The threat of cybercrime to businesses is rising fast. According to one estimate, by McAfee, the damages associated with cybercrime now stands at over $400 billion, up from $250 billion two years ago, with the costs incurred by UK businesses also running in the billions. In a bid to stave off e-criminals, organisations are increasingly investing in ramping up their security protocols, however, many are still put off by the costs, or by the bewildering range of tools and services available. Here are five reasons why investing in cyber security is a sensible decision to make:

The rising cost of breaches

The fact is that cyber attacks can be extremely expensive for businesses to endure. Recent statistics have suggested that the average cost of a data breach at a larger firm is £20,000.

Suffering a cyber attack can cause customers to lose trust in a business and spend their money elsewhere. Additionally, having a reputation for poor security can also lead to a failure to win new contracts.

Increasingly sophisticated hackers

Highly sophisticated attacks are now commonplace, meaning businesses need to assume that they will be breached at some point and implement controls that help them to detect and respond to malicious activity before it causes damage and disruption.

Widely available hacking tools

The wide availability of hacking tools and programmes on the internet mean there is a growing threat from less skilled individuals. The commercialisation of cybercrime has made it easy for anyone to obtain the resources they need to launch damaging attacks, such as ransomware and cryptomining.

Number of IoT devices

More smart devices than ever are connected to the internet. These devices can simplify and speed up tasks, but if they’re not managed properly, each device can provide cyber criminals with a way into a business.

Tighter regulations

It is not just criminal attacks that mean businesses need to be more invested in cyber security than ever before. The introduction of regulations such as the GDPR means that organisations need to take security more seriously than ever, or face heavy fines.

Source: Consultancy.uk