Fintech Fintech Primers

Cybersecurity Timeline and Trends You Should Know before Planning for 2023

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What is Cybersecurity?

Cyber security is the application of technologies, processes, and controls to protect systems, networks, programs, devices and data from cyber attacks. In other words, we can say that is the practice of safeguarding PCs, servers, cell phones, electronic frameworks, organizations, and data security from vindictive assaults. It’s otherwise called electronic data security.

Cybersecurity is the assortment of measures and practices taken to safeguard PCs, organizations, projects, or frameworks from cyberattacks. Such goes after the appearance of malware, refusal of administration, robbery of data, unapproved access, or altering of data sets etc.The 3 major types of digital protection are network security, cloud security, and actual security. It can include network protocols, firewalls, wireless access points, hosts, and servers.

Statistics:

  • In the year 2022, the total damages by the cyberattacks reached to $6 trillion.
  • Cybercrimes shredded $2 trillion for the damages so far.
  • There is a cyberattack every 39 seconds while a ransomware attack occurs every 11 seconds.
  • Cybercrime cost to the companies globally will estimate to around $10.5 trillion yearly by 2025, up from $3 trillion in 2015 which is 15% annual growth.

How Cybersecurity Evolved?

The cybersecurity industry started fifty years ago and has turned into a critical component of online businesses with fintech at the forefront.By the end of 2021, information uncovered that digital assaults had cost the worldwide monetary industry an eye watering US$3trn in misfortunes. As modern programmers keep on invading the business, network safety has turned into a basic piece of fintech as a way to safeguard information, resources, and organizations.

We track the events that built today’s cybersecurity industry. 

  • The 1970s was the era of the beginning of connectivity and viruses whereby The Advanced Research Projects Agency Network (ARPANET) became the first connectivity network developed prior to the internet itself. Engineer Bob Thomas programmed something called “Creeper” that could move between the Tenex terminals on ARPANET. 
  • 1979 dawned the other era for cybersecurity whereby the first hacker was just 16 years old named Kevin Mitnick.The Ark – a massive system that was used for developing operating systems. It was located at the Digital Equipment Corporation – a major American company in the computer industry from the 1960s to the 1990s. He was then jailed over the incident, becoming the first of numerous cyber attackers to be known.
  • In the early 80s Cyber attacks became a thing. With the advent of cyber attacks present, the 80s signaled the start of several issues for PC networks. High-profile attacks took place in this period including AT&T, the Los Alamos National Laboratory, and National CSS. 
  • In 1983, terms like “computer virus” and “Trojan Horse” came up to explain the cyberattacks.
  • In the year 1988 “worms” were created. According to researchers at Cornell University who wanted to determine the size of the global internet for which they built the first worm, which was to move through the network and infect UNIX systems. But an error in the design of the program caused it to infect each machine slowly and steadily. This led to networks that were clogged with data, leading to system crashes. 

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  • By the 90s, the internet became a global cause of concern and the cybersecurity industry bloomed. This decade saw the creation of “Polymorphic virus” risks and the first “antivirus program”. The target was to protect against risks and attacks. As one hackers were growing so the companies faced challenges to enhance security to minimize hacking. The 90s also saw dangerous viruses floated on a large scale, such as ILOVEYOU and Melissa infected millions of PC’s by targeting software suites like Microsoft Outlook.
  • 2000 saw Cyber wars and political infiltration. There has been a sharp rise in cybercrime and the risk it poses to the global economic sphere. Ransomware and Malware are used by professional hackers to infect and extort data and money from even the best secured computers and software. The global industry for cybersecurity is now an estimated US$140 billion. No business is beyond attack, as the SolarWinds breach of 2021 proves, along with thousands of other recent incidents. Cyber infiltration is now thought of as a form of warfare.
  • 2020 and Beyond- By 2025, 60% of associations will emphatically involve cybersecurity as an essential determinant in going through with outsider exchanges and business commitment. By 2025, 80% of enterprises will embrace a procedure to bring together web, cloud administrations and confidential application access from a solitary seller’s security administration edge platform.The cybersecurity industry bears the cost of more employer stability than numerous different callings. For instance, as per the BLS, jobs for data security investigators will develop by 33% from 2020 to 2030. This rate is multiple times quicker than the typical work development pace of all occupations nationwide.The demand for cybersecurity is at an all-time high as the global business environment shifts to cloud data storage and online management. With increased internet exposure, commercial organizational data and the personal data of users are at a threat of being misused.

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[To share your insights with us, please write to sghosh@martechseries.com]

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