Every day there are cyber-attacks on UK businesses, destroying the reputation of companies of all sizes and creating huge financial loss. Now more than ever, it is essential to have cyber security strategy in place to protect your business.
In the UK
Building your company to make it a success can be a great achievement, but do you have cyber security specialists in place to protect your data? According to HM Government’s 2016 Cyber Security Breaches Survey, the average cyber-attack can cost a UK business anywhere between £75,000 and £311,000. By having cyber security specialists in place, you will be protecting your company’s sensitive data, your customers, your reputation and even help your company thrive by being seen as a business that takes security seriously.
The impact of cyber attacks
Not only do cyber-attacks cause financial loss, but they can create detrimental effects on your companies brand image and the relationship you hold with your customers. One example would be the cyber-attacks on Talk Talk in 2015, with the company claiming this hack cost them £42 million. YouGov Brandindex figures showed a steady decline in Talk Talk’s brand perception after the announcement of this incident and resulted in the brands market value being wiped of £360 million.
Source: YouGov Brandindex
The HM Government’s 2016 National Security Strategy confirms that cyber-attacks remain a high level threat to UK businesses, with 88% of companies acknowledging cyber-attacks on their risk registers, an increase of 30% on the previous year’s figures. The complexities of these cyber-attacks are constantly on the rise, as the landscape of digital technology continues to advance on a daily basis. This gives opportunity to cyber criminals to access customer data for fraudulent purposes, with many customers now demanding that their suppliers are secure, making cyber security specialists a necessity to any business.
The time to act is now
By having a cyber security strategy in place to protect your business, you can essentially prevent financial loss, increase consumer confidence and protect your brand reputation. Investment in hiring cyber security specialists is essential when your company utilises digital technology and can be cost effective against the array of risks your business is exposed to. This is also an investment that will pay off for the long term and can protect your business for the ever changing threats faced by cyber security in a technically advanced world. The severity of cyber-attacks should not be underestimated and companies of all sizes should consider having cyber security specialists in place to protect their business and brand image.