Are Companies Devoting Enough to Cyber Security?

Cyber Attacks have not only become more common but also devastating. WannaCry ransomware which happened on 12th May 2017is a prime example of a cyber attack. It struck thousands of computers in more than 150 countries. It crashed some of the most prominent organizations on this planet including UK’s NHS, a health service.

The Likely Calamity from Cyber Attacks

WannaCry crippled NHS to the point that vital works were pushed back. The backlog created has still not been sorted fully.

The NHS could have avoided the WannaCry ransomware which cost them around £180,000 for specific agencies.

While auditing the attack, it was found out simple IT security could have prevented this enormous backlog to NHS. Ultimately, the attack cost them more than say a well-implemented security system.

Cyber attack cost varies from the method used to current security measures. Usually, a cyber attack will set a US company back by a whopping $225,000, UK $150,000.

The overall cost of cyber attacks globally is thought to be around $11.7 million, an increase of 22.7 compared to last year.

The Rise in Cybersecurity Expenditure

Thales e-security reported 73% of surveyed firms expect their cybersecurity expenditure to rise over the course of the year.

Making the Right Moves

Having an internal IT department is safer than hiring a contractor to take care of your cybersecurity needs. Data Spread is highly possible which is an avenue for attack when you open up to third parties.

Internal cybersecurity enables direct control of secretive information, where else sharing your data with a third party is a risky idea.

New Forms of Cyber Attacks Requires Better Solutions

Companies have to come up with better solutions to be one step ahead of hackers. Attacks are becoming more and more sophisticated, so it is only right that better measures are taken.

Spend Wisely for Best Results

Companies may have a lot of money to spend on cybersecurity, but spending it in the right areas is the key. The margin is minimal between getting it right and losing thousands or millions of dollars.

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