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Increasing Cyberattacks Reiterate the Significance of Cybersecurity

  • In March 2022, Toyota Motor Corp. was attacked by ransomware, and previously, its supplier, Kojima Press Industry Co, was attacked by cyber criminals, which compelled Toyota’s factories in Japan to halt operations

  • Several companies in the US, the UK, China, Israel, and Canada are investing significant resources in cybersecurity. In 2021, the total number of cybersecurity deals in the US was 704, which showed an increase of 7% over to that in the previous year

  • On April 5th, 2022, London Stock Exchange Group Plc agreed to acquire Global Data Consortium Inc, a US-based provider of high-quality identity verification data to support clients with know your customer (KYC) requirements

Increasing Cyberattacks Reiterate the Significance of Cybersecurity

Published: April 2022
Source: GlobalData

Recently, Toyota Motor Corp. was attacked by ransomware; however, the carmaker was able to handle it without any disruption to its operation. Previously, Toyota’s supplier, Kojima Press Industry Co, was attacked by cyber criminals which resulted in halting of Toyota’s factories in Japan. Samsung Electronics was attacked by a hacker group claiming to obtain confidential data. Similarly, Nordex Design, a German wind turbine maker, was forced to halt its operation following cyberattack on its IT systems.

There is an upsurge in cyber-attacks following an increase in work from home due to the pandemic, which makes the systems more vulnerable to malware, and the promotion of digitalization by governments around the world is resulting in a large number of people entering the digital world without being aware of malware, phishing, etc.

What is Cybersecurity?

Cybersecurity is the practice of protecting systems, networks, programs, devices, and data from digital attacks. Strong cybersecurity has multiple layers of protection to defend from digital attacks such as data theft, money extortion from users and organizations, or damaging business operations. The multiple layers of protection include infrastructure security for protecting computer systems, network security to protect wired and wireless connections, cloud security to protect data on the cloud, and information security to protect sensitive data from unauthorized access.

Types of cyber-attacks

Malware: It is malicious software designed to harm computers or networks. Ransomware, Fileless Malware, Spyware, Adware, Trojans, etc. are some types of malware. It can collect user data without their knowledge, can show unwanted advertisements, can make changes to the files, can ask organizations for money, etc.

Phishing: It is a fraudulent activity in which cybercriminals send emails or text messages which appear to be authentic but carry malicious software or ask the user to part with sensitive data.

Distributed denial-of-service (DDoS) attack: It is an attempt to disrupt the normal traffic of a targeted server by flooding it with Internet traffic.

Recent deals related to Cybersecurity

Cyber-attacks prove expensive to a lot to organizations; according to Ponemon Institute, the average cost of a data breach was $3.86 million globally in 2020. This cost includes finding the malware, solving the issue, cost of downtime, lost revenue, and reputational damage. 

Several companies in the US, the UK, China, Israel, and Canada are investing significantly in cybersecurity. In 2021, the total number of cybersecurity deals in the US stood at 704, which showed an increase of 7% over that in the previous year. The UK reported a total of 105 deals related to cybersecurity in 2021. The increase in cyber-attacks prompted several deals between companies related to cybersecurity, following measures by companies that intend to reduce their cost and maintain trust reposed in them by consumers.

On April 5, 2022, London Stock Exchange Group Plc, a UK-based financial company, agreed to acquire Global Data Consortium Inc, a US-based provider of high-quality identity verification data to support clients with know your customer (KYC) requirements.

On April 4, 2022, Two Six Technologies, a company providing cybersecurity and advanced technology solutions to national security customers, acquired River Loop Security LLC, a provider of technical expertise in the fields of cybersecurity and embedded systems.

On April 1, 2022, Converge Technology Solutions Corp, a Canada-based software-enabled IT and Cloud Solution provider, acquired Creative Breakthroughs, Inc (CBI), a US-based provider of cybersecurity solutions.

 



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