One of the biggest challenges faced by businesses over recent years is that of cybercrime. A recent study has found that UK investors have lost over £42 billion to severe public domain cyber security incidents since 2013. This has resulted in significant damages, with many businesses finding it difficult to recover. Consequently, if businesses continue to neglect this issue from a financial perspective alone, the effects could be far more significant and damaging. Therefore, businesses must ensure that their crisis management protocols are strong enough to deal with any cyber attacks, as well as minimising the chances of them occurring in the first place. For that to be put into place, cyber security experts must be recruited, and that should be made a priority for all businesses.

Problems with cyber security are coming from all angles.

As much as it would still be a major concern, if the threat of a cyber attack was coming from just a singular source, preparations for how to deal with them would be considerably less stressful. Protocols could be implemented that are known for deterring that particular source. Unfortunately, that is far from being the reality. There are several types of individuals or groups behind cyber attacks. Those that attack systems and steal information for profit are referred to as cyber criminals. Then you have hackers, who can be professionals, or just individuals with malicious intent to cause destruction. Moreover, you also have to be aware of hacktivists, people whose actions are politically or socially motivated.

The threat of cyber attacks are increasing…

There has been a considerable rise in the number of cyber attacks over the last couple of years. Furthermore, there is little sign of them slowing down over the coming months, with the number of high profile attacks becoming more and more frequent. As a result, cyber attacks are becoming more dangerous. Incredibly, there remains a high number of companies that still lack the knowledge and awareness in regards to the extent of the threat. A lack of money and prioritisation is also holding businesses back, and at a time when cyber attacks have never been more rife, this needs to change, and quickly.

Significant economic impact of cyber security breaches.

The impact of a cyber attack to a company cannot be underestimated. Not only does it significantly impact the day-to-day operations, it has a considerable economic consequence. Some businesses have struggled to recover after a cyber attack over recent months, and that is usually down to the amount of money lost. TalkTalk was hacked back in 2015, leading to losses of £50 million. The damage did not end there though, with the telecommunications company also losing more than 100,000 customers, whilst witnessing their stock value drop by 20%. This highlights how damaging an attack can be, and the potential economic impact must be taken seriously by all businesses in 2018.