Cyber Security – What would a breach really mean for your company

Cyber Security - What would a breach really mean for your company FP1As the internet has become increasingly important across every aspect of business, the risks posed by breaches to cyber security continues to rise.

Barely a week goes by without another high-profile cyber attack emerging, the latest seeing eBay asking its 233 million members to reset their passwords after a database was hacked earlier this year.

The latest World Economic Forum global risks report highlighted the scale of the threats posed by ranking cyber attacks in the top five likeliest risks to the world economy.

It warned the world “may be only one disruptive technology away from attackers gaining a runaway advantage”. In the UK, research has suggested that the cost of cybercrime to businesses could already be in the order of £27 billion per year. According to the Department for Business, Innovation and Skills’ (BIS) latest Information Security Breaches survey, 93% of large organisations and 87% of smaller ones suffered a security breach in the last year.

The survey puts the average cost of breaches to a large organisation at £450,000 to £850,000 a year and £35,000 to £65,000 for SMEs.

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