Recent BusinessWorld Insights looks through best practices for safeguarding businesses in the digital space
By Mhicole A. Moral, Special Features and Content Writer
As organizations increasingly rely on digital infrastructure, the threat landscape continues to expand, demanding proactive and adaptive strategies to safeguard sensitive data and critical systems.
According to a report published by IT Governance, a total of 35,900,145,035 known records have been breached in 9,478 publicly disclosed incidents worldwide as of May 2024. Another report by the International Monetary Fund (IMF) found that the risk of extreme losses from cyber incidents has more than quadrupled since 2017, reaching $2.5 billion. These incidents can undermine trust in the financial system, disrupt critical services, and cause spillover effects to other institutions, posing serious concerns for financial stability.
Ransomware attacks, for instance, have doubled each year since 2019, according to McKinsey & Company. During the early months of the COVID-19 pandemic, ransomware attacks spiked by 148%, while phishing incidents increased by 510%.
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