The global shift to working from home due to the COVID-19 pandemic has caused cybercrimes to increase at a torrid pace. In 2020, cybercrime complaints grew by 69% and 2021 is even worse. At this rate, cybercrime is expected to become the third greatest economy in the world. Availability of Cybercrime-as-a-Service from sophisticated hacker groups is enabling this rapid spread of cybercrime. Cyber pandemic is causing severe business interruptions along with financial loss, reputational damage, and legal actions, even impacts on general population. Companies across the world need to revisit their cybersecurity strategy and have a response plan ready.
Amit Basu, Vice President, Chief Information Officer & Chief Information Security Officer, International Seaways