As humans, we are constantly weighing the odds of particular events happening, more specifically we identify the likelihood of negative events happening to us as lesser than them happening to someone else. This “that won’t happen to me” attitude is the main reason why we so often take a reactive approach to security. For example, your house gets broken into. From a reactive standpoint, you call the police, go out and buy a security camera, change the locks on your doors, etc. The proactive approach would suggest that you do all of this before the break-in occurs so that you've implemented the cameras, get that guard dog, and change the locks before an incident even occurs. For security issues that pertain to your business and its data, a reactive approach won’t cut it, and will often result in prolonged downtime and unexpected data loss. With security breaches on the rise, the important thing to realize is that it is no longer a matter of IF you will be affected, but when.
About 52% of businesses are failing to run thorough vulnerability assessments. This issue is made more troublesome because every business faces cyber-attacks these days. As attacks increase in prevalence and sophistication, cyber-attacks have become a matter of when, not if.
The average person uses 5 passwords or less across their entire online profile lifetime. That means you most likely have the same password for your personal computer, your bank app, your email account, and dare I say it, your work computer! If you fall into this category or feel that any of your employees might, consider implementing multi-factor authentication on your organization’s end-point devices and network to ensure it stays safe and secure from hackers.
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.
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.
The modern workforce is becoming increasingly mobile. Mobile devices, tablets, and laptops are becoming more powerful and with the imminent arrival of 5G, the amount of computing power performed on a mobile device will surely explode. According to a 2018 survey by Oxford Economics, 80% of IT executives believe that mobile devices are vital to enterprise success.
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.