As the year moves on, cybercrime continues to grow as predicted. Last month, CNN reported that United States authorities revealed 36 cyber criminals who were responsible for more than $530 million dollars in cyber-related crimes cumulatively.1 Even though action is taken to deter this, the industry is projected to reach $2 trillion by 2019, according to Forbes.2 Not only is cybercrime demanding more dollars, cryptocurrency is continuing to grow as well.
Though the value of cryptocurrency has decreased in recent weeks, the potential for another upward burst in value is still looming. With that in mind, there has been a steady increase in the demand for cybercrime as a service. “Things like malware-as-a-service, ransomware-as-a-service, distributed denial of service-as-a-service and phishing-as-a-service are becoming commonplace items that can be purchased or rented online. Technology that steals passwords is just a couple of clicks away for a wannabe hacker. Not only are they available, they’re updated regularly and supported. There’s an entire ecosystem built around these products, much as you’d see around conventional software that you’d run on your laptop.” 3
As cybercrime-as-a-service is beginning to gain more traction, we notice that they are targeting small to mid-size business. The biggest reason for this is the inability to pay for proper cyber protection due to budget restrictions. Cybercriminals are aware of this and are always attempting to find innovative ways to obtain information. Therefore, having weak protective measures makes these businesses more vulnerable. If they can’t afford the protection, they are encouraged to find other ways to protect themselves to prevent an attack from cybercriminals. ITWeb provides some cost-effective suggestions to achieve this: