The rising costs of cyber security

As the threat of cyber attacks are on an upward spiral, as are the costs for businesses who need to continue protecting their company data. There have been recent warnings from cyber security experts that they anticipate a big rise in hacker ransoms, which will not only affect businesses, but anybody who owns an online device. They expect these hackers will be targeting smartphones, televisions and even fitness watches. The fight against cyber criminals is climbing to a whole new level.

Most businesses have been spending large amounts of money on cyber security for some time now, but regulators are getting tougher on businesses that aren’t complying with the minimum standards. Businesses that are found to have inadequate systems and processes in place will stand to receive large fines. This is on top of the already high risk of reputational damage that any type of cyber security breach will normally entail.

The government budgeted a record amount of money into cyber security for the next five years as cyber hacking is a growing concern which shows no sign of disappearing. The fact of the matter is, the more devices that are connected to the internet, the more opportunities that are presented to the criminals. In a world where it has become the norm to conduct banking and other high-risk transactions using your smartphone, this is a problem that will fail to end any time soon.

The banking sector are prime targets for hackers, meaning it is paramount for consumers to select a back with high levels of cyber security. Whether you are looking for SBA loans or taking out a mortgage, it is important to select a bank who is dedicated to protecting their customers. You can check whether a webpage is secure by looking at the URL address. Sites with security installed will display a padlock symbol. Check LendGenius as an example.

Or course, back in the day, businesses never thought cyber-attacks would ever pose enough of a problem that would result in them spending money in expensive defenses. This is because, as hackers grow in sophistication, businesses must follow for their own benefit and security. When buying cyber security, it is not only a system you purchase, but a person with has the required expertise, and as there is a high demand in the recruitment market for people with these types of skills and experience, they are able to ask for the high figures.

Due to this high request, the experts in this area can demand high salaries, meaning businesses do not have the option to bow out. If you underinvest in cyber security, then you will be subjected to fines and possible reputational damage. However, overinvest and you are paying out huge salaries for the types of skills that used to be set within standard IT pay bands.

Today is a difficult time for businesses when it comes to hiring the right people who possess the skills and expertise for this growing epidemic. With the pattern of increased cyber-attacks looking to rise in the near future, this is a precaution both businesses and governments must consider and continue investing in when combating these criminal masterminds.

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