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It seems like every time you turn around, a new main street staple, government organization or healthcare provider is sending out a data breach notification to customers or employees. While cyber crime has been around almost as long as the Internet, recent statistics show that cyber attack frequency and damages are on the rise, as are the costs associated with defending against them.
According to Verizon’s 2015 Data Breach Incident Report, for the largest organizations in the world, cyber security events accounted for $400 million in damages and 700 million compromised records in 2014. Symantec’s Internet Security Threat Report also saw a considerable uptick in the use of social engineering attempts and the use of ransomware; the latter was up 113% in 2014.
Cyber crime and cyber security spending on the rise
While accounts of cyber crime continue to rise, the RAND Group also found that investment in tools and training to combat these issues continues to climb. A report issued by the group earlier this month indicates that cyber security spending will increase 38% by 2025, as a function of investment rather damages from data breaches. That same report indicated that CIOs do not believe the additional investment will be enough to combat the faculties at the disposal of increasingly sophisticated attack behaviors and threats.
Legaltech News recently had an opportunity to speak IBM Executive Security Advisor Diana Kelley about the resources and vectors that cybercriminals are using to gain access to sensitive information, and about how those attackers are further developing their capabilities.