The market for cybersecurity solutions never declines; there are always new and more malicious threats around the next corner. The market has never seen as much demand as during the recent COVID-19 crisis.
The statistics around data breaches and personal information misuse are alarming. In the United States alone, there is a new victim of identity theft every two seconds. As of June 2020, at least 16 billion records (including personally identifying information, credit card numbers, and sensitive information) were breached or leaked. The United States Federal Trade Commission (FTC) received more than 1.4 million complaints about identity theft in 2020 (up from 651,000 in 2019). More than 33 percent of Americans, according to a Proofpoint survey, claim to have experienced identity theft. IBM statistics indicate that the average cost of a data breach is almost four million USD.
While new cybersecurity threats emerge all the time, some long-standing basic threats have never gone away. The humble brute-force security attack, the distributed denial of service (DDoS), came back with a vengeance during the COVID crisis. Amazon experienced the largest DDoS attack of all time in February 2020, and there were large attacks on gaming and media sites and servers, as well as an onslaught of ransom-driven DDoS attacks.
During periods of fear and uncertainty, such as the COVID-19-dominated period we’re living in now, the risk for cyberattacks, such as DDoS attacks and costly data breaches increases exponentially. For some perspective, recent data shows (before coronavirus lockdowns and its unforeseen security risks hit):