14 DAY TRIAL // The topic of cybersecurity has received considerable attention in the context of NATO and the G8 Summits in June. The trend over the past several weeks has been to treat cybercrime as a high priority national security concern under the Biden administration, according to NDR Daily.
Law enforcement officials have announced that a more widespread reaction will be forthcoming following the Kaseya ransomware attack that impacted over a thousand companies across the globe last week. Shortly thereafter, the FBI initiated actions to recover the Bitcoin payments, including the successful recovery of a portion of the ransom paid by Colonial Pipeline.
US authorities said they will treat ransomware attacks with similar priority to terrorism after noticing the huge scale of recent cyberattacks. Another powerful organization, the military alliance NATO, warned in late June that cyberattacks on its members could trigger a military response.
More emphasis and significant actions are required to prevent, and combat cyberattacks
These actions mark a significant shift in the United States' approach to cybersecurity and state-sponsored cybercrime. The conclusions drawn from diplomacy and law enforcement are not sufficient to deal with the sudden rise in cyberattacks that threaten businesses and government entities such as meat factories, hospitals, government agencies, and municipalities.
As a result of cybercrime, economic losses are significant. According to IBM, the average cost of a cyberattack to a company is approximately $8 million. The FBI suggests that the actual number of cyberattacks could be about five times higher than the reported incidents.
For some businesses, insurance can help reduce costs, but others simply can't afford it. In the latter category you can count a significant number of small businesses that are exposed to state-sanctioned hacking cartels. Regardless of who perpetrated the attack, the result is an increase in costs or insurance premiums that affects all customers at a time when inflation and economic concerns are at the forefront.