Whenever we talk about cyber-security and the processes of implementing effective measures, we should be aware of the variety of all the information regarding cyber-attacks across each industry in the global market. Highlighting every industry will help us gauge the overall impact of cyber-crimes.
In 2020, an article regarding data risk reports of 2019, mentioned that the financial and manufacturing industries had the highest percentage of exposed files that stood at 21.
A data risk report for 2021 had some interesting insights that can further help us in understanding the overall risk the sector is in.
Some interesting insights
This report is a result of compiling 4 billion files. These files were from across 56 entities in the financial sector. According to this report, the average cost of a data breach in the financial sector is among one of the highest in the global market as it stands at a valuation of 5.85 million USD.
Below are some important facts like this:
- Every employee in these organisations have access to about 11million files. They are constantly operating on these files and the unprotected layer of security of their personal devices has been the primary reason why the remote workforce in today’s time is prone to a lot of vulnerabilities.
- About 60% of these 56 entities have 500+ passwords saved that never expire. This makes them weaker against DDoS attacks, phishing attempts, and other social engineering attempts.
- On an average, almost every individual working in these organisations have access to about 13% of the total files stored within the organisations. Out which, 20% of them contain sensitive information regarding employees and the customers of the organisation they are working for.
- Close to 64% of the companies have 1000+ files that are accessible by every individual within their organisational structure. It can lead them to get targeted by cyber-criminals. They are always looking for one opportunity for making their more, but for the organisations, they have to be careful every time as they are always exposed to the risk of facing such vulnerabilities.
What do these pointers suggest?
One of the most important that needs attention, is that every firm in the global market is exposed to getting targeted by cyber-criminals out there. And such a situation is a result of negligence made by both business firms and cyber-security consultancy services.
The organisations are required to take necessary steps to strengthen their network infrastructure. Therefore, taking steps like,
- Securing endpoints
- Proper Planning
- Intrusion detection
- Using MFA (multi-factor authentication
can help them in fathoming the overall impact of an unforeseen cyber-threat up to an extent. This eventually will make them better prepared for similar cyber-attacks.
And for the information security consultancy services, it is important to understand that they are the frontline against any network breach. Therefore, it is important to constantly work on improving the measures that they will suggest to their clients.
It is of utmost important because their constant support is the key to protection of all the firms against the rising number of cyber-crimes.
Another article about the negative impact of cyber-attacks mentioned that the overall cost of cybercrime will reach $6 trillion by the end of 2021.
On examining this fact, we can conclude that it is high time for information security consultancy services in the UK and around the world are required to focus on measures like internal assessment, gap analysis, and continuous improvement. This will increase the efficacy of their services and will eventually help them in being an asset for their clients.
Once every firm has taken preliminary steps from their end and starts getting consultancy services that helps them in identifying and tackling cyber-attacks, we can see a market scenario where the number of cyber-attacks has turned zero.
It might sound ambiguous as of now, but firms like Assured GRC in the UK and other elite consultancy firms in other economies are proving that consultants can improve enough to offer impeccable cyber-security consultancy services to every client they acquire, and that too on a perpetual basis.
Learning from past mistakes is the most important step.
There are many articles that were published with the sole purpose of providing awareness to every business entity regarding cyber-threats. Even after such efforts, the year 2017 witnessed the biggest and the most widespread ransomware attack that went by the name WannaCry.
It had been estimated that it has affected up to 200,000 systems in about 150 countries in the world.
This means that the firms are still not being aware enough to focus on cyber-security measures they implement. Below are some of the biggest cyber-crimes till take so that every company can understand why it is important to take cyber-security seriously.
- In 2018, established conglomerate Under Armor reported that their application “My Fitness Pal” was infiltrated. The breach resulted in theft of about 150 million users’ data.
- In the year 2013, Yahoo witnessed a network breach that affected up to 3 billion accounts.
- A report published by Bloomberg in 2017 reported that Uber had paid hackers to delete the data of 57 million of its users. This was an attempt to keep the cyber-attack from coming into attention in the global market.
- In 2019, the healthcare sector lost about $25 billion to ransomware attacks.
Attacks like these indicate that hiring the best information security consultancy services is imperative for every firm.