Navigating Cybersecurity: Insights from the Recent Chicago Conference

Hey there, folks! Recently got back from a whirlwind trip to the Windy City where I dove headfirst into the world of cybersecurity at a jam-packed conference. Let me break down the juiciest bits I picked up – trust me, you’re in for a ride. 

Threat Actors Sit are Sitting in Networks for Longer 

So picture this: sneaky threat actors sneaking past a company’s defenses, lying low for a whopping 100 to 250 days before anyone notices. Yep, you heard that right. It’s like a digital spy thriller unfolding right under our noses and that’s how long it can sometimes take to even notice they’re there! 

More Businesses are Paying Out 

Now, brace yourselves for this eye-opener: a whopping 83% of companies hit by ransomware actually cough up the dough. No kidding, these cyber crooks are laughing all the way to the bank. No wonder they keep pulling this stunt – it’s like a goldmine for them. 

Ransomware is WAY Up 

Remember that lull in ransomware attacks last year? Turns out, it was like the calm before the storm. Ransomware-related insurance claims shot up by a jaw-dropping 77% in the first quarter of 2023 compared to the last quarter of 2022. Looks like those hackers took a short vacation and then came back with a vengeance. 

So is Phishing Emails 

You know those emails that fish for your sensitive info? Guess what? Turns out, proper training can cut those hacker phishing attempts by a whopping 90%! Who would’ve thought a little education could go such a long way? And get this: over a million of them hit in just the first quarter of 2022. And that’s just the tip of the iceberg – most of these go unnoticed. Imagine how crazy the actual numbers are. Sounds like training is pretty important! 

Now, onto the world of BEC – Business Email Compromise. Last year, a mind-boggling 21,832 cases were reported. It’s like a digital con artist’s dream come true. And guess what? They pocketed over $2.7 billion in 2022 from these shenanigans. Turns out, BEC is the real money-maker in town, making ransomware look like pocket change. 

Cybercrime is Hard to Bounce Back From 

Here’s a reality check: nearly 70% of businesses that suffer a major data loss never really bounce back. It’s like a digital death sentence, folks. Let that sink in – it’s not just about security, it’s about survival. 

Human Error the #1 Cybercrime Doorway 

Bet you didn’t know this: a whopping 61% of breaches happen because of user slip-ups. Yep, human error is still the weakest link in this digital chain. So, educate those users, people! 

Cyber Insurance; Not An Easy Way Out! 

I also got the lowdown on cyber insurance. Those safety nets? They come with some pretty gnarly holes. Some policies might have a million-dollar limit, but when it comes to certain attacks, the payout might just be a tiny fraction of that. Picture this: a company loses $150,000 to a cyber hit, but their insurance only covers $50,000. Ouch! It’s like a bad joke, right? Well it’s a reality for those who aren’t reading the fine print. Most insurance has cybersecurity rules you have to follow if you want your pay out!

So there you have it, folks – a glimpse into the wild world of cybersecurity, straight from the conference floor. It’s a rollercoaster out there, with hackers, threats, and some mind-bending stats that’ll make you question everything. Not only that, properly trained cyber security professionals are still currently in short supply! Time to armor up while you can and keep those digital doors bolted – until next time, stay safe out there! 

– Michael Kanet
President and CEO, iTernal Networks

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