Cybercriminals Rob with the Click of a Mouse
In a previous era, bank robbers wore ski masks, brandished guns and passed notes demanding money to clerks. They may have shot a few people on their way out.
Now, they just go online with stolen credentials and clean out accounts. Easier. Less messy. And much less likely to get caught, prosecuted and sentenced to prison.
According to the Ninth Cost of Cybercrime Study by Accenture and the Ponemon Institute, an organization that conducts independent research on data protection, the average cost of cybercrime for an average-sized organization increased $1.4 million to $13 million from 2018 to 2019, and the average number of security breaches rose by 11 percent. Cybersecurity Ventures, publisher of Cybercrime Magazine, predicts that cybercrime will cost the world $6 trillion in 2021, up from $3 trillion in 2015.
“As technology increases, we have to adapt,” says John McManus, Ph.D., assistant professor in the Department of Computer Science at Randolph-Macon College. “We need to become proactive rather than reactive, but our largest challenge is the lack of trained cybersecurity professionals.”
McManus says the rate of unemployment for cybersecurity experts is zero and expected to stay there for the next 10 years. The number of unfilled cybersecurity positions is expected to grow by 3.5 million by 2021.
To help meet that demand, Randolph-Macon built its own Cybersecurity Program that began last fall within the Department of Computer Science, one of the first such programs at liberal arts colleges in Virginia.
The program has been an immediate success, with 22 students declaring majors and 15 seeking minors. Six students will graduate with minors in cybersecurity this year. McManus says the demand has far exceeded projections, from an anticipated 30 students within four years to 60.
Rance Necaise, Ph.D., departmental chair, says the cybersecurity programs at many other schools are narrowly defined to provide certifications for specific aspects of the discipline. “The Cybersecurity Program at RMC provides broad exposure to multiple areas of the discipline and contains a strong theoretical foundation that requires critical thinking and problem-solving skills consistent with a liberal arts education.”
The ability for cybersecurity experts to think critically will be essential as technology advances, especially since many companies are deploying products that are not secure, McManus says. “And most consumers are not aware of the risks they are facing.”
McManus says the first line of defense against cybercrime is consumers. “Awareness of the systems we are using and the fundamentals of cybersecurity are critical. Citizens that are aware of the risks to their privacy, safety and security help reduce the risks to the rest of the community.
He emphasizes that everyone should follow basic online safety steps such as using strong passwords and avoiding phishing attempts by being careful not to click on links from unknown sources or those from sources imitating familiar and legitimate organizations.
“These actions have a significant positive impact on the individual and the community,” McManus says.