Cybersecurity –

The Covid-19 crisis has hit the business world in incredible ways. The hasty transition to telecommuting has led, among other things, to a renewed need for companies to upgrade their cybersecurity services. The flow of traffic on the Internet has increased, which has allowed hackers to expand their business.

According to IBM, the number of data breaches in the United States alone increased from 1,108 in 2020 to 1,291 in the first nine months of 2021. In 2005, fewer than 160 such violations were reported. In addition, data breaches are becoming more expensive; their average cost reached $ 4.24 million per incident in 2021. In the third quarter alone, the number of victims of data hacking reached 160 million.

Some developments

Recent high-profile cyberattacks have attracted the attention of governments and the private sector:

  • Texas information technology company SolarWinds has been hit by cyber attacks for months and has been distributing malware to more than 18,000 customers, including Fortune 500 companies and federal governments. According to officials, protecting networks could take several years.
  • A well-thought-out and well-executed raid attack on the Georgia-based US colonial pipeline cut off nearly half of the East Coast’s fuel supplies, causing panic among consumers, rising prices and shortages. To regain control of its systems, the company succumbed to hackers and paid a ransom of $ 4.4 million in bitcoins.
  • Following the attack on extortion programs at the Washington, D.C., Washington Police Department, hackers released detailed personal information about 22 officers and former police officers, disclosed their addresses, bank statements and social security numbers. To stop the leak, hackers demanded a ransom of $ 4 million.
  • The impact on people, businesses and the state was catastrophic. Earlier this year, US President Joe Biden signed a decree calling for drastic changes and significant investments to combat further malicious attacks. An international study by the independent research organization Opinion Matters found that 97% of companies faced cybersecurity breaches in their supply chains. The good news is that 91% of them say that the budget allocated to third-party cyber risk management is increasing.

This shows that the private and public sectors have not only realized the seriousness of the threat, but have also changed their mindset. The question is no longer whether they will be attacked, but when. Investments are being made to minimize the risk and cost of these imminent attacks, and more employees are being trained to recognize and avoid breaches of data and personal information.

Outlook 2022

Although cybercrime damages business, there is always a winner – and we’re not talking about a hacker. Shares of some of the major cybersecurity players, such as Palo Alto Networks, rose 70 percent year-over-year, revenue rose 30 percent, Cloudflare 90 percent and sales 50 percent.

Growing awareness of the threat posed by cyberattacks is already encouraging companies to invest in strengthening security measures, technology and staff training. The focus on cybersecurity will continue to grow, with the global market valued at $ 218 billion and expected to grow at an overall annual growth rate of 9.7% over the next five years.

Cybersecurity certificate Swissquote is aimed at cybersecurity players who will benefit from a rapidly expanding market of nearly $ 220 billion, which is expected to grow 9.7% annually over the next five years.

ISIN CH0355198026
Price 035519802
SQBCSU symbol