A 2019 study, Cyber Security Breaches Survey, conducted by the Department for Digital, Culture, Media & Sport, found that a third of UK businesses experienced cyber security attacks and breaches in 2018. According to the study, online impersonation, phishing emails and viruses are the most common form of attacks. 

These statistics point to the importance of cyber security for businesses. Here are some reasons why security online is more important than ever. 

The increasing cost of attacks

Cyber attacks can prove to be very expensive for businesses. 

The Cyber Security Breaches Survey 2019 found that the average cost of data breaches is roughly £22,700 for large businesses, £9,270 for medium businesses and £3,650 for small businesses. 

This is just the financial damage. 

The real expense to the business is far higher if you consider the inexplicable damage to its reputation. Customers can lose trust in the business and may choose to do business with the competition. Furthermore, acquiring new customers can become very difficult. 

Hackers are becoming smarter 

Most businesses have a website and externally systems that could give attackers an entry into the internal network. Hackers have a lot to benefit from data breaches and there are many examples of well co-ordinated and funded cyber attacks on large enterprises in the UK. 

Hackers are increasingly deploying sophisticated techniques to attack businesses. Every business must anticipate attacks and implement measures to detect and tackle malicious activity before it can become damaging and disruptive. 

Proliferation of technology

Industry experts predict that by 2020, technologies such as IoT, artificial intelligence and the public cloud will make most of the current network security measures ineffective. 

Sure, IoT, cloud and AI, all offer several benefits. However, every IoT device that’s connected to the internet can become an entry point for cyber criminals to breach your network. 

It’s important to conduct regular security audits to identify and fix cyber security risks that these assets could cause. 

Tighter regulations

The absence of security measures not only expose you to criminal attacks but you could also face hefty fines for non-compliance with regulations. 

The introduction of measures like GDPR means that businesses must give security a lot more importance or face fines. 

Protect your business, contact Midas Solutions today!

Cyber attacks can set your business back in a lot of ways. Cyber security must be given due importance as it can make a huge difference to your business. Midas Solutions is a leading IT company specialising in disaster recovery and cyber security among other things. Contact us today to secure your IT infrastructure against cyber crimes.