In just one year, concern expressed by company executives over cyber threats increased from 69% in 2014 to 86% in 2015. This was according to a survey done by PricewaterhouseCoopers. And from what we know, the threats are pretty credible.
So BI Intelligence, Business Insider‘s premium research service, put together a little infographic, explaining just what cybersecurity is, what the investment will be, the top types of attacks, and the ways enterprises are protecting themselves.
While we got the lowdown by South Africa’s Marthinus Engelbrecht from NEWORDER, BI Intelligence’s John Greenough put together a little infographic, check it out:
There are a few other reports that went along with the infographic – here are some important points:
- Research has repeatedly shown that many IoT (Internet of Things) device manufacturers and service providers are failing to implement common security measures in their products.
- Hackers could exploit these new devices to conduct data breaches, corporate or government espionage, and damage critical infrastructure like electrical grids.
- Investment in securing IoT devices will increase five-fold over the next five years as adoption of these devices picks up.
- Traditional IT security practices like network monitoring and segmentation will become even more critical as businesses and governments deploy IoT devices.
- Cyber insurance plans cover a variety of costs related to cyber attacks, including revenue lost from downtime, notifying customers impacted by a data breach, and providing identity theft protection for such customers.
- Annual cyber insurance premiums will more than double over the next four years, growing from to ~$8 billion in 2020.
- However, many insurance companies have been hesitant to offer cyber insurance because of the high frequency of cyber attacks and their steep costs. For example, Target’s notorious data breach cost the company more than $260 million.
- Insurers also don’t have enough historical data about cyber attacks to help them fully understand their risks and exposures.
- There are large underserved markets with very low cyber insurance adoption rates such as the manufacturing sector, where less than 5% of businesses have cyber insurance coverage.
You’re probably feeling a little bit vulnerable right now – and you probably should, especially if you don’t have guys like NEWORDER looking after your business. A company that was established six years ago, NEWORDER is now recognised as the leader in Information Security.
[source: businessinsider]
