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Cybercrime

December 10, 2023

It has been a while since we wrote about Cybersecurity, but as evidenced by the number of dubious emails I get everyday, it’s a problem that is increasingly growing. I recently even got a phishing email from myself! In 2019, we showed this chart on the cost of cybercrime which had doubled since 2014.

The cost of cybercrime has now grown exponentially. Cybercriminals are believed to be backed by rogue governments and are getting increasingly sophisticated. The email that I got from “me” also featured the Somar logo, evidence of how cybercrime has progressed far beyond the “Nigerian Prince” solicitation emails from the early internet days and the grammatically incorrect emails prevalent just a few years ago. By 2028, cybercrime is expected to cost nearly US$ 14 trillion by 2028 (see chart below). While we generally love seeing a huge CAGR at Somar, we wish we didn’t in this case.

ImageChanging World Cybercrime.png

Of course to combat increasingly sophisticated cybercrime, cybersecurity companies have also gotten more sophisticated. Some of the methods used to deter cybercrime include:

  • Zero Trust architecture which requires strict identity verification, regardless of location

  • AI/Machine Learning to analyze large datasets an detect patterns and anomolies, and identify potential threats

  • Deception technology which means setting up decoy networks and data to mislead bad actors

  • Biometric and/or multi-factor authentication to help ensure only the cleared individual can access sensitive information

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