Cyber crime continues to create significant costs for companies globally, but understanding the risk means going beyond a formulaic assessment of policies.
Digital data has grown exponentially in recent years, spurred by increased penetration of mobile devices and consumption of online services. The rapid expansion in the volume of data companies store, many of which are relatively new to data management and security, has attracted cyber criminals employing increasingly sophisticated tools and techniques. Cyber crime costs global companies around 60% more than it did only five years ago, whilst in the US, that number has risen by over 80% (see Fig 1). No company can afford to ignore the threat, and regulators are stepping up enforcement actions. Their response represents the tip of the iceberg the problem represents.
Figure 1: Cyber costs are increasing
Source: ico.org.uk, Accenture & Ponemon Institute’s 2017 Cost of Cyber Crime Study, Cisco Global Cloud Index
What does cyber risk mean?
Cyber risk is a broad term. For most people, it represents the risk of loss or harm from breaches or attacks on information systems. That loss can take many forms, including direct financial costs,…
