Security Firm Warns Rising Cyberattacks Could Lead To Mass Extinction Of Businesses

cybersecurity extinction
Security breaches and data loss have been rampant problems for companies in recent years, with it seeming like there was a new victim every week. These security issues have also had some dire consequences, such as the first possible ransomware-related death at a hospital. As such, organizations are facing a harsh reality, with decisions that could make or break them.

Technology research company Canalys released its analysis of cybersecurity incidents today, and it dropped a bombshell in that “more records were compromised in just 12 months than in the previous 15 years combined.” Companies, on average, had an approximated 61 million records lost, with a loss from public sources totaling over 30 billion. Moreover, in 2020, there were more than double the number of breaches over 2019 and nearly sextuple that of 2018.

companies need to protect against more cybersecurity threats than ever before chart news

This cybersecurity threat level should be incredibly concerning to any organization that relies on technology in any capacity. As the Canalys press release explains, “Several high-profile organizations went out of business in 2020 and surviving organizations had to implement business continuity measures quickly in response to the COVID-19 pandemic or face ruin.” Chief Analyst Matthew Ball went on to elaborate that “Cybersecurity must be front and center of digital plans, otherwise there will be a mass extinction of organizations, which will threaten the post-COVID-19 economic recovery.”

In the coming weeks and months, it will be essential for companies to heed Ball’s warning as the economy begins to warm up from its current cold state due to COVID-19. Perhaps we will also see an acceleration in companies and organizations collapsing due to poor security infrastructure. Either way, it will be something to keep an eye on, so stay tuned to HotHardware for updates.