Cybersecurity is one of the main factors to incorporate into your organization’s recession planning. One notorious online cybercriminal group, the Cobalt Cybercrime Gang, has been operating since 2013, completing over 100 heists totaling over EUR 10 billion in losses to the European financial industry. In a time when attackers are highly motivated and financial and reputational losses can have significant effects, it is crucial to have a clear picture and action plan regarding your cybersecurity posture.
With new threats emerging daily, it is essential to identify and address technical and operational risks proactively. Ensuring reliable and uninterrupted function of your operations during an incident means preparing for, protecting against, responding to, and recovering from a cyberattack.
A recession can occur unexpectedly with little to no warning and leave companies vulnerable to opportunistic and persistent threat actors. The two-fold impact of an economic downturn would be that companies reduce spending, often cybersecurity spending, and highly skilled individuals across the globe become desperate for income, possibly turning to “black hat” or malicious hacking. Successful cyberattacks lead to significant financial and reputational losses. Businesses need a mature cybersecurity program that is resilient to today’s complex and often uncertain threat environment.