Is High Cost Of Not Doing Enough To Prevent Cyber Attacks?

high cost is not enough to prevent from cyber crime

Thinking that only large organization is under the observation of cyber crime world is a foolish thought actually! If you have a basic security program and think you can get by with the nude minimum standard security measures in place, then you are mistaken my dear…!

Today’s most of the Organization feels unsecured in the current cybersecurity threat environment. Even many companies also believe that they can easily hide themselves from the eyes of hacker’s target as their business is not so popular or huge.  However, they don’t have an idea that wide range of businesses and organization being hit on a daily basis. The fact is if your organization has data and you are worthy and potentially lucrative target for cyber criminals.

Because of financial damage as well as bad influence on any company’s brand there is a substantial cost for small to mid-sized business to recover from just one security incident. According to the recent report it is found that average cost of recovery from a single security is approximately calculated to be $86,500 for small and medium businesses and 10 times that – $861,000 – for enterprises. These recovery costs takes into account the time, cost and labor associated with.

  • Sending customer breach notifications
  • Assuring customers that their data is secure after a breach or incident
  • Dealing with the bad press and media outreach/response
  • Give close look at your IT environment and improving /hardening your defenses.
  • Paying additional attorneys and litigation fees

cybersecurity

For larger organization it is quiet easier to absorb the costs of recovery than small and medium –sized companies. In fact, approximately 60% of mid-market business fails after a data breach because they simply can’t afford it.

The Risk of Doing Too Little

CYBER CRIME PREVENTION

Those who all relying on basic security program and think they can get by with the bare minimum standard security measures in place are actually thinking wrong. Relaying on this minimum protection such as firewalls and anti-software is not enough for continually evolving cyber threat landscape. Let’s have a look over some shocking statistics:

50% of all messages on the internet are spam, many of which contains link to ransomware and other malware. One single click is enough to take you in the ditch of cyber crime trap.

 60%of attacks target mid-market businesses as they are easier to target as compared to other manpower and fewer technical resources to detect issue.

There is a additional fall out when companies, fall victim to malware, ransomware or data breaches. Besides of cost recovery from a security incidents, there are other devastating effects of a breach, such as:

  • Ongoing disruption to productivity and operations
  • Losing customers trusts and revenue from cancelled contracts
  • Devalue company brand and degrading of your reputation.

Undoubtedly current cyber security threat landscape is quiet terrible, but still there are lots of options that you should employ to bolster your company’s security posture. Here are five essential security plans that you must implement.

Essential Security Plans To Implement:

Employee education:

Unaware and careless employees are one of the most effective ways for cyber criminals to find open doors to the corporate network. Holding regular training sessions and making this training part of the new employee on boarding process gets critical.

Deploy whitelisting technologies :

Whitelistings is very effective step in averting off the unwanted software from running on your systems, but it’s not completely safe. It works great with additional layers of security such as network monitoring, firewall, endpoint security etc. once vulnerabilities are caught they should be patched immediately. Malware relies on bugs in software and applications that can be easily exploited. When you apply security patches, you are actually opening new opportunities to cyber criminals and allowing malware to infect your IT assets.

Keep track of potential insider threats:

Monitor your IT environment closely should include all internal systems not just the corporate network. Regardless of the background screening, every organization faces potential threats from discontented employees.

Backup your data:

The best way to keep your data completely gives protection to your data against ransomware attacks.  Using this strategy one can reduce their losses with minimal financial loss if a device even gets compromised.

Create an incident response plan:

If a security breaches occurs, it’s important to have appropriate measures for handling it. This includes the evaluation and reporting of the incidents and preventing the issue from recurring by analyzing.