Cyber crime presents a huge challenge for all businesses given the spread of attacks across the world.
In the past three years alone, the number of significant attacks has risen by 63%, highlighting the desperate need for more security protocols to be put in place.
Although a lot of criminal activity has shifted focus to smaller businesses to a certain degree given their often vulnerable nature, large businesses face the challenge of creating new cyber security protocols alongside emerging technologies, all of which present potential risks.
Despite the perception that smaller businesses are starting to suffer more from cyber attacks, large businesses still shoulder most of the risk. Coalfire’s Penetration Risk Report found that 49% of vulnerabilities found in large organisations were high risk, compared with just 38% for small businesses and 34% for medium businesses.
The Problem With Reporting Cyber Crime
One of the main issues for businesses is that far too few cyber crimes end up getting reported. As few as 3% of all cyber crimes are reported to the police in the UK. In some cases, this may be due to fear of reprisals or potential disruption to the business. This has come in spite of the fact that the number of police dealing with cyber crime has increased from 70 to 1,000 in the past seven years.
If the nature of cyber crime is to change in the future, this is one area where businesses have the power. It may seem tempting to some to keep attacks quiet for the fear that it may harm their own reputation, but in reality, the problem is the same for everyone.
80% of businesses leaders have admitted to issues with getting cyber security measures in place, so the best way for industries to get on top is to report crimes and increase the authorities’ knowledge on the matter.
Criminals will always find a gap in the system eventually, meaning that large organisations which you might not consider vulnerable have suffered cyber attacks in recent years. Just this month, the town of Lake City in Florida was forced to pay $500,000 after a ransomware attack had left them without access to their files for over two weeks.
However, they aren’t the only company to suffer at the hands of ransomware, as just last week a Norwegian metals manufacturer was forced to pay £45 million as it attempted to recover in the wake of a cyber attack. While this represents the extreme end of the spectrum, it serves to point out that companies with vast resources still aren’t taking the proper precautions.
Although investing in cyber security can seem like a considerable outlay, in the long term, it is worth protecting business and consumer data. A recent report stated that large companies could increase their additional revenue by 2.8% by investing in cyber security, which goes to show that rather than being observed as a cost, cyber security should be viewed the same way as having a better hosting partner or more efficient website.
With information increasingly held online, there is no organisation which can do without a robust approach to their cyber security. Despite the perception that cyber criminals are increasingly turning to small companies, the devastating effects of an attack on a large business cannot be ignored, and moving forward, all companies can afford to do more.
Keen to find out more about the challenges facing the cyber security sector? Speak with us today!
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