Cyber Risk for businesses

NTT Security have posted their Risk:Value 2019 report to update on Cyber Security progression within business. The report is filled with surprising and insightful statistics that can help those interested in Cyber Security gain a better understanding of the state that businesses are currently in.

For a long time, many businesses and individuals have been overburdened with the risk that Cyber Security poses. Some businesses have been extremely proactive, while others believe that it does not pose a threat. According to the Risk:Value report, Information Security is now very close to the top of perceived threats for businesses, alongside the economy, with ~85% of businesses nominating cyber security as a high risk to the integrity of data.

This is where things get interesting. Despite the sharp uptake of the perceived threat, the percentage of businesses in the UK that agree all of their critical data is secure is an astounding 58%. And to add insult to injury, 33% of businesses globally said that they would prefer to pay a ransom from hackers than invest in their own IT equipment to mitigate Cyber Security threats. This is an enormous warning sign to other businesses who are simply trying their hardest to upgrade their infrastructure, but at a slower pace.

Each time a business pays a ransom, it provides an incentive for hackers to continue raising the stakes for a bigger payoff. Without ransom payments, hackers are left to attack businesses for reputational damage rather than for a pay-out. Paying a ransom is highly discouraged, as it revolves around a gamble to get your data back. Overall, the awareness of Cyber Security is gradually increasing, but businesses still need to act on their concerns and invest in the expansion and integrity of their organisation.