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If you’ve seen the Terminator, or pretty much any science fiction movie involving tech-related shenanigans, chances are you’ve seen the things about hacking and how it can ultimately wreak havoc. While it’s definitely a thrilling concept to see, it’s only fun until it happens in the real world.

You would be surprised by the number of damages that the world is currently facing right now because of all these cyberattacks. As to why this should concern you, we’ll get to talk all about this today in AsiaOne.

Cybercrimes are becoming more rampant

Straits times

Businesses from around the world are extremely doing their best to win the war against people whose intentions are as nasty as real-life criminals. These people are surprisingly identified as sophisticated digital scientists and hackers that attack huge companies.

Their prime targets are Western insurance companies and other medium-to-high profit businesses. The current scene is relatively compared to popular dystopian movies such as The Terminator, of how chaotic this whole debacle is.

Cyberattacks include extracting hundreds of millions of businesses and records show that it would not likely stop until no more money can be extracted and collected.

What this means for big businesses

While we will not dig deeper as to how these hacks are able to infiltrate the security of these companies, it is important to know that keeping up and preventing these cyberattacks cost a fortune. People who go against these cybercriminals often get paid well over 400 dollars back in 2017 and 2018.

And that is for companies with total revenue of about $1 billion. Nowadays, as mentioned earlier, more and more companies (huge ones with well over a billion-dollar revenue) have become the clear targets for these cyber culprits. If you do the math, the amount can quickly run their businesses dry.

The cost involves ransom, maintenance, building a stable network infrastructure, and as well as data restoration. It’s a lot of money but it is also a lot of work. Simply put, all these cyberattacks are nothing but a huge pain in the butt for many companies.

All that said, there are really not that many options but to fight against these hackers. Companies without high-data encryption are the most vulnerable victims here. This is why no one should take security and protection very lightly, especially for any insurance company.

What this means for you

What’s very unfortunate about the current situation is that not all companies have insurance. What this means to you as a customer is that if the company you are affiliated with becomes affected by these attacks, you are at serious risk as well.

Banks, for instance, will not be able to guarantee to cover all the losses that they had after the attacks. Additionally, what many don’t realize is that these attacks can also potentially lead to an information breach. If we take the banks again for an example, all their clients are at further risk of their personal information.

This is the main reason why any online casino in Singapore is extremely finicky when it comes to its services. Just like banks, a lot of money is involved and they are required to ensure that security and data encryptions are in place.

How can this be prevented?

Perhaps catching the people or organization behind these cyberattacks is what would first come to many people’s minds if we were to solve this whole problem. However, tracking a hacker down is absolutely no easy task. It’s like finding a needle in a room filled with haystacks.

In fact, there are plenty of ways cyber-attackers are able to infiltrate even the most well-guarded and encrypted companies. Some use powerful hacking tools that can easily bypass all the security measures of a network, finding all its vulnerabilities through software that is naturally made available to protect them.

In any case, the best way to combat all of these cyberattacks is to start taking action and learn from these mistakes that we should always pay close attention to our security at all times. Preventing these kinds of things is always the best aid to the worst that could happen.