The Rising Cost and Occurrence of Cybercrimes in the U.S

When it comes to technology, U.S has pretty much left the whole world behind it. The use of latest technology has improved the quality of living of its people up to a great extent, but it has also increased several problems, one being cybercrimes. Due to the excessive use of the internet, especially in the business sector, the country is a direct target for hackers, spies, and other cyber criminals. Let’s have a deeper look at the problem in order to find out a reliable solution.

Cyberattacks Are on the Rise

The Ponemon Institute conducted a survey to analyze the level of occurrence and cost of cyberattacks that took place in the US during 2015. The survey revealed some disturbing facts. According to it, there has been a 3 percent increase in cyberattacks in recent time. Furthermore, roughly 160 cases of cyberattacks take place every week. Among 58 U.S organizations, every business entity was a victim of a virus, Trojan, malware, hacking, etc.

Business Cost is Increasing Rapidly

The US is also called the land of opportunity as thousands of people come to this country every year in pursuit of a good job and higher quality of living, but this is just one side of the picture. Things have changed lately, mainly because of the serious cybersecurity issues. On one hand, we are starting to rely heavily on the internet and web-connected technologies, whereas on the other hand, the cybercrimes are slowly weakening the roots of the country’s economy by increasing the business costs. Every single cyberattack results in a data theft and leakage of business secrets, which can cost companies millions of dollars. Not only this, the business organizations have to invest more money to reinforce cyber security by adding extra layers of security on their networks and devices. According to the survey results, companies lose roughly $15.4 million as a result of cyberattacks every year. Some of the surveyed companies lost as much as $65 million in the year 2015. Losing such a huge amount of money definitely affects the performance of these companies, not only in the short run, but also in the long run.

It’s Time to Take Action

It is the right time for the business organizations to join hands with the government authorities to fight against cybercrimes. Entrepreneurs and business professionals should also look for new ways to protect their digital data from cyberattacks. There is also a need to review the government policies against cybercrimes so that the punishment of perpetrators discourages potential existing and potential cybercriminals from violating the law.