Cyber Security: Essential for the Modern Business
At one point or another most businesses will suffer from a cyber security breach, with many big businesses such as Sony, being victim to hacks and data breaches, as well as smaller businesses.
A Risk: Value report from NTT Com Security (a global information security and risk management company), showed that large blue-chip businesses anticipate that the cost to recover from a data breach would be upwards of £1.2 million on average.
This £1.2 million cost is before hidden costs, such as reputational damage and damage to the brand is taken into consideration. With an average of two months needed to recover from a cyber breach.
In terms of remediation costs following a security breach, you can expect to spend on such areas as:
- Legal Fees
- Fines or Compliance Costs
- Compensation to Customers
- Compensation to Suppliers
- Compensation to Employees
- Third Party Remediation Resources
- PR and Communications
48 per cent of UK business decision makers say that information security is ‘vital’ to their business with just half agreeing that cyber security is ‘good practice’. With the vast majority admitting that their business would suffer both externally and internally if data was stolen.
Areas in which their business would suffer include:
- Loss of Customer Confidence
- Damage to Reputation
- Direct Financial Loss
Many UK businesses have a disaster recovery plan in place in case of a cyber security breach, along with a formal security policy. Those who do not are in the process of designing or implementing one.
It is now becoming more common practice to have dedicated cyber security insurance for your business, with cyber breaches becoming ever more prominent. For those that do not have cyber security insurance, they are at great risk of not only loosing valuable data but also ruining their business, due to the financial strain a recovery of such a breach would cost.
With the evolution of the ‘cloud’ and taking businesses online, businesses should be prepared for new threats. With these evolutions businesses are being presented with a whole new load of vulnerabilities, which they may not even know exists.
If businesses are to thrive in this ‘cyber’ environment, then they must be prepared for all possible eventualities, ensuring the necessary security measures and polices are in place to protect their business, and their customers.
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