Early-stage and state-led investments on cybersecurity firms are increasing exponentially. According to reports from the Big Four accounting firms which include EY, PwC, Deloitte and KPMG, the surge in cybersecurity investments is a direct result of rising cases of ransomware attacks, phishing scams and data thefts.
Ransomware attacks and phishing scams are correlated in a sense that they both are popular hacking methods utilized by modern hacking groups to breach internal database and servers of companies. Ransomware encrypts files and servers of corporations, paralyzing operations until a payment in bitcoin is processed. Phishing scams target high level employees in a corporation to steal financial information and use it to misdirect payments.
In late 2016, PricewaterhouseCoopers released a study entitled “Toward new possibilities in threat management” that explicitly detailed the rising trend of phishing scams designed to steal personal and financial information. According to PwC researchers, 38 percent of the survey respondents reported their experience phishing scams.
As a result, large scale corporations and organizations have begun to partner with cybersecurity firms to develop, implement and integrate sophisticated security systems to prevent ransomware attacks and phishing scams.
PwC researchers stated:
“To combat theft of user credentials,