Cybercrime causes as much damage as drug trafficking combined, and is set to rise. With 5G, the connectivity will be instant, and therefore cybercriminals will be scanning networks for vulnerabilities much faster, Algirde Pipikaite, a cybersecurity and digital transformation policy expert at World Economic Forum (WEF), told CyberNews.
Cybercrime is destined to rise as workplaces move online and the economy slumps because of the coronavirus this year. Moreover, 5G will ensure seamless access for criminals to scan networks for vulnerabilities and exploit them.
“Cybercrime has been predicted to rise regardless of the pandemic. We’ve seen numbers that show cybercrime damages becoming as high as all drug trafficking combined,” said Algirde Pipikaite in an interview with CyberNews.
As our lives move to digital spaces faster due to the pandemic, what new challenges arise?
Challenges and risks are increasing on an everyday basis. As we like to say in the cyber community, many companies that had digitalization plans for 5 years, 2 years down the road, had actually implemented them within a week or within two weeks, when COVID-19 pandemic started. The random ping of digitalization, putting employees and customers connecting online, happened very quickly to ensure that business and government operations could continue working seamlessly. And that provides the incredible number of avenues for hackers to enter networks. A majority of employees that work from home are using their own modem device that we have no idea when was last updated. That gives cybercriminals a lot of entry points. A lot of employees do not use VPN, because VPN capacities are just not prepared to handle hundreds of millions of employees.
There are many challenges that a lot of organizations are facing, and while they are doing that, we have seen a rapi ..
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