This rise in malware technology presents serious issues for businesses

BY SIMONE J. SMITH

The internet serves as a vast repository of information, providing users like you and I with instant access to knowledge on virtually any topic. Search engines, online databases, and educational platforms have transformed how we acquire and share information. It has reshaped the business landscape; and it has revolutionized education.

Streaming services, online gaming, virtual reality, and augmented reality have changed how we consume and interact with entertainment content. The internet has played a role in social movements, activism, and awareness. Social media platforms have provided a powerful tool for individuals and groups to voice their opinions, mobilize support, and raise awareness about various issues.

While technology has brought about numerous benefits, it also raises ethical, privacy, and security concerns. Last week, we received an email from Canon Canada, which recently acquired SUPRA IT, a managed IT service, in response to the growing need among its customers and businesses in general.

Recently released data show that over half of surveyed B.C. businesses have been victim to cyberattacks. Among Canadian SMBs 81% reported experiencing an attack over the last year with 22% halting operations altogether.

This rise in malware technology presents serious issues for businesses of all sizes, governments, and public services, costing millions of dollars a year in costs and revenue losses across sectors, as well as privacy breaches and sharing of potentially sensitive information.

Malware, short for malicious software, refers to any software specifically designed to harm or exploit computer systems, networks, or users. Malware is a broad term that encompasses various types of malicious software, each with its own set of functions and objectives. Some malware (trojan) trick users into installing them by appearing as harmless, or useful applications, while another type of malware (ransomware) can encrypt a user’s files, or entire system and demands payment (usually in cryptocurrency) for the decryption key. Victims are essentially held hostage until they pay the ransom.

What I didn’t know is that there is another potentially serious impact; it is on IT professionals, who are called on to manage and respond to threats. As malware becomes ever-more sophisticated, the pressure is on these IT professionals to manage threats that could, if not handled properly, cost their employer a lot of money.

Malware attacks are contributing to burnout among IT professionals who are being asked to shoulder an ever-greater burden, as cybercriminals become more numerous and sophisticated. Burnout has a human and financial cost and is bad for employees and businesses alike.

Here are some facts:

Cybercriminals are becoming more sophisticated

Most Canadians are familiar with the recent increase in scam phone calls. Bespoke malware available on the “dark web” is making sophisticated cyber weaponry widely available and easier for local criminals to harness.

Human error and the causes of cyberthreats

88% of data breach incidents are caused by human error, with nearly half (47%) caused by distraction, and 44% by tiredness or stress, according to Tessian and Stanford University.

The true cost of burnout in Canada today

Burnout in general is costing the average Canadian employer $893K annually, resulting in lost talent and financial revenue. IT burnout increases the likelihood of a successful cybercrime attack.

So, what are employers to do in order to help prevent burnout? There are technological solutions available to IT professionals and business include Managed IT services that proactively seek out potential threats, with sensitive monitoring software, as well as proactive manual searching on the “dark web.”

Employers also have to encourage employees to take care of themselves. Remind your tech team to establish a healthy work life balance, which can be hard due to the nature of the job. Conduct workshops on stress management, time management, and resilience, and provide training on recognizing burnout symptoms.