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Protecting your organisation
Today, we live in an increasingly connected world, with the explosion in the number of interconnected systems and devices offering businesses and other organisations both enormous benefits and challenges.
One such challenge is cybersecurity and a key concern for businesses of all sizes is how to protect themselves, their customers and stakeholders from the increasing volume and sophistication of cyber attacks.
Cyber attacks not only disrupt business operations but also threaten the very futures of those organisations they impact. The UK Government’s Cyber Security Breaches Survey 2017 found that the average cost of a cybersecurity breach for a large business is £19,600 and for an SME is £1,570. Furthermore, the Government statistics showed that almost half of all businesses in the UK suffered an attack in 2016.
Average worldwide cost of cyber crime
Average increase since 2016
Average cost to an organisation
Average time to resolve a malicious insiders attack
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All organisations are at risk
Cyber criminals are becoming increasingly sophisticated and persistent
If you suffer a cyber attack, you face not only losing income and reputation and having to pay significant amounts to remedy the problems, you could also face crippling regulatory fines and litigation from those whose data may have been lost or stolen as a result of breach. According to US figures, 60% of businesses who suffer a breach go out of business. One such company is Mossack-Fonseca, the 40 year old global law firm at the centre of the Panama Papers breach. They cited irreversible damage to their business caused by reputational deterioration as a result of the leak of around 11 million records.
All organisations are at risk, with cyber criminals becoming increasingly sophisticated and persistent, with barely a week going by without a major news story about an organisation which has suffered a data breach or cyber attack. With the General Data Protection Regulation coming into force in May 2018, it’s critical that businesses understand their vulnerabilities, from either external or internal sources, and take action to protect themselves and their customers.
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