In today’s interconnected world, cyber‑risk has gone from a simple technical concern to an existential threat for businesses.
Every business should be preparing itself to defend against cyber criminals, but the number of those doing so is worryingly low.
We consider the current state of cybersecurity and what more needs to be done to protect businesses.
How vulnerable are businesses to cybercrime?
Look at the news on nearly any given day, and you will find headlines concerning the latest business to fall victim to cybercrime.
You might think that this would inspire businesses to take every measure necessary to protect against cybercrime, but the opposite seems to be true.
The World Economic Forum has recently published its Global Cybersecurity Outlook for 2025, and the figures reported therein are troubling.
At the same time, cybercrime is on an unprecedented economic trajectory.
The report indicated that “scammers have siphoned away more than $1 trillion globally in the past year, costing certain countries losses of more than 3 per cent of their gross domestic product (GDP).”
Businesses should be aware that if cybercriminals can take such dramatic action against countries, that they are not safe.
As cybercrime is more efficient and effective than regular crime, there is little to stop cybercriminals from attacking businesses and organisations until they find success.
This can be done through social engineering, phishing scams, and hacking, though the former two are increasingly popular as humanity remains the greatest vulnerability within a system.
How can businesses protect themselves from cybercrime?
As mentioned, it is the people who work for your business that are the main vulnerability.
Technology developers and cybercriminals are in a constant arms race to surpass each other, so many cybercriminals take the easier route of simply asking for access to a network.
Training your staff is the best preventative measure, and cybersecurity training should be conducted with great regularity.
The World Economic Forum Report highlights the success of the Paris Olympic Games as a model for cybersecurity resilience.
It highlights how it “took two years of preparation, which included large-scale audits, penetration testing and cyber-crisis management exercises.”
Your business may not be as big a target as the Olympics, but if you handle any sensitive information, then it will feel as important as them.
The loss of revenue and reputation that comes from successful cyber-attacks can damage businesses for years, as trust takes a long time to be reestablished if it ever can be.
Cybersecurity has been too long overlooked and can have significant ramifications for businesses that do not engage with the matter seriously.
We are on hand to help you understand the importance of cybersecurity and the ways that it can impact your financial well-being.
Worried about the financial impact of a cyber attack on your business? Speak to our team today!
