As Joe Biden prepares himself to take office in the United States, one of the things that must be on his mind is the growing cybersecurity concerns the country faces now and will continue to face over the coming years.
Over the past few years, cybercrime groups have become much more sophisticated and the number of groups found worldwide has been multiplying dramatically. The groups use ransomware schemes to extort vast sums of money from victims across the planet. In 2019 for example, the FBI received 2047 complaints identified as ransomware which resulted in losses of over $8.5 million.
Globally, the situation is not any better. Countries such as Vietnam, the United Arab Emirates and Saudi Arabia have been ramping up their cyber espionage capabilities. There’s a growing trend of using these cyber-powers to deploy hack-and-dump campaigns to influence U.S. politics and policies.
Remember, President Donald Trump had put in place many new measures to combat this during his presidency. As Trump reversed the Obama-era procedures regarding offensive cyber operations, Biden is now faced with an interesting choice: “Will he amend Trump-era regulations, or preserve them?”
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.