Cybersecurity key to reap digital dividends in economic rebound

ONE of the lasting legacies from 2020 is the rapid digitalisation and accelerated use of technology by both companies as well as individuals in an effort to combat the devastating effect of the novel coronavirus pandemic.

A McKinsey survey, done last October, has shown that the response to the pandemic hastened the adoption of digital technologies by several years and many of these changes are here for the long run. As economic activity starts to pick up, digital technologies will help in the growth rebound. Another major takeaway from last year is that traditional cybersecurity has struggled to keep pace with the new - and extended use of - digital technologies. As a result, exposed digital assets were plum targets for nimble cyber criminals.

All sectors (including healthcare, education, finance and manufacturing, among others) witnessed a dramatic increase in cyber attacks in 2020. One estimate reckons there was a hacking attempt every 48 seconds. According to cybersecurity vendor Kaspersky, in 2020 it detected an average of 360,000 new malicious files every day. This represents an increase of 5.2 per cent compared to 2019. Expect more of the same this year.