costs nearly double to $7 billion since covid-19.
by the center for accounting transformation
according to data from the federal bureau of investigation, the total cost of cybercrime from 2019 to 2021, skyrocketed from $3.5 billion to $6.9 billion, essentially doubling since covid-19.
that includes international businesses.
mitchell scherr, ceo, assured cyber protection, mentioned to techradar.com that “march saw a staggering 400% global increase in cyberattacks.” additionally, an august 2020 report from interpol stated “in one four-month period (january to april), some 907,000 spam messages, 737 incidents related to malware and 48,000 malicious urls – all related to covid-19- were detected by one of interpol’s private sector partners.” parachute, an it company, estimates cybercrime cost the global economy about $1 trillion last year.
while that may seem staggering, experts say it makes sense, given that most businesses shifted to hybrid or remote to survive. however, with smaller companies less likely to invest heavily in cybersecurity, they are most vulnerable to hackers.
in a 2021 forbes interview, fred voccola, ceo of kaseya, an it software management company, warned, “comprehensive and frequent cybersecurity training can no longer be considered a ‘nice-to-have’ for businesses—it’s now absolutely crucial for organizations that are facing an ever-evolving array of cybersecurity threats in the current work-from-home environment. in addition to training employees to spot phishing emails, organizations really need to invest in a robust, integrated suite of cybersecurity solutions that prevent, detect, and mitigate ransomware and other cybersecurity threats.”
these increased threats and the need to push businesses to digital transformation lead one organization to develop the soho (small office/home office) protection package.
“most business owners are not sure who to go to, who to trust, or what to buy when it comes to cybersecurity,” said alisa nishimoto, pmp, director of client services for the center for accounting transformation. “at the center, we’re focused on helping small and medium-sized businesses with digital transformation, and that includes cybersecurity. however, for accountants, it’s even more critical because they must comply with irs guidelines or risk sanctions or, worse, compromised client records and firm reputation.”
to help accountants understand cybersecurity threats, the center is offering a free webinar, “understanding your cybersecurity tech options: how non-techies can mitigate their malware risks.” during the program, viewers will:
- identify cybersecurity risk areas and associated business impacts.
- classify controls as below basic, basic, better, or best in mitigating cybersecurity risks.
- determine residual cybersecurity risks.
“the right cyber protection isn’t just one thing,” nishimoto said. “it’s finding the best option for each company’s needs that is the perfect mix of technology, policy, and strategy.
“and, because we’re small ourselves, we know we can help others find their perfect mix, too.”