Cyber security breaches are serious and cost billions per year which is why small business are wanted by cybercriminals.
As organizations and governments commit to making the internet more secure for businesses. This is good news as cyber security breaches including ransomware are costing businesses billions of dollars per year therefore it is very important organizations take this cyber security threat seriously.
Governments may be assisting at securing the network, but a cyber security strategy is ultimately the responsibility of the organization. Approximately 22 percent of businesses discuss cyber security matters at management level and with a managed IT services provider.
Organization with inadequate data privacy practices are 80 percent more likely to suffer a data breach than organizations that put importance behind privacy practices and policies.
Organizations with low privacy scores lost approximately 600 percent more records than high privacy scoring organizations.
Educational and government websites are more likely to experience a breach than commercial sites as they are larger targets. As there is are constant data breaches and increased data security awareness, confidence in cyber security is going away. Organizations that fail to protect sensitive data will face serious negative consequences from the employees, clients, and the public.
In an interesting turn of events, third parties are responsible for most data breaches as the average organization has over 700 different vendors according to an auditor’s association. They stated that third parties were responsible for 75 percent of data breaches.
Many organizations are behind data privacy requirements and they need to prioritize industry leading privacy practices. This will reduce the risk of security incidents, data breaches, and demonstrate trustworthiness to clients.
Organization management must rank data theft as the biggest cyber security threats they face from malware, hackers, and rogue employees.
Is there a fear of cybersecurity and data breaches?
- 16 percent of large organizations suffered from successful cyberattacks last year.
- 12 percent of medium organizations suffered from successful cyberattacks last year.
- 4 percent of small organizations suffered from successful cyberattacks last year.
- 9 percent of organizations surveyed stated they had fallen victim to a phishing attack last year.
Organizations must understand that protecting intellectual assets, customer details, and financial information is vital for their business. Identity theft remains a large threat for individuals and businesses therefore organizations must take steps to protect. Cybercriminals rely on the information they harvest from organizations to perpetrate these kinds of cyberattacks.
Besides healthcare, professional services find themselves vulnerable including accountants and law firms as the hold a lot of financial information. A cyber security breach there can seriously cause damage and embarrassment if they leak their client’s information.
Organizations need to protect themselves as well as their information with security IT security policies, IT security procedures, cyber security training, and a commitment to ensuring they invest into IT security yearly.
365 iT SOLUTIONS is federally certified by the Canadian government under CyberSecure Canada certification.
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