Tackling the $8 Trillion Cyber Crime Crisis

Cyber Security, Newsletter

As the Cyber Threat landscape grows increasingly complex and fast-paced, experts predict that the total cost of Cyber Crime will surpass $8 trillion by the end of 2023. This staggering figure includes money stolen by cyber criminals, investments in security tools and services, and funds spent on ancillary activities such as staffing, remediation, legal fees, and fines. Yet, many businesses still fail to prioritise Cyber Security as an essential business practice, especially among small to medium-sized businesses where 81% of Cyber Attacks are based. 

Despite a 38% increase in global Cyber Attacks in 2022 compared to 2021, businesses worldwide allocate only around 12% of their IT budget to Cyber Security. Persuading the boardroom to invest in Cyber Security can be challenging, but effective Cyber Security can protect your business from devastating consequences. Establishing a strong Cyber Security architecture requires deploying security measures on multiple fronts, such as data, devices, employees, and networks. Selecting the appropriate collection of solutions after carefully assessing the business’ demands, and the current level of security precautions, is more effective than acquiring as many tools as possible within budget constraints. 

But why do businesses invest so little into their Cyber Security practices? For many it comes down to Financial concerns, the difficulty in quantifying the return on investment can hinder a business’ willingness to invest in Cyber Security, opting instead for an “It won’t happen to us.” approach. However, during the first quarter of 2023 UK businesses were targeted by a Cyber Attack on average every 1 minute. Comparing the financial implications of previous data breaches with the investment cost can help clarify the value of cyber security for businesses. Another hurdle which businesses face is the monotony associated with maintaining good cyber security, which can lead to inaccuracy and personnel exhaustion, this is why One2Call handle all of this for you ensuring that your business always stays as secure as possible. Business leaders must understand the hazards and repercussions of a Cyber Attack and prioritise Cyber Security to protect their organisations and clients. 

One2Call offers all businesses a FREE Cyber Security Self Assessment, allowing businesses to understand their current Cyber Security protection level, so that they can understand what they should be covering in order to effectively protect themselves from potential attacks. It highlights all the relevant solutions including technologies like EDR (Endpoint Detection & Response), which actively monitors your business devices for unusual, suspicious or malicious activity. Click the link below to download our FREE Cyber Security Self Assessment and see if your business is using the most current solutions to protect from potential threats. 

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