A Year in Cybersecurity: Investments Grow, but So Does the Number of Cyberattacks

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A new report by Canalys about the state of the cybersecurity industry in 2020 shows that even though companies are spending more money than ever to protect their data, the number of data breaches continues to rise.

The report states that during the 12 months of 2020, approximately 30 billion files were compromised – more than the number of records compromised for the past 15 years combined. The investment in cybersecurity grew by 10%, reaching $53 billion, but the number of attacks keeps increasing at an alarming speed.

These statistics come as no surprise given that in the context of the pandemic, business continuity was prioritized over security as people increasingly had to turn their homes into offices. All other IT sectors grew far more than the cybersecurity segment during last year. Wi-Fi router sales rose 40%, followed by the cloud infrastructure services that gained 33%, cloud software services jumped by 20%, and notebook PC shipments by 17%.

The report’s message is clear: Companies must invest more than they already have in cybersecurity or face ruin. Cyberattacks have already closed the doors of some businesses, while some others had to implement extensive emergency response plans to avoid the worst scenario. According to Canalys, this is mostly because, during the pandemic, many companies focused on other areas of business and forgot about the importance of safety measures.

There are some easy steps to help protect a device from unauthorized access: Avoiding generic passwords, not opening any emails coming from unknown email addresses, installing antivirus software, or using a VPN service to prevent intruders from collecting any private information.

In 2021, companies are well-advised to make cybersecurity their top priority. As Matthew Ball, Chief Analyst at Canalys, said, “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.”