Cybercrime today is a big business.

The World Economic Forum in its global risk report estimated cybercrime to be $6 trillion in 2020. Cybersecurity Ventures has estimated this to be $ 10.5 trillion by 2025. If cybercrime were a country, it would become the third largest economy in the world.

The onset of the COVID-19 crisis made companies reimagine their processes, and redesign their IT architecture. The digital response to the crisis also created new security vulnerabilities. It was also the time when CISOs and cybersecurity teams started to be perceived in a new light.

While our dependence on all matter’s digital has increased dramatically, the technical prowess, motivation, and financial resources of cyber criminals has also grown to carry out disruptive attacks on a business or on a country’s critical infrastructure.

In such a scenario, can cyber security and cyber defenders benefit more from legislation?

According to Tony Anscombe, Chief Security Evangelist, ESET, privacy legislation forces businesses to secure data. GDPR compliance is estimated to have cost Fortune 500 companies $7.8 billion.

“Legislation around security incidents, malware incidents, payments and ransomware are going to empower our cyber defenders. This will allow them to have the budget and the freedom to do what needs to be done to protect the business. We cannot give into cybercriminals, as this will only breed more cybercrime,” Tony said.

 – How do cyber-criminals make money?

 – How can we empower our cyber defenders?

What are the drivers and key principals of privacy legislation?

To find the answers to these questions do watch the complete video here.

(This article is a synopsis basis the International Keynote session by Tony Anscombe, Chief Security Evangelist, ESET at the recently concluded dynamicCISO summit on 10 and 11 March, 2022).

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