Why is cyber a problem?
According to the Centre for Strategic and International Studies, the estimated annual losses from cyber attacks are $400bn. Last year’s WannaCry cyber attack alone cost $4bn. Clearly, cyber attacks are both evolving and increasing rapidly. As technology is becoming more intertwined in every element of business, there are ample opportunities for hostile actors to infect businesses and cause disruption. The risk is not exclusive to large business either; businesses from all industries, large or small, are at risk.
The rise of the intangible risk
Businesses more readily understand the more tangible risks they face like fire and flood however less tangible risks like cyber crime, are less understood, thus becoming a lucrative business. Cyber attacks leave little evidence, making it difficult for authorities to track down the culprits. When it comes to ransomware attacks such as WannaCry, many businesses pay the ransom to regain access to their data – an incentive for criminals.
The threat of cyber attacks, unconstrained by geographical borders, represents a stark change from the more traditional, tangible threats businesses are accustomed to…
