As digitization started taking root in the business world, more and more businesses became susceptible to the risks of cybersecurity attacks. As of 2021, the global damages inflicted due to cybercrime amount to USD 6 trillion, this is expected to grow further and reach USD 10.5 trillion by 2025.
Cybercrime includes hacking, phishing, malware, ransomware, and such digital attacks. According to Verizon, 45% of breaches featured hacking, 17% involved malware and 22% involved phishing. The year 2017 saw an unprecedented rise in cybercrime, with a 27% increase in attacks globally. In 2020, the number of breaches increased to a staggering 36 billion, so the year went on to be recognized as the “worst year on the record.”
Federations and public sectors face maximum breaches followed by health organizations and financial industries. So, it is safe to imagine that a portion of people’s important, confidential data is already a part of the dark web. The dark web is the hidden part of the internet and is estimated to be 5000 times bigger than the internet we operate. All malicious activities related to cybercrime happen on the dark web.
Most organizations admit that their vulnerability to cybercrime is increasing. Also, studies reveal that employees are incompetent in distinguishing phishing mails from ordinary mails. This is a huge downside for all businesses because each employee can become a potential source for a breach with a simple phishing mail.
Also, the most expensive component of a cyber attack is information loss, which represents 43% of costs. It is no surprise why information is stolen more than some other monetary asset, today, information is the biggest asset. So, all the stakeholders in the corporate society must make a positive effort towards safeguarding the treasure of this modern era.
In today’s world, where we’re connected more than ever before, our chances of becoming a victim of cybercrime are more apparent. Businesses suffer a wider volume of risks than individuals, so it would be a proactive step for them to counter these attacks before they happen. How is that possible? Read on to find out.
‘It takes one to find one’
A cyberattack can come from anywhere, it doesn’t require heavy machinery and ammunition, similarly, a hacker is difficult to identify. The only other person who can trace the red line followed by a malicious attack is a hacker himself who knows all the secrets of the trade. There are three categories of hackers – black hats, white hats, and grey hats.
As the colors imply, black ones are the bad guys who steal information and sell them on the dark web. They make serious business out of hacking and go after lucrative targets. Whites are the good guys, like ethical hackers. They tarnish the plans of black hats by safeguarding systems. Grey hats are in-between, they are mostly benevolent but don’t mind dirtying their hands for personal profits.
Since the world of the deep web and dark web is still unfamiliar for most professionals, even computer specialists, it is only natural that we exploit the best chance we have at countering these attacks, i.e., employing the white hats or ethical hackers.
So why should your business hire an ethical hacker?
If all the statistics in the intro still didn’t answer this question for you, let us endeavor to hit the right buttons as we approach it.
- To equip your business with digital systems that are built to ward off hackers’ access and safeguard information.
- To help train your workforce in recognizing a cyberattack; thereby enabling them to avoid phishing emails and improving security from inside the organization.
- To ensure your security systems are up to date by assessing and testing them using real-time simulations of potential attacks
- To enhance customer & partnership trust in your business by securing sensitive information during business transactions
- To help detect weak spots in your networks and systems which are vulnerable and re-engineer them to be resistant to attacks.
Like this, ethical hackers can be trusted to improve business functions and overall success. Their testing skills are second to none and their ingenuity is much needed in these times.
The term ‘ethical hacker’ was once thought to be an oxymoron. With cloud computing becoming a serious advancement, the entire data on the planet is at the mercy of cyberattacks. As digitization progresses, cybercrime will become more prevalent. As Jay Bavisi, President and Co-Founder of the EC Council, correctly stated, “We need Ethical Hackers more today than ever before.”