ARMING BUSINESSES TO COMBAT MODERN CYBER THREATS

Cyber security consists of technologies, processes and controls which have been designed to protect businesses and their systems, networks, devices and data from cyber-attacks. Cyber security aims to protect all computer systems from being seriously damaged or leaving the victim with no/limited access to their own confidential files.

For the 13th year in a row, the United States led all counties and regions globally with an average cost per data breach of $9.48 million in 2023, representing a 0.4% increase from 2022 when the average cost of a breach was $9.44 million.

• A cyber security incident refers to a thwarted attack where the business remains unaffected. The intrusion is repelled, and no company data is compromised.
• A cyberattack occurs when a business's firewall is breached, resulting in adverse consequences such as data loss, system access disruption, or the exposure of confidential information.
• A cyber threat is a potential danger to a computer system or network, arising from malicious intent to cause damage or disruption.

Cyber hygiene encompasses the essential practices employees adopt to safeguard both personal and company data. By consistently implementing these security measures, individuals contribute to an overall fortified digital environment, protecting sensitive information from theft or corruption.

Cyberattacks are a pervasive threat to businesses, with nearly 60% experiencing breaches. The alarming frequency of ransomware attacks, predicted to occur every 14 seconds according to the 2020 Official Annual Cybercrime Report, underscores the critical need for robust cybersecurity measures. Given the escalating digital landscape and its associated vulnerabilities, it's imperative for businesses to prioritize cybersecurity and invest in employee training to combat online scams and ransomware. The question isn't whether a cybersecurity strategy is necessary, but rather, how can any business afford to operate without one?

Businesses are under constant siege, facing nearly 10,000 cyberattacks daily, according to recent industry data. The staggering financial repercussions of breaches have led to the collapse of 60% of affected companies within six months. Without a robust cybersecurity strategy, businesses of all sizes risk catastrophic consequences, including loss of privacy, eroded customer trust, financial ruin, and reputational damage.