Cyber-crime could cost businesses trillions over the next five years
Businesses worldwide could suffer combined losses of up to £4 trillion in additional costs and lost revenue over the next five years due to cyber-attacks, according to a recent report by Accenture.
Securing the Digital Economy: Reinventing the Internet for Trust explores concerns that rapid expansion of new technologies in the digital economy are outstripping organisations’ cyber security capabilities.
With businesses harnessing IT to achieve growth, including versatile cloud computing options, the continued expansion of the digital economy is inevitable. But the use of new technologies comes with an increased responsibility to ensure that digitised information is secured.
The Digital Economy – Friend or Foe?
To harness the benefits of the digital economy, your cyber security solutions must scale with your investment in growth-enhancing technologies.
Fail to do so, and your organisation risks suffering repeated cyber-attacks, damaging reputation and undoing your investment in digital growth technologies.
TSB’s IT failure in April 2018 is a damning example of this. Leaving customers without access to their online banking service for several weeks, the IT disaster cost TSB a staggering £330m.
“79 percent of our respondents reported that their organization is adopting new and emerging technologies faster than they can address related security issues.”
Securing the Digital Economy
And this has caused a devastating knock-on effect; the consumer bank announced a loss of £105.4m today, down from the previous year’s profit of £162.7m.
Neuways views investment in cyber security as an essential companion to your digital growth strategy. This interpretation is implicit in Accenture’s prediction.
Rather than viewing cyber-crime as an obstruction to £4 trillion worth of value creation, we take the view that an effective implementation of cyber security is an opportunity to achieve that growth.
But where should you start?
Backup and BCDR – In the event of a cyber-attack or hardware failure, a business continuity strategy minimises downtime, saving you money and restoring critical data in a matter of minutes.
Network Security – Our enterprise-grade firewall surrounds your internal network with a protective shield, immobilising malicious network traffic and delivering detailing threat reports.
Email Security – In addition to protecting your business from email-borne malware, our email security solution also offers detects the impersonation of senior staff members.
Managed Security – Investing in a managed security partner offers unlimited IT support whenever you need it, freeing up time for you to get on with running your business.
Cyber Essentials – Achieving this government-backed accreditation demonstrates that cyber security is a high priority in your organisation, attracting new business and gaining a competitive advantage.
IT Strategy – Reviewing and improving your IT strategy allows for realignment with your business objectives, saving money through IT budgeting, and allowing for the efficient implementation of security solutions.
IT Awareness Training – Cyber-criminals habitually seek the path of least resistance by exploiting human error; invest in your employees and build a culture of cyber defence awareness.