One of the most important things for any business is to ensure the continuity of operations in the event of a disaster. As more companies are investing in disaster recovery techniques, they are becoming overly complacent without implementing a proper test.
One of the aspects of a business that plays an essential role in its ultimate success or failure is its telecommunications systems. Without a solid telecommunications setup, communications internally between employees and externally with clients may become cumbersome and challenging. The old say of communication is key is never more important that in business. Poor communications systems can negatively impacting the performance as well as the profitability of a business.
As people increasingly use the internet for transactions and other daily activities, businesses must take extra measures to ensure the security of the data being exchanged online. Hackers and other malicious actors devote a considerable amount of time as well as resources seeking ways to compromise computer networks in order to access personal data and proprietary information belonging to businesses. This data, once accessed, is used for various sorts of illegal and nefarious activities. In the first half of 2018, there were roughly 4.5 billion data records compromised by malicious attacks.
One of the challenges faced by businesses that conduct activities online is how to keep their computer networks secure from threats. Hackers and other malicious actors constantly look for ways to penetrate computer networks and access personal or proprietary data. This data, once accessed, is used for various sorts of illegal activities, typically at the expense of the business or the individuals whose personal information was compromised.
Implementing a disaster recovery plan can often be a daunting task. When it comes to ensuring the security and continuity of your business’s data, there are a lot of factors for companies to consider. Everything, from identifying risk areas to choosing a location to host the disaster recovery site, takes time money and resources that many companies do not have.
In response to the increased sophistication and devastating consequences of cyber attacks, businesses have gradually transitioned their cybersecurity strategy away from on-premise security solutions and Managed Security Service Providers (MSSPs) to the Security-as-a-Service (SECaaS) model. With SECaaS, a third-party cloud provider assumes the responsibility for the development and maintenance of a business' cyber-security strategy. In 2015, the worldwide market for SECaaS was at $3.12 billion. This market size is projected to reach $8.52 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 22.2%.
Over the past several years, there has been a shift by businesses from physical or local network security services to cloud-based services. Initially slow, the shift to cloud-based security services, formally known as Security-as-a-Service (SECaaS) has exponentially increased. The reason? Businesses have become more aware of SECaaS benefits, especially when compared to traditional network security strategies. As a result, there has been an increase in market share for SECaaS; formerly at $3.12 billion in 2015, the market share is projected to reach $8.52 billion by 2020.
There has been a steady increase in cyber attacks by malicious actors over the past several years as businesses increasingly conduct their activities online. Impacted businesses can experience severe and long-lasting consequences. In addition to a loss of reputation, these businesses may also experience a significant financial loss as a result of measures implemented to contain and manage the data breach. Businesses impacted by a data breach may also be subject to litigation by individuals whose personal information may have been compromised. In 2018, the average cost of a data breach was $3.86 million, up from $3.62 million in 2017, a 6.4 percent increase.
There has been a significant increase in cyber attacks over the last several years as malicious actors look for, as well as exploit, vulnerabilities in computer systems and network infrastructure. When found, these vulnerabilities are used to compromise the network infrastructure, often with devastating financial consequences to the impacted business. Globally, businesses have lost more than $8 billion in 2018 as a result of ransomware, an increase from $5 billion in 2017 and $325 million in 2015. With ransomware attacks on businesses occurring every 14 seconds, it is projected that the costs of ransomware attacks will exceed $12 billion by 2020.
If you haven't heard about Ransomware by now you must have been living under a rock. This growing cyber threat has taken out millions of IT environments and shows no signs of stopping. And just as it seems we get one step ahead of the virus, a new variant is created that targets a new vulnerability in our systems.