Criminals outspending companies 10 to 1 – but money isn’t everything.
Cyber-criminals are outspending businesses by a factor of more than ten to one, according to new data supplied by the World Economic Forum (WEF) and the Centre for Strategic and International Studies (CSIS). The two international watchdogs estimate that hackers are investing as much as $1 trillion (£768.5 billion) in finding new ways to breach online defences.
By contrast, the very companies they are targeting are spending a mere $96 billion (£73.8 billion) in patching up the holes in those defences, leading to a clear mismatch in the fight against cyber-crime. However, this doesn’t need to result in the foregone conclusion it might resemble; by spending smartly rather than spending extravagantly, businesses should be more than capable of standing up to the cyber-wolves at the door – although at present, that isn’t quite the case.
British businesses under attack
The alarming statistics mentioned above were revealed in a study undertaken by Carbon Black, who surveyed more than 250 chief officers from British companies based in a wide range of sectors. The results of their survey showed that criminal investment appears to be paying off, as 92% of respondents reported they had been successfully attacked in the last year, with 44% admitting they had been breached more than twice in that time.
The threat level has noticeably risen for 82% of businesses surveyed, while 91% of those asked said they thought cyber-attackers were becoming ever more sophisticated in their approach. Threat actors are now incorporating a variety of different techniques into their online arsenal, including crypto jacking, spear phishing, ransomware and many more – and that array of weaponry is only set to increase even further as more money as investment increases.
David outnumbered by Goliaths
Indeed, it’s little surprise that incidences of cyber-crime are on the rise when those responsible are throwing so much money at the issue. Investing so heavily into ways to target substandard security processes, weak links in the supply chain and outdated software contributes to an increase in the frequency, range and intensity of the attacks, meaning the online defences of SMEs are often overwhelmed under the barrage.
It’s not so much a case of David versus Goliath, but rather a million-and-one smaller, nimbler and infinitely better financed Goliaths targeting David simultaneously. Faced with this onslaught, it’s going to take more than a single slingshot or an understaffed, underfunded security department for David to win the day. Having said that, there are security solutions available which don’t rely on a bottomless pit of capital or large-scale resources.
Prodigal approach not the only form of protection
It’s understandable that many companies simply do not have the requisite resources or expertise to deal with the growing threat, and it can also be difficult to justify investment into beefing up online defences or hiring properly trained personnel, since cyber security doesn’t always lend itself to impressive ROI statistics. More of an insurance policy than a money-spinner, cyber security is the unsung hero of any successful business – barely noticeable when functioning properly, but catastrophic when it fails.
Still, failing to secure your cyber defences is akin to securing their failure. Against a cyber landscape that seems exponentially more threatening by the day, what are a cash-strapped and returns-driven enterprise to do? The answer lies in thinking inside the box as well as outside of it; specifically, implementing a robust cyber security programme that not only protects from external attacks, but sweeps the interior for any trace of miscreant behaviour and cleans it up efficiently. That’s where Quorum Cyber come in.
Ability + agility = stability
We combine the ability of trained, experienced and above all knowledgeable professionals with a dynamic, constantly-moving approach. Because hackers know that companies are forever plugging the gaps through which they creep, and that their security department is continually hunting them down, they maintain an agile profile that evades detection or capture as much as possible.
The only response is to fight fire with fire by staying similarly nimble yourself – but instead of devoting the time and resources to hiring a whole new squadron of cyber-security boffins tasked with tackling these problems, why not hire a ready-made one to do it on your behalf? Our Big Red Button services have been specifically developed to address the problem of cost and security at the same time; they are scalable, affordable solutions whose sole intention is keeping your business safe.
The power of geek
As a team of enthusiastic, intelligent and creative individuals utterly devoted to fighting cyber-crime, there’s no one better equipped to handle your online defences than us. We were quite literally born in the Cloud, meaning we have an inherent, extensive knowledge of the industry and the cutting-edge technological knowhow to bring in security solutions proven to cut Goliath down to size.
We can handle all aspects of your company’s security portfolio, from an initial risk assessment of your existing defences right through to detection and neutralisation of threat actors trying to get their hands on your sensitive info. The best part of all – we can provide this holistic service at a very competitive price, breaking down cyber threats without breaking the bank. For more information on how our Big Red Button services can help your business boost its protection credentials, get in contact with us today.