Cyber Security. It’s on the tip of everyone’s tongue these days and rightly so, due to the massive need for those in the sector. The market’s growth only highlights the increased risk in our businesses and infrastructure as we increasingly depend on the internet. Not only is Cyber security vital to secure our businesses, it ensures that normal working procedures can be fulfilled, keeping private data safe and unexploited.
In the latest Risk: Value report from NTT Security, it details the UK’s continued lack of proper attention, money and care given to cyber security in the UK. Some companies weren’t even sure if they had had a security breach, an issue that even Dixons Carphone fell for, recently reporting that their security breach in 2017 was over ten times bigger than what they initially thought. The report also reveals that less than a third of firms have cyber security insurance in place, with many (21%) companies preferring to pay a ransom demand from a hacker in an attempt to cut costs over investing in appropriate information security.
Kai Grunwitz of NTT Security comments that “with estimated annual losses from cyber crime now topping $400bn (£291bn), you would hope more organisations would be beating a path to insurers’ doors. But while the insurance sector is certainly seeing growth in the number of policies being taken out to cover such losses, it’s an issue that many senior decision makers are not on top of.”
There appears to be an overwhelming relaxed atmosphere in Britain to cyber security, relying on a reactive approach to attacks, which are far costlier and dangerous in comparison to prevention measures. The UK however does have one of the lowest recovery periods with just 47 days in comparison to the 57 days it takes globally, which ensures our recovery costs are on average £1.33million in comparison to the average global cost of £1.5m.
Whilst the losses from such a breach can reach up to 10% of a corporations revenue, firms are often far more concerned with their reputation than financial fallout. Online review sites such as Glassdoor and Trustpilot are so clearly visible and can impact a corporations reputation and consumer ratings. Even the rise of social media, is transforming the way that companies interact with their users and often leaves unhappy people taking to these public platforms to complain and vent. UPS Capital reported that 60% of small businesses that suffer a cyber attack are out of business within six months.
Clearly the risks of cyber security are huge and as a recruitment firm specialising in the Finance and Tech markets, we specialise in cyber security, understanding the risk it can have for you and your business. We understand what our employers need and are looking for, demands that are often being met by a skill shortage as companies scramble to get their policies and systems up to scratch. The escalation of cyber threats has lead to an enormous growth in the market for those that possess the skills and experience to manage the international demand for cyber security. We are dedicated and committed to filling the gaps in the market with individuals that fit the needs and desires of your business, ensuring that you aren’t overlooking potential threats to your concepts.
Contact Anson McCade today if you’re worried about your cyber risks at 020 7780 6700, we are always open to new clients and would love to help you.