Corona Virus Pandemic leads to more Cyber Threats

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Corona Virus Pandemic spread has made the corporate world cut down its security teams and freeze hiring because of which those institutions are on the verge of facing more cyber threats and financial perils says a new survey.

As a per study conducted by Security Information and Event Management(SIEM) company Exabeam, atleast 3 in every 4 companies have furloughed their most experienced employees and 68% of the corporate team members were laid off for the cost cutting spree.

Taking the data for instance, 80 percent of organizations experienced a surge in cyber attacks in first half of 2020 and at least one in three were victimized by hackers, says the California based company.

Furthermore, the company also claims that 38% of US companies and 40% of UK companies experienced downtime in the period of 4 months of lockdown that began in March 2020.

Revenue wise also, a lot of economic damage was spelled by the pandemic as 35% of companies operating in United States lost a revenue count between $38,000 to $63,000 and at least 14% of them lost revenue of at least $120,000 because of cyber attacks in the said period.

On an overall note, a lot of damage was witnessed in United States as they started to experience greater impacts on businesses due to pandemic than in UK.

Exabeam is warning companies that layoffs among IT security teams can spell deep trouble to them on the long run as hackers are coming up with sophisticated tools that can show devastating impacts on the revenue earnings in the coming year.

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Naveen Goud is a writer at Cybersecurity Insiders covering topics such as Mergers & Acquisitions, Startups, Cyber Attacks, Cloud Security and Mobile Security

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