In the light of the latest high profile cyber-attack on critical US infrastructure company, Colonial Pipeline, at the weekend and following recent news that three quarters of finance firms have reported a rise in cyber-attacks, Rahul Bhushan, co-founder of Rize ETF, creators of the Rize Cybersecurity and Data Privacy ETF comments:
“Attacks such as the one on Colonial are all too commonplace today. Hardly a day goes by that we don’t hear about the latest cyber-attack. In the midst of the digital revolution, cybercriminals are hiding out in our digital backyards.
It seems that no-one, whether individual, corporate or government are safe from attacks. Already this year, we’ve seen attacks on Microsoft, Acer, Channel Nine and the Florida water treatment facility. In 2020, 30,000 websites were hacked per day and every 39 seconds there is a new attack somewhere on the web. British banks and insurers have suffered from a rise in cybercrime over the past year, reporting average losses of nearly £600,000.
Cybercrime is no longer an existential threat; it is a real risk. More than that, it is a potential systemic risk. As the latest technology democratises access to nefarious malware and exploit kits, cyber-attacks are expected to become cheaper and easier in the years ahead. At the same time, attacks are expected to become more complex and sophisticated over time. This means that cybercrime is an omnipresent threat; one that is here to stay.
That also means that cybersecurity is here to stay. Research from Gartner finds that current worldwide corporate spending on cybersecurity lies at around $184 billion. This is predicted to grow to around $250 billion by 2023. The forecasts were made before the onset of the coronavirus, which has instigated cybercrime like never before, as ‘work from home’ and ‘work from anywhere’ have become the norm. Therefore, cybersecurity is not just a consideration for today, but represents a long-term theme that can be expected to be continually catalysed by new and evolving threats.”