Eighty-five percent of IT managers in the financial services sector say their biggest technology threat in 2018 is an online attack from cybercriminals — the most notable impact being on existing systems. Fraud incidents, alone, have increased more than 130 percent during the past year. In an October 2017 study on the cost of cyber crime conducted by the Ponemon Institute, as a direct result of cyber attacks,
“Whether managing incidents themselves or spending to recover from the disruption to the business and customers, organizations are investing on an unprecedented scale — but current spending priorities show that much of this is misdirected toward security capabilities that fail to deliver the greatest efficiency and effectiveness.” And, as attacks are on the rise, attackers are upping their game. “Criminals are evolving new business models, such as ransomware-as-a-service, which mean that attackers are finding it easier to scale cyber crime globally.”
And new threats are now. Since only after the new year, companies are scrambling with the latest warning “that hackers could take advantage of flaws discovered in chips made by Intel, AMD and ARM, which could affect nearly all computers and smartphones.”
There is no “one-size-fits-all” method for companies to follow to be cyber-secure, says Stephen Martin, director-general at the Institute of Directors in London.
He adds, “Shareholders are likely to interrogate boards more frequently on their cyber diligence and will hold them to account for failure.”
Key Findings of the Cost of Cyber Attacks:
Once data is evaluated and ranked, it is also important to know where the data lives and how it can be accessed. This might seem like common sense, but a recent EY study found that
And patching and updating protections to ward off ransomware will make a critical difference.
It’s impossible to completely prevent a breach from occurring, but proactively taking steps to ensure a company is prepared from the top-down to mitigate an attack and manage its impact is the key to reducing company-wide costs and stress.
Opinov8 announces its new recognition as an Amazon RDS Delivery Partner. This accreditation underscores our expertise in managing and optimizing relational databases using Amazon RDS (Relational Database Service). We work with various engines like Amazon Aurora MySQL, Amazon Aurora PostgreSQL, PostgreSQL, MySQL, MariaDB, and SQL Server. This recognition shows our ability to help clients set […]
Opinov8 announces its new recognition as an Amazon RDS Delivery Partner. This accreditation underscores our expertise in managing and optimizing relational databases using Amazon RDS (Relational Database Service). We work with various engines like Amazon Aurora MySQL, Amazon Aurora PostgreSQL, PostgreSQL, MySQL, MariaDB, and SQL Server. This recognition shows our ability to help clients set […]
Meet Menna, Opinov8 Manual QA Engineer. She tells about how to start a professional career in IT, be a woman in Tech, and how important continually expand skills and learn something new whatever you do.
Meet Menna, Opinov8 Manual QA Engineer. She tells about how to start a professional career in IT, be a woman in Tech, and how important continually expand skills and learn something new whatever you do.