Cyber crime prevention is much cheaper and easier than curing a cyber attack.
Our near neigbours at GCHQ suggest changing your mindset from “what happens IF I get hacked” to “what happens WHEN I get hacked”.
Given that the Gloucestershire Constabliary announced in December 2016 that within Gloucestershire 54 per cent of all reported crime was cyber related, that’s a pretty good way of looking at the issue.
It was also acknowledged that this figure is probably significantly higher due to under reporting and banks refunding account thefts directly.
Ranging from disruption to service, ransoms, loss of reputation and brand to litigation from staff and customers as well as fines for lost data the implications are real and varied.
Large scale cyber security breaches make the headlines but about 70% of organisations are not reporting their worst security incidents- so what is making the news is just a small proportion of the breaches that are actually taking place.
For small organisations the worst breaches cost between £65,000 and £115,000 on average and for large organisations may run to many millions of pounds. These costs can occur as direct financial losses due to fraud or theft; the loss of productivity due to time spent recovering from the effects of a successful attack; or the lost of trust and reputation.
The Federation of Small Businesses (FSB) has found that small firms are unfairly carrying the cost of cyber crime in an increasingly vulnerable digital economy.
The report Cyber Crime: How to protect small firms in the digital economy suggests smaller firms are collectively attacked seven million times per year, costing the UK economy an estimated £5.26 billion.