Back in 2020, Australian Prime Minister Scott Morrison raised the alarm on state-based hackers targeting Australian organisations. The government beefed up the Australian cybersecurity framework, but these measures are just minimum recommended protections.
Australia and other nations acknowledge they can’t combat cybercrime singlehandedly. Organisations also need to augment their protections to prevent attacks and mitigate their impact.
It is critical they enact proactive technology controls and improve crisis response capabilities. They also need to make business continuity arrangements and other improvements now, despite many challenges.
Pandemic Highlighted Weaknesses
Cybersecurity was already a major issue when the pandemic hit. Many companies struggled to find sufficient resources for basic cybersecurity measures and then found they needed to grapple with additional problems.
For instance, the rapid digitalization of business models and supply chains and the shift towards remote work increased opportunities for criminals. Business was so focused on adaptions and survival; they didn’t notice hackers waltzing through their back door until it was too late.
According to McAfee Enterprise and FireEye’s report, 81% of global organisations experienced increased cyber threats during the COVID-19 pandemic.
Cyber Risk #1 Concern in 2022
Business certainly recognizes cybersecurity is of utmost concern. A recent Allianz report of 2,650 risk management experts found cyber risk the number one concern in 2022. Every country, sector, and business, regardless of size, agreed cybercrime is a significant, immediate threat.
Ransomware, supply chain attacks, IT failures and outages, data breaches, fines and penalties, and business interruption are very real dangers. Clearly, business must improve cyber security measures and business resilience.
Cybercrime Growing Rapidly
The 2022 Cybersecurity Almanac paints an alarming picture of the rise of cybercrime during the following years.
First, they anticipate the costs of cybercrime will grow by 15 percent annually over the next five years. By 2025, the global cost will be $10.5 trillion USD annually. That’s $3 trillion higher than 10 years earlier.
Second, ransomware costs are predicted to grow 30 percent, year-over-year for the next 10 years. The cost in 2021 was fifty-seven times higher than just six years earlier.
Finally, the frequency and diversity of attacks is increasing. According to the Sophos 2022 Threat Report, ransomware, malware on mobile devices and attacks on internet infrastructure are the three top threats this year.
Recruiting Harder Than Ever
Companies that continue to rely on traditional recruitment efforts are facing an uphill battle. Forbes calls it a “Tech Talent War”, with good reason.
The pandemic spurned an “unprecedented wave of tech adoption for businesses across all industries”. Companies with big budgets are recruiting candidates from around the globe and paying higher wages.
However, according to the cybersecurity data mentioned above, many companies simply can’t find talent. In 2021, business couldn’t fill 3.5 million positions, up 350 percent from eight years previous.
Business shouldn’t assume this is an anomaly either. Korn Ferry estimates by 2030 more than 85 million jobs could go unfilled due to a lack of skilled people. Unfortunately, a knowledge-intensive industry such as technology will probably be one of the most affected.
Connecting Cybersecurity Innovations with Business
Companies that do not have the skills and abilities needed in-house must look elsewhere. They can’t afford to ignore the rising threat of cybercrime and they can’t access the talent they need through normal channels. Fortunately, your business has other options.
Early Birds Innovative Ecosystem is a Business-to-Business platform that connects creators of cybersecurity innovations with business. Efforts are led by specialist cybersecurity consultants that connect business to disruptive startups and scaleups. This can lead to beneficial partnerships and cutting-edge cybersecurity innovations. It’s a smart, cost-effective, and quick way to seize opportunities, solve business challenges, or create new products and services.
The Ecosystem currently has a data pool of over 4 million global innovations that may already address your business challenges. For unique needs, companies can also list their business challenges and request solutions.
EarlyBirds also offers several programs which help business define challenges, evaluate innovators, and create a roadmap towards solutions.
The Explorer Program is tailored towards businesses who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required.
The Challenger Program focuses on a single business or technical challenge. It looks for the most relevant innovators that meet business, technical, commercial, and business risk requirements.
This program is run by an EarlyBirds Subject Matter Expert who collects requirements then searches the data pool to identify and curate options suitable for a detailed evaluation. After the SME identifies the best possible innovation, they will draft options for next steps, proof of concept, trial, or implementation.
EarlyBirds is your best choice for innovative solutions and new opportunities. We’re highly experienced in many sectors including energy, operations & maintenance, and more. Let us help you create the innovation culture and manage risk for your cybersecurity challenges.
Register at https://earlybirds.io/, or contact us to discuss your needs. We can help you connect with cutting-edge cybersecurity innovations to keep the growing threat at bay.