does my business need cyber security?

Does your business need Cyber Security? (Infographic)

What are Cyber Threats?

Cyber attacks cost organisations thousands of pounds and cause lengthy periods of business disruption. Cyber Essentials is a government-backed scheme that helps businesses to protect themselves against cyber threats. As businesses increasingly utilise email and internet based services, so increase the opportunities for hackers to commit fraud or target intellectual property.  Cyber attackers will attack any organisation that isn’t properly protected, with small organisations lacking enterprise security often seen as easy targets. 

Here are some interesting facts you may or may not know about the Cyber Security industry and how much if affects businesses across the world:

Cyber Security for businesses

Damage related to CyberCrime is projected to hit $10.5 trillion annually by 2025!

Cybersecurity Ventures have issued a report to state that cybercrime costs are expected to grow by 15% per year over the next five years, reaching $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015. 

The damage cost estimation is based on historical cybercrime figures including recent year-over-year growth, a dramatic increase in hostile nation-state sponsored and organized crime gang hacking activities, and a cyberattack surface which will be an order of magnitude greater in 2025 than it is today.

Cybercrime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm.

68% of Business Leaders feel their cybersecurity risks are increasing

Accenture reported in their ‘Ninth annual cost of cybercrime‘ study that almost 3/4 of all business leaders feel their cybersecurity risks are increasing on a yearly basis. 

By understanding where they can achieve value in their cybersecurity efforts, business leaders can minimize the consequences—and even prevent— future attacks.

Looking back at the costs of cybercrime to date is helpful—but looking forward, so that business leaders know how to best target their funds and resources is even more beneficial.

On average, only 5% of companies’ folders are properly protected.

A 2019 Varonis global data risk report highlighted that only 5% of companies folders and files are properly secured against cyberattacks. Considering how common these attacks are on businesses of any size, we’d like to think this could be a lot higher!

Overexposed data is a common security vulnerability. IT professionals estimate it takes about 6-8 hours per folder to locate and manually remove global access groups to identify users that need access, create and apply new groups, and subsequently populate them with the right users.

 

88% of all organisations worldwide experienced Spear-Phishing attempts in 2019!

ProofPoint launched their sixth annual State of the Phish report, a data-rich study that examines phishing trends on a global level. Providing an in-depth look at user phishing awareness, vulnerability and resilience.

  • Nearly 90% of organizations experienced targeted phishing attacks in 2019 – Results of the infosec survey revealed that 88% of organizations worldwide faced spear-phishing attacks and 86% dealt with business email compromise (BEC) attacks. This aligns with Proofpoint threat intelligence, which has shown a trend toward more targeted, personalized attacks over bulk campaigns.

How Can Rejuvenate Help?

As consultants, we noticed that a lot of companies needed to secure themselves and achieve information security standards, but ultimately found the process too complicated or were limited by financial or human resources.

We believe that every organisation should be able to easily comply with recognised standards and protect their data and infrastructure. Our Managed Compliance service takes the pain and hassle out of Cyber Essentials and GDPR Compliance.   We automate the evaluation process, work with you to profile your data and security systems, then finally help you to achieve your compliance.  But it doesn’t stop there, most consultants will help you to achieve your compliance then leave you alone until it’s due for renewal.  Our Managed IT Service keeps your devices compliant 24/7 with full weekly reporting. When you’re compliance renewal is due, there’s nothing to do – you’re still compliant!

Get in touch to find out how Rejuvenate IT can help your business with Cyber Security