Blog Posts

• Analyzing the Growth of Cybercrime Costs

Cyber attacks take place on all sizes of businesses. However, it is to be noted that more than 41% of the episodes take place in Small and Medium Scale enterprises. Only a handful of such enterprises have the capacity and competence to safeguard themselves from such threats. Hence, it can be assumed that medium and small-level industries need to enhance their cyber protection capabilities to stay competitive.

Some Data from Ponemon Institutes State of Cybersecurity Report (A Survey to Collect Data)

• 45% of enterprises say they are incapable of mitigating attacks
• Around 66% of respondents say they have faced an attack within the last 12 months
• 69% of respondents say that the attacks have been more targeted The most common types of attacks on small businesses are
• 57% percent of attacks come through phishing or social engineering
• 33% of attacks come from stolen or compromised devices
• 30% of attacks come through stolen credentials

• Longtail Cost of Cyber Attacks

The readers must take note that the average cost of Cyber Attacks will increase every year. It is expected to take staggering figures within the next five years. Understanding the *Longtail cost of Cyber Attacks on a given enterprise over a span of 3 years.

• In the first year, the % would be 67
• In the second year, the % would be 22
• In the third year, the % would be 11

*This includes the cost of lost data, business disruptions, revenue loss, and system downtime

• Impact and Severity of Cyber Attacks

The impact and severity of Cyber Attacks must be understood and analyzed thoroughly by enterprise managers and decision-makers. They must understand the seriousness of cyber attacks and the financial burden which might be incurred on a given enterprise due to such an attack.

• Financial Losses
• Productivity Loss
• Loss of brand Value and Reputation
• Legal Liability
• Problems associated with business continuity

• Increased Frequency of Cyberattacks

In 2016, a business faced a ransomware attack every 40 seconds. With the increase in the volume of ransomware attacks, the 2021 figure stands at a staggering 11 seconds. This means that every 11 seconds, a business faces a ransomware attack threat. One can naturally understand that threat perception has increased manifolds over the last few years. Hence, it is mandatory for every business to secure its perimeters using cyber solid security measures.

• The Solution – Hiring Expert Cyber Security Consultants for 360º Cyber Protection.

The expert Cybersecurity Consultants are able to deliver the perfect security solutions as per the changing security matrix of 2022. A Cyber security expert can offer the following advantages to an enterprise

• 1. Protection against threats with the latest Cybersecurity technologies and platforms
• 2. Significant risk reduction with firewalls, password protection, anti-virus, encryption, and backups
• 3. Awareness of staff members increases with training and knowledge sharing on Cybersecurity
• 4. Cost Reduction by minimizing chances of attacks

• Role of ITPN-like consultants

ITPN offers advisory, consulting, and a wide range of services, products, and certified IT security professionals, with pioneering expertise and rare experience to help our clients safeguard their critical assets (Infrastructure, Data, Identity & Access Management, Applications, and other Assets) by identifying, protecting, managing and adequately responding to security threats and incidents.