The risks and costs of cyber attacks
Companies are aware of the risks. Over three-quarters of people in top management positions at UK firms say that cyber security is a priority for them. And it’s no wonder, the potential costs of a cyber attack are high. However, the financial implications do vary depending on the industry. Organizations working in the energy sector have a higher average cost of cyber incidents than other industries. The recovery costs tend to be greater for medium and large businesses compared to small or micro businesses.Preventing future cyber incidents
Luckily, it doesn’t usually take long to return to normal business operations after a breach or attack is identified. Companies react in different ways following an attack, but additional staff training and communication is the most common action put in place to prevent further breaches. Roughly 72 percent of organizations in the UK rely on AI to expose cyber attacks.Looking at the situation from a consumer perspective, 28 percent of respondents to a survey in 2020 said they didn’t trust companies and organizations with their personal information. Around 16 percent were worried about data hacking and nine percent were concerned about companies’ lack of security.
