Cybercrime is predicted to cost businesses $2.1 trillion in 2019 and $6 Trillion by 2022
globally. To further deepen the situation Forbes has cited a severe shortfall of the right kind
of cybersecurity skills in the market. At present, there are over 2 million unfilled
cybersecurity positions in the industry and which is going to go over 3 million by 2022.
More and more organisations are heavily leveraging the speed and agility of the internet for
the success of their business unaware of the need for cybersecurity to support their
sustainability. It is the prime reason for the rise of borderless crimes, predominantly of the
nature of cybercrime, thereby, bringing the industry amidst an adverse crossfire targeting its
vulnerabilities for exploiting its data, information and intellectual property. Thereon, adding a
new dimension of risk to the business called the ‘Cyber Risk’.
Gartner states only 20% of small and medium segment organisations have some or minimal
access to cybersecurity where 95% doesn’t even have a firewall, and it is 65% and 75%
respectively in the case of large organisations. Governments have started enforcing laws
regulation and standards (GDPR, GDPA, NDB, PDPA, NESA, etc.) and associated penalties
as a deterrence for the industry for not adopting cybersecurity.
Due to the disruptive developments in the business landscapes from the perspective of
cyber risks, regulations and nation-state actors joining in, it has become an ever-present
boardroom conversation with focus and attention to address the issues of cyber risk to their
business.