There was a time not too long ago where executives would scratch their heads and think "What is Cyber Security? Why is it so important? Isn't antivirus software enough?"
Nowadays the importance of taking strong cyber security measures in your business is pretty self evident. A new security breach seems to make headlines almost every day, and made for some of the biggest news of last year. One only needs to look across the pond to our American neighbors to understand the gravity of the situation. Whatever side of the political spectrum you sit on, the debate over cyber security during the recent election was a major issue, complicated more by the allegations of Russian attacks to compromise Government bodies, as well as email leak scandals. This notion of cyber warfare between countries is nothing new, but on a scale such as this, with the implications that it has, it is a clear sign cyber security is more important than ever in a newly emerging digital world.
Even on home turf, cyber security is beginning to play a bigger role in defining our future, The National Cyber Security Strategy, published at the start of November last year has allocated just shy of £2 billion to tackle cyber threats until 2021, and The Government recently launched an inquiry inviting companies to put forward their suggestions on how best to use the funds to improve cyber security. Further, GCHQ has backed funding for a new hub for tech startups in Cheltenham with the aims of providing a safe base for cyber security firms to complete their work.
It's not all Government
Cyber attacks aren't just a threat to governments across the globe, they pose a very real threat to businesses that don't take the appropriate measures. Ransomware, Phishing, DDoS, all buzzwords once upon a time, are now common phrases that you will hear from more than just your system admin. Attacks like these can cause an untold amount of damage to your company, and a worrying 33% of cyber attacks succeed which cost businesses worldwide $2 trillion per year. These figures are only rising, with attacks of these numbers reaching unprecedented amounts. One estimate carried out late last year forecasts damages to reach $90 trillion by 2030.
What can be done
It's not all doom and gloom, there is a light at the end of the tunnel, but it can only come through cooperation and hard work. Businesses of all sizes must double down efforts to maintain and improve their defenses, and stay in touch with other like minded groups to share security info and collaborate on best practices, organisations such as NWCSC are spearheading the efforts to bring companies together on the issue of cyber security.
We need to accept that cyber attacks will happen in the future and that breaches will occur, it's next to impossible to predict when and where an attack will occur. Success lies in how we react to and mitigate these attacks. This will prove to be the best defense, by giving companies the right tools and know-how to deal with cyber attacks, threats can be dealt with before they have a chance to inflict significant damage.
Cyber attacks are here to stay for the foreseeable future, and if you haven't rethought your security strategy in a while now is the time to do so. With cyber security taking a front seat in an increasingly digital world, it is our duty now more than ever to work together to keep ourselves protected.
If you want to take the next step in safeguarding your business, give us a call on 01925 838386 to speak to one of our qualified security experts.