The True Cost of Cybercrime

Cybercrime is on the rise: Q1 2016 saw a 3,500% increase in ransomware domains*.

The shift from individual to business attacks is thought to be largely responsible for the upsurge, as business attacks are much more profitable for cyber criminals as the majority of victims opt to pay. A string of successful attacks has also prompted other attackers to get in on the action.

This relatively new threat demands a revised approach in terms of user education and improved defences. While most companies are aware of Cybercrime, many are yet to make a change, largely because they’ve not been burned first hand.

But make no mistake, the risk is very real. In 2015, Lloyd’s insurance company estimated that cyber-attacks cost businesses as much as £300 billion a year. Many insurers won’t provide cover against certain cybercrimes; those who do, often charge a premium and/or insist companies comply with various management standards. Some clients will only engage with firms who meet these standards, including ISO 27001, which Fitzrovia IT have received accreditation for.

Whether through the use of the above management systems, or by the introduction of a specialist 3^rd parties, the onus is on all businesses to ensure they’re doing all they can to protect their client’s data. This concerns self-preservation as much as professional integrity: a high profile data leak can destroy a firm’s reputation, potentially beyond repair.

But how do firms begin this process – and which area do you focus on first?

This can be a very difficult question to answer and is unique to each business. Implementing the right security software, keeping it up to date, and backing up data are all good places to start.

Today, there is such a wide range of security software available on the market, it’s not easy to know which threats are covered by which software. We have a handy guide which provides an overview of the types of security software on the market and the threats they will protect you against, click the image below to check it out…

Something we focus on as an organisation is to help our clients to identify high-risk areas within their technical systems, business processes and end user behaviours. This enables firms to systematically implement risk management solutions – starting with the most severe. The first step is a free Business Risk Consultation – visit our Contact Page to get in touch today to find out more.

* Compared with Q2 2015 https://www.itgovernance.co.uk/blog/3500-increase-in-ransomware-domains-in-q1-2016/