COVID-19 has Made Cybercrime More Structured

During the COVID-19 pandemic, there has been immense growth in the opportunities for cyber-related crimes, and due to this, cybercrime has become more structured. 

A research was carried out related to cybersecurity that states that digital space is not as safe anymore due to high profile security breaches. Even though the enterprises are aware of the threat, this has not reduced the risks but instead have increased the threat as now cybercriminals are more structured and better trained. 

The report states that “Cybercriminals are joining forces to form specialized groups, collaborating and forming an interconnected network. They organize themselves like the companies they target, and use known practices: customer service, malware-as-a-Service, etc.”

From January to October 2020, 50 billion security events have been analyzed and it was discovered from the results of analyses that there have constantly been ransomware attacks on various businesses. Due to the pandemic, there has been an increased IT transformation which has led to more security risks and challenges.  

The researcher said, “With Security Navigator 2021, our customers and partners have access to our cyber threat analysis. It is based on recognized expertise in threat intelligence and on data collected around the world via the Orange Group’s international network.”

Ransomware attackers have revolutionized their attacking strategy by monetizing the availability of data and its confidentiality. Organizations are at risk of losing their data to these ransomware attackers which can further blackmail them to publicly disclose the data. This approach is known as big game hunting, which targets large corporations and takes millions of euros from them.

Due to remote working, the report suggests that businesses need to be prepared for the developing cyberattacks that are on the rise.