Trend Micro Incorporated, a global cybersecurity solutions company, launched its Semiannual Security Roundup: The Cost of Security Failure, detailing the threats in the first half of 2017, which continue to hinder and challenge IT planning. Companies are increasingly facing ransomware, Business Email Compromise (BEC) fraud and Internet of Things (IoT) attacks, and now they are also dealing with the threat of cyber advertising.
Trend Micro detected more than 82 million ransomware threats in the first half, along with more than 3,000 attempts at BEC (graphs below), reinforcing the need for security prioritization. Despite the increasing percentage of security spending in IT budgets, a recent Forrester analysis report noted that funds are not properly allocated to address the growing threats facing companies today.
Corporate positions whose emails are most copied for BEC attacks
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"Companies need to prioritize funds for advanced effective security, as the cost of a breach is often greater than a company's budget can afford," said Max Cheng, chief information officer at Trend Micro. “Major cyber attacks against companies around the world have been hugely prominent this year and this trend is likely to continue until the end of 2017. It is a fundamental part of organizations' continued success to stop thinking of digital security as just protecting information, but rather as an investment in the company's future ”.
In April and June, the WannaCry and Petya ransomware attacks disrupted thousands of companies in various industries around the world. The overall damage from the attack, including the resulting reduction in productivity and damage control costs, could reach US$ 4 billion. In addition, BEC frauds increased the total global loss to US$ 5.3 billion during the first half of 2017, according to the Federal Bureau of Investigation (FBI).
As predicted, from January to June there was an increase in IoT attacks and the spread of cyberpropaganda. In collaboration with Politecnico di Milano (POLIMI), Trend Micro showed that it is possible to compromise industrial robots, which could result in huge financial damage and reduced productivity, proving that smart factories cannot afford not to protect these connected devices. There was also an increase in the exploitation of social media with the increase of cyberpropaganda.
With the tools available in the clandestine markets, the spread of False News, or negative publicity, will generate serious financial ramifications for companies whose reputation and assets are harmed by cyberpropaganda.
XGen Trend Micro Security provides proactive protection and guidance for companies that increasingly face these growing threats with an intergenerational approach to defend against threats. The threats that have manifested themselves over the first half of 2017 are only a fraction of what is likely to come. Cybercriminals are getting smarter with their attacks on a daily basis and companies must be prepared with appropriate budgets and solutions.
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