Despite the damaging ramifications of cyber security threats, many companies may not think it is part of their strategic corporate plan. This is why Your cyber security will destroy your value.
Cybersecurity remains at the forefront of challenges for companies, IT departments and managed IT services providers as this critical business challenge is a growing concern with a devastating impact on company brands, company value and bottom lines.
Recently, KPMG released a survey of 403 CIO, CISO, CTO, and CIOs. These IT professionals come from many different industries including automotive, technology, banking, and retail sectors. Here are some interesting statics and numbers from the survey.
- 81 percent admitted they had been compromised by cyber-attacks within the past 24 months
- 89 percent of retail companies reported a breach in the past 24 months
- 85 percent of automotive companies reported a breach in the past 24 months
- 76 percent of banking and technology companies reported a breach in the past 24 months
What is the good news if you believe your cyber security will destroy your value?
- 49 percent have invested in IT security within the past year 12 months.
- 66 percent of banks appear to be proactive when it comes to investing in their IT security.
- 62 percent of technology followed by 45 percent of retail and 32 percent of automotive.
Cyber attacks are affecting all companies however the larger organizations have the internal resources to protect themselves. Too many companies are taking a passive or reactive approach toward cybersecurity and network management when it should be a top issue for the entire company.
Your cyber security will destroy your value however you can protect it
Larger organizations have an IT security expert in place, however, this is not possible for small and midsize businesses (SMB). Cyber criminals go after the weakest systems in your network. According to the c-level executive from these large organizations, they acknowledged the ramifications of a security breach down to reputation at 53 percent and financial loss at 50 percent as the top concerns associated with falling victim to cyber attacks including ransomware malware.
If you are a small and midsize businesses (SMB) you don’t have to think that your cyber security will destroy your value but you do have to address it with your management team and managed IT services provider. You need to ensure that your company is taking a proactive approach to managing your IT infrastructure as well as your IT security. Your IT consulting team must have a full plan in place as well as a well-defined explanation of how you are protected and procedures in place to address your disaster recovery (DR) plan.
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