The Cost of Cyber Crime
New research shows that the cost of cyber crime is set to reach record levels with cyber criminals seeking to take advantage of richer prizes as a result in wide vulnerabilities in current and upcoming technologies.
Juniper Research report estimates that data breaches and cyber crime will cost businesses around the globe a shocking $2.1 trillion dollars by the year 2019 – four times the cost of breaches this year.
With the increase in technologies such as wearables within the Internet of Things, the average loss due to data breach will rise to $150 million or more, as businesses lean towards new technologies, according to the report.
The majority of these strikes will happen within the United States, as much as 60%.
As the consumer pushes toward new technologies, they will rely on the industries providing services in this space reliable protection in the event of a breach.
The Responsibility Of The Company
In recent months, companies have battled a storm of breaches, viruses, and other cyber attacks. This has pasted major companies on the front page of major traditional and online publications and media outlets.
The result has been a decline in trust of the business, along with millions and millions of dollars in losses for these companies. It has also exposed a weakness in today’s cyber security practices, which continue to be exploited by the hacker.
The cyber criminal is today’s biggest threat. Protecting your client’s sensitive information from the hacker is now just as important as securing a firm from fraud, embezzlement, and non-cyber theft. There are important steps to protect each client and each company with absolute certainty.
Businesses operate in a rapidly changing environment where technology is an essential part of their operations. clients expect more remote services— such as Internet options and online pay, mobile services, and a variety of other technology related products. It is the new standard to keep up with these changes.
Board members and executives should ask themselves:
- How many clients conduct transactions without ever stepping foot at a location?
- How do clients complete those transactions?
- Where does all that confidential member data go?
- Who has an opportunity to look at that data when it’s outside of your control?
Board members and management teams should be confident they are in the best position to defend against cyber-attacks. Lack of understanding, and lack of commitment to the best solutions result in loss. Most security programs today are outdated, and in perfect alignment for a hacker to grab valuable data and digital assets. As the industry rapidly moves forward, it is the duty of the company to protect themselves and their clients.
No one expects board members and management to program code or become a security specialist for the company. They are expected to ensure the company has met all its security obligations.
With Secure Channels Patented Encryption Technologies and Cyber Security Solutions, companies meet and exceed current industry standards while installing the proper framework for future cyber security needs. Today’s hacker is nimble and quick, a company must act fast to humble the hacker.