The range and sophistication of cyber threats is growing at a rapid pace. Public and private sector organisations are being bombarded by these threats on a near daily basis.
With more data being passed than ever before and networks becoming more distributed, it’s difficult for companies to keep up with the pace of cyber-crime. As we all know cyber criminals only have to get it right once to breach and infiltrate a business.
Businesses frequently don’t have the skills, technology or on-site facilities to effectively stay on top of this ever-increasing threat of attack.
IT CAN BE A COSTLY MISTAKE
Without understanding exactly what security solutions to use or how to use them, and without having the skilled personnel to make the right strategic decisions in various scenarios, you’ll be vulnerable.
Once a company identifies a breach, remediation efforts and their associated costs need to be factored in. These include, securing the network, crisis management, audits and handling investigations. The costs associated with these are not just in-house man hours, but also the expense of third-party specialists, and if required, any technology investments that need to be made.
Finally, let’s not forget that 44% of consumers in the UK say that they won’t spend money on a company while it’s the victim of a cyber breach.
In the UK, cyber-crime increased drastically during the Covid-19 pandemic, with a 31% increase seen between May and June 2020.