Why technological growth leads to more cybercrime
Electronics hold the potential to support societies in becoming more sustainable and advanced. At the same time, their production and usage involve a range of environmental and social challenges that must be addressed. Mycronic’s firm intention is to contribute to a clean, responsible and profitable electronics industry.
Electronics hold the potential to support societies in becoming more sustainable and advanced. At the same time, their production and usage involve a range of environmental and social challenges that must be addressed. Mycronic’s firm intention is to contribute to a clean, responsible and profitable electronics industry.
”Cybercrime will cost companies worldwide $10.5 trillion annually by 2025”
One challenge technological growth triggers is increasing the vulnerability for cyber-attacks and violation of privacy rights. The more our lives are connected, the greater our exposure to data intrusions and fraud or thefts becomes.
As our digitalized existence continues to expand, the occurrence of cybercrimes accelerate. These incidents threaten to undermine both economic growth and public trust. For example, it is estimated that cybercrime will cost companies worldwide $10.5 trillion annually by 2025, which is up from $3 trillion in 2015.
This trend shows no signs of slowing, especially as technology is becoming more and more available at a low cost. Let alone IoT cyberattacks are expected to doubly by 2025 and cybercrime (e.g. theft, embezzlement, data hacking), is up 600% as a result of the Covid-19 pandemic.
What can be done to slow down the trend?
According to a study conducted by the World Economic Forum, 81% of the respondents believe that digital transformation is actually the main driver in improving cyber resilience.
There are several aspects where Mycronic can contribute. Firstly, we can develop products where we ensure a high degree of cybersecurity. Secondly, since our production equipment can manufacture advanced electronics that can be used for a wide range of different purposes, we want to make sure we do not sell to the wrong customer. We do this by setting in place strict routines and processes, going beyond trade compliance regulation. For example, Mycronic has an Ethics and Compliance Board that can provide guidance on individual transactions and its compliance to Mycronic’s policy and strategy.
Finally, Mycronic also works continuously to improve the IT-security within our own organization. In 2020, a new cybersecurity program was initiated, with the objective to increase maturity and mitigate identified risk areas. New technical solutions, way-of-working and awareness-campaigns have since then been introduced and already existing solutions have been replaced or updated.
Societies and international organizations are also counter-acting this development in different ways. The World Economic Forum is committed to addressing these systemic challenges and improving digital trust. Also, EU has implemented a new regulation Digital Services Act (DSA), wich the aim to give more control to the individual.