Cybercrime is the single greatest threat facing firms today. Indeed, recent surveys found the fear of a malicious attack by hackers is now the number one concern of industry bosses globally.
Unfortunately, the problem is only getting worse. In 2021, it’s expected the costs associated with online crime will total around $6 trillion worldwide – an increase of 100% since 2015 when the figure totaled $3 trillion. Somewhat alarmingly, that number is expected to rise to $10.5 trillion by 2025, representing a year-on-year increase of some 15%.
Indeed, the revenue generated by online criminality makes it, by equivalence, the third-largest economy in the world, narrowly behind the USA and China.
The importance and value of data
These days, it’s almost impossible to think of any company that doesn’t rely on IT and data to function. From even the smallest one-man-band firm with his work email account and cell phone digital organizer to the global multinationals operating huge worldwide networks, IT has become the lynchpin of most companies.
Today, an increasing number of industry experts suggest data is now the world’s most valuable commodity – outstripping traditional heavyweights like gold and oil. If you’re like most firms, you likely rely on your corporate data for everything from your internal accounts to client contacts and in-house documentation.
Company data is most definitely not an area to be taking chances, and if you want to provide your firm with the best protection against attack, you should really look at outsourcing your IT to a qualified professional online security provider.
The (flawed) belief that some firms are immune to the risks of cybercrime
Unfortunately, there is a widely-held belief among many firms that they’re simply too small or their turnover too low to be the target of cybercriminals while, in fact, the complete opposite is true. In 2019 alone, 76% of firms in America reported falling victim to a cyberattack – companies of all sizes, in all sectors, and of all types.
As larger firms continue to invest more and more in their online security, so they are becoming significantly harder to attack. Sadly, at the other end of the scale, many Small to Medium-sized Enterprises (SMEs) often take a rather blasé approach to their online and network security.
A recent study in 2020 found a frankly astonishing 60% of SME business owners believed that they were impervious to malicious attack and buried their heads in the sand when it came to ensuring adequate security provision. A further 43% had zero cybersecurity plans in place, choosing instead to play Russian Roulette with their data online.
Potential damages if you suffer a security breach
The financial damage caused by a cyberattack can potentially run into millions, depending on the severity and depth of attack. However, putting the fiscal dangers aside, if your firm’s data is compromised, you also run the risk of severe reputational harm.
Not only that, if you (like so many companies do), hold your clients’ data on file, you also run the risk of compromising their operations. Having your security breached also frequently allows the hacker direct access into privileged ordering areas you use with your clients and suppliers – plus could see your website being hacked and perhaps openly distributing malware.
The list goes on. Bottom line, if your firm operates in any way online, you need to ensure you employ adequate protection and, ideally, outsource to an IT professional.
