The number of attacks continues to grow exponentially and has reached unprecedented proportions. According to a report, there are 375 threats per minute. The total malware in existence now exceeds 1.2 billion instances. New malware targeting mobile devices has increased annually more than 70 percent while new macOS malware has increased by 51 percent. Cybercrime will cost the world $10.5 trillion annually by 2025, an increase from $3 trillion in 2015, representing the greatest transfer of economic wealth in human history.' And these attacks continue with no end in sight.

To defend against the growing numbers of cyberattacks, enterprises are spending an overwhelming amount of their budgets on cybersecurity annual while cybersecurity spending by companies and governments worldwide is projected to grow from $146 billion in 2020 to $207 billion by 2024. an increase of almost 30 percent. The question is Why?

This imbalance-large amounts of money spent on defenses that still do not stop threat actors-has caused many security professionals to throw up their hands and scream "Enough!" Calls for a change in cybersecurity approaches. As one security professional recently said. "It is time for a paradigm shift in the cybersecurity industry."' And other said 'We need to accelerate discussions and awareness of the problems and steer the direction and development of next-generation technologies."


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CYBER THREAT '23

Thursday, September 7, 2023