In this article, we will discuss the current cyber threat landscape and its impact on businesses. Then, we'll explore practical solutions to address and reduce these risks.
The prevalence of cyber threats is staggering, with countless incidents occurring worldwide on a daily basis.
According to recent statistics, across all UK businesses, there were approximately 2.39 million instances of cybercrime and about 49,000 instances of fraud due to cybercrime in the last 12 months alone. These numbers highlight the scale of the problem and emphasise the urgent need for robust cybersecurity services and measures to safeguard against such threats.
No organisation is immune to cyber threats regardless of its size or industry. A total of 11% of businesses have experienced cybercrime in the last 12 months, with the numbers rising to 26 per cent for medium businesses and a staggering 37% for large companies.
These figures paint a concerning picture. The consequences of cybercrime extend beyond financial loss, often resulting in reputational damage, operational disruptions, and loss of customer trust.
Company management needs to clearly understand that cyber security should be one of the elements in the company's overall strategy, as local tactical steps in information security create a deceptive vision of protection, says Taras Kret, Information Security Consultant at ELEKS.
Aside from the immediate impact on businesses, the financial repercussions of cybercrime are substantial. The average annual cost of cybercrime for businesses is estimated at approximately £15,300 per victim. This cost includes expenses related to incident response, recovery, legal proceedings, and potential regulatory fines.
For smaller organisations, such costs can be crippling, leading to significant setbacks and potentially even closure. Businesses must prioritise cybersecurity and allocate adequate resources to protect themselves from these financial burdens.
Management must understand that the organisation's cyber security must be comprehensive and include organisational and technical measures. Risk assessment and business impact analysis are the prerequisites for implementing a comprehensive approach to information security, Taras mentions. Local security measures without a thorough understanding of the problem, while better than nothing, will not provide proper safety.
To effectively combat emerging cyber threats, you must adopt a proactive approach to cybersecurity. Here are some key measures that you can implement to enhance protection and safeguard your business, employees, and customer:
As the digital age continues to evolve, so do the threats that accompany it. Cybersecurity has become a critical concern for businesses of all sizes, with the potential for devastating financial and reputational consequences.
Taras adds that the best mechanisms for achieving the company's cyber security are implementing international standards requirements and fulfilling industry regulatory requirements for information security, among others.
Prioritising cybersecurity is not only an investment in protecting sensitive data and operations but also in safeguarding the trust and loyalty of customers. In this era of constant connectivity, the resilience of our digital infrastructure depends on our collective commitment to cybersecurity.
Contact us today to elevate your cybersecurity approach.
The breadth of knowledge and understanding that ELEKS has within its walls allows us to leverage that expertise to make superior deliverables for our customers. When you work with ELEKS, you are working with the top 1% of the aptitude and engineering excellence of the whole country.
Right from the start, we really liked ELEKS’ commitment and engagement. They came to us with their best people to try to understand our context, our business idea, and developed the first prototype with us. They were very professional and very customer oriented. I think, without ELEKS it probably would not have been possible to have such a successful product in such a short period of time.
ELEKS has been involved in the development of a number of our consumer-facing websites and mobile applications that allow our customers to easily track their shipments, get the information they need as well as stay in touch with us. We’ve appreciated the level of ELEKS’ expertise, responsiveness and attention to details.