{"id":1556,"date":"2016-10-18T06:18:35","date_gmt":"2016-10-18T12:18:35","guid":{"rendered":"https:\/\/cigniti.com\/blog\/?p=1556"},"modified":"2023-12-06T17:55:07","modified_gmt":"2023-12-06T12:25:07","slug":"afraid-of-the-possibility-of-an-imminent-cyber-attack-security-testing-is-key","status":"publish","type":"post","link":"https:\/\/www.cigniti.com\/blog\/afraid-of-the-possibility-of-an-imminent-cyber-attack-security-testing-is-key\/","title":{"rendered":"Afraid of the Possibility of Imminent Cyber-attack? Security Testing is Key!"},"content":{"rendered":"

Cybersecurity Ventures expects global cybercrime costs to grow by 15 percent per year over the next five years, reaching $10.5 trillion USD annually by 2025<\/p>\n

Cybersecurity is quickly becoming more of a business expense than a technical issue. To tackle the imminent threat, it\u2019s imperative for businesses to ensure that the right resources are on the job and that the right tools are in place. Often, a security breach cannot be altogether avoided; however, it is imperative that the issue is dealt with by taking immediate action. In the event of a delay, the reputation of the organization is severely impacted, that too, for a long time to come.<\/p>\n

Many large corporations in the United Kingdom are not taking enough precautions in order to avoid or immediately deal with an imminent cyberattack.\u00a0Statistics<\/a>\u00a0show that over the past year, over half the UK businesses have been victimized by a cyber-attack. The good news is that many of these businesses admitted to being certain about returning to business quickly after such an attack.<\/p>\n

Recent\u00a0reports<\/a>\u00a0suggest that banks in Britain are avoiding reporting the true magnitude of imminent cyber-attack cases. Although they deal with the imminent threat on a legal level, for the most part, to avoid penalty and embarrassment, the banks often do not reveal the whole picture. Instead, they opt for damage control and continue functioning without batting an eyelid. The banks go as far as to conceal severe cyber security breaches for fear of public reaction.<\/p>\n

CYBER-ATTACKS<\/h2>\n

Imminent cyber-attack on a product or service often refer to data compromise and make consumers vulnerable to fraud by exposing their details. Because the most benefit that can be derived from a fraud is monetary in nature, several E-commerce organizations and banking institutions remain prime targets.<\/p>\n

Distributed Denial of Service (DDoS) attacks continue to target E-commerce organizations. In particular, the attacks attempt to stall website operations through server crashes and application layer attacks. While server-down issues can be quickly resolved, application-layer attacks are harder to detect. This is because they focus on one internal part of a website, eventually leading to an application crash.<\/p>\n

According to an internet retailer\u00a0report<\/a>, about 40.0% of the entire SQL injection attacks throughout that period specifically targeted retail websites. In an SQL injection, hackers supplement bits of malicious code into a particular data entry field. For example, one that requests a customer\u2019s address. If a database is not appropriately configured, there is imminent threat of malicious code transmit into the database’s contents to the attacker. In general, offenders on cyberspace have turned out to be more active as the years pass by.<\/p>\n

As digital technology takes over most businesses, consumer data remains key to formulating and executing many business strategies. Apart from banking institutes and E-Commerce organizations, many other businesses are also increasingly aware of the need to have a robust imminent cybersecuritysecurity threats testing system in place.<\/p>\n

Along with the frequency, the sophistication of the cyber-attacks is also on the rise; and the expertise and expense involved in curtailing the attacks is burning holes in company pockets.\u00a0Reports<\/a>\u00a0suggest that the number of records exposed in data breaches rose to a whopping 97% in the last year. Medical data and business information dealing with intellectual property were theorized to be the prime targets.<\/p>\n

\"data<\/p>\n

Even though necessary precautions are taken, businesses can never hope for absolute cyber security. The following graph gives an insight regarding the average cost of a data breach, for the United States, as well as at a global level. The trend shows that the cost is steadily increasing, as 2015 tops the chart with a monstrous $6.53 Million.<\/p>\n

[Tweet \u201cAccording to @IBM\u2019s study on cost of #databreach, The average cost of a #databreach grew from $4.35M IN 2022 to $4.45M in 2023. #Cybersecurity\u201d]<\/p>\n

Cyber insurance plans are expected to double over the next four years, as demand for them steadily rises. Cyber insurance plans cover a range of costs and revenue lost from downtime and notify customers affected by a data breach, providing identity theft protection for the affected customers.<\/p>\n

The following list highlights some of the biggest cyber-attacks over the past three years:<\/h2>\n