Advizex, a leading technology provider of infrastructure and enterprise application solutions, is warming up for a full-court press this March Madness season. With the rise of AI, cyber-attacks are becoming more sophisticated and frequent. It is estimated that these attacks, and the general loss of productivity from office betting pools, will cost US companies more than $18.3 billion in revenue loss this year, up from $17.3 billion in 2023.
In 2024, cyber-attacks ranging from data breaches to hostile account takeovers will continue rising from $8 trillion to $9.5 trillion globally. The rise of AI technology will likely push this cost even higher, with projections suggesting an 11% increase in effectiveness to $10.5 trillion in 2025.
This use of AI and the significant rise in online sports betting sets the stage for a perfect pick-and-roll opportunity for cybercriminals. During March Madness alone, it is estimated that more than $15.5 billion (from 2023) in betting will occur in 2024, up from only $3.1 billion in 2022. The online betting market in North America will experience a robust compound annual growth rate of 12.32% from 2024 to 2028.
But hacking isn't the only foul play US companies have experienced this season. Office pools are a tradition in many workplaces, but the hours spent filling out brackets take a sizeable chunk of productivity out of the workday.
Unlike other US sporting events like the Super Bowl, March Madness lasts several weeks, providing cybercriminals with a more extended timeframe to execute their schemes. It is unique because it occurs during work hours, increasing the risk of compromising organizational security.
“With employees streaming games or participating in online betting pools using company devices and networks, organizations are vulnerable to various cyber threats, from phishing attacks to malware infections,” says Matt Gaudio, VP of Strategy at Advizex.
On average, each data breach caused by hackers costs a US company $9.48 million, and it is expected that AI will increase a cybercriminal's effectiveness by 11% in 2024.
By staying informed, exercising caution, and implementing proactive cybersecurity measures, fans can confidently navigate the digital terrain of March Madness and legal sports betting, ensuring a safe and enjoyable experience throughout the tournament.
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