November 24, 2020

Volume X, Number 329

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November 23, 2020

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C-Suites: Cybercrime Damages Expected to Reach $6 Trillion by 2021

According to Cybersecurity Ventures, cybercrime is the fastest growing crime in the U.S., with damages expected to reach $6 trillion globally by 2021. Therefore, it is axiomatic that C-Suites continue to address the risk associated with cybercrime and how cybercrime will affect the business.

Ransomware continues to be one of the biggest risks to company operations. Statistics show that ransomware attacks are becoming more prolific and expensive. According to the most recent Coveware Q3 Report, ransomware incidents and ransom demands are increasing. Ransomware attacks are leaving a company paralyzed for an average of 19 days.

The inability to conduct business operations for 19 days can be devastating, especially to small and medium-sized businesses. Having an incident response plan, contingent operations plan, and disaster recovery plan is essential to minimizing the risk of failed or stalled operations. Those companies that are prepared for an attack and can implement these plans are better able to respond to a cyber-attack that leaves the company paralyzed.

It is clear that cyber-attacks and cybercrime damages are continuing to soar, particularly while companies’ workforces are working remotely. It is crucial to evaluate and put your incident response, contingent operations and disaster recovery plans in place now.

Copyright © 2020 Robinson & Cole LLP. All rights reserved.National Law Review, Volume X, Number 317
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About this Author

Linn F. Freedman, Robinson Cole Law Firm, Cybersecurity and Litigation Law Attorney, Providence
Partner

Linn Freedman practices in data privacy and security law, cybersecurity, and complex litigation. She provides guidance on data privacy and cybersecurity compliance to a full range of public and private clients across all industries, such as construction, education, health care, insurance, manufacturing, real estate, utilities and critical infrastructure, marine, and charitable organizations. Linn is a member of the firm's Business Litigation Group and chairs its Data Privacy + Cybersecurity Team. She is also a member of the Financial Services Cyber-Compliance Team (CyFi ...

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