need to understand the protocols and password conventions that will keep them safe,” Foo says.
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