In what has no doubt been a difficult 18 months for the planet, the number of cyber attacks has increased tenfold since the pandemic began. In fact, 2020 was considered the busiest year on record for cyber criminal activity with a 20% surge in incidents according to IT Pro. Elsewhere, Lindy Cameron, Chief Executive of the National Cyber Security Centre shared that ransomware hackers were now considered the biggest risk to UK National security over online espionage by hostile states, showing how serious global cyber security has become.
This article explains what data breaches can mean for your organisation and what you can do to protect your business from future incidents.
The cost of cyber breaches
In light of the rising amount of attacks, cyber breaches can be extremely costly due to the risk of sensitive information being shared by criminals. According to Statista, cyber attacks have cost businesses an average of £2,670 in the past 12 months and this figure becomes greater as the business size increases.
However, it’s not just your organisation's finances that could be at risk. Much of the information that is shared online is highly confidential and so customers would see it as a breach of trust if their personal files were to be leaked.
A recent study by ReputationUs (RepUs) and DHM Research examined the effects of cyber attacks on consumer confidence and the organisation’s reputation. When asked who they would see as responsible for a cyber attack, 56% of respondents said the hacker, whereas 44% said the corporation, showing an almost even split. Similarly, a survey by PricewaterhouseCoopers (PwC) found that 87% of consumers surveyed were willing to walk away from a company if a data breach occurred. This shows that customers now expect to receive high quality cyber security. It is no longer just a want, it’s a necessity.
The growing need for cyber security solutions
With reputations on the line, the need for optimal cyber security should be a major priority for businesses in the coming years. Making employees, especially C-Suite and senior level management, aware of the potential risks from not investing in your security is imperative.
Though some organisations do understand the risks involved, many do not have the technology and tools to be able to protect their business from attack. According to a study by IDG, nearly 80% of senior IT and IT security leaders believe that their organisations lack sufficient cyber security protection, prompting 91% to increase their budgets in 2021. This shows that it is becoming higher on the agenda for businesses, who are now seeing it as an essential part of their operations.
How to protect your organisation against cyber security threats?
At Threat Essentials, we can help to bridge the gap between business risk and cyber threat intelligence. Our technology allows organisations to ensure there are no weak links within their supply chains by confirming that all third party suppliers and vendors declare their past incidents. This helps to reduce risk and verify that all networks are protected in case of an attack.
In the not-too-distant future, we are expecting that scanning the cyber hygiene of potential customers will become standard practice across the industry. By taking steps now, you will help your company to stand out from the crowd by doing everything it can to keep your organisation, employees and customers free from risk.
If you would like to speak to a member of the team, please send us an email.