Cybercrime is a major risk to countries all over the world, including those situated in the European Union. It is a major threat to the security of citizens, privacy, democracy and the economy. By 2021, cybercrime is expected to cost the world around $1 trillion per year. Already this year, ransomware attacks alone cost us $5 billion, a massive increase compared to the $325 million figure of two years ago. This is supported by a recent study of 237 companies in six countries by Ponemon Institute which revealed the severe reputational and financial consequences of cybercrime. In particular companies lose $9M, on average, each year due to cybercrime. Against the backdrop of this rapid growth in costly cyberattacks, IBM’s CEO Ginni Rometty states: “cybercrime, by definition, is the greatest threat to every profession, every industry, every company in the world.” To counter this ever evolving digital threat, collective efforts are necessary to bring together industry leaders and develop innovative solutions. That’s exactly why the SHIELD project was launched.
Whether it’s AWS, Azure or Google Cloud, the cost of having your services in the cloud is reducing, and the ability to save IT expenditure is probably the main driver behind the global trend to shift more and more services and data into the cloud. IT budgets receive another boost through cloud technology usage as its costs typically fall under operating expenditure (OPEX) instead of capital expenditure which allows for more financial flexibility. As a result, cloud technology allows companies with less resources to get access to the best technology previously only available to big enterprises.