The only place where an investment to prevent cyber-attacks is unnecessary is in the land of make-believe
Recently revealed research results by Kaspersky Lab would certainly indicate that prevention is not an option but should rather be a strategic business objective when it comes to cyber breaches. Kaspersky notes that large business losses from cyberattacks are estimated to be $861,000 per security incident. The report named: Measuring the Financial Impact of IT Security on Businesses* notes that small and medium businesses (SMBs) are paying $86,500 per incident. Significantly the cost of recovery is estimated to be directly related to time of discovery. Small to medium business were found to pay 44% more to recover from an attack discovered a week or more after the initial breach, compared to attacks spotted within a day. Enterprises corporations are estimated pay a 27% premium in the same circumstances.
Cybercrime is reported as the fastest growing industry worldwide and South African businesses lose around R2.2bn Rand annually to cyber-attacks.
It seems incredible that in an age where cyber threats evolve as quickly as technology develops, thousands of businesses in this country rarely, if at all, re-evaluate their vulnerability to this growing global issue.