Cybersecurity has become a substantial risk for businesses across industries. While small businesses are particularly susceptible to security threats, even large, established businesses with sophisticated security plans are at risk of a data breach.
Unfortunately, it's impossible to guarantee that you won't be subject to a cyber attack, regardless of the cybersecurity plan that you have in place. However, the goal of cybersecurity isn't to provide this guarantee; it's to reduce your risk of falling victim to an attack and ensure that you can bounce back quickly if an attack does occur. Your cybersecurity plan should balance risk with cost-efficiency in a way that makes sense for your circumstances.
Cybersecurity risk assessments pinpoint the assets that could be compromised in a cyber attack, then estimate and rank the risk to those assets. This gives you the opportunity to allocate resources to the assets that are the most at-risk, providing cost-efficiency while reducing your chance of becoming severely compromised in a cyber attack.
To dive deeper into this topic, read: https://www.forbes.com/sites/forbestechcouncil/2021/10/05/cybersecurity-strategy-from-hypothetical-to-empirical/?sh=5cac33c73cf6.
75% of experts consider cybersecurity to be a top priority.
Only 16% of executives say their organizations are well prepared to manage cyber risk.
20%
Identifying critical IT assets and refocusing investment in those areas can save as much as 20% in cybersecurity costs.
More than 75% of executives report that their organizations either have no method to measure cyber risk (49%) or they don't know if their organization measures risk exposure (27%).
Source: https://www.marshmma.com/blog/2018-cyber-and-data-security-risk-survey-report
$2.9 million is lost to cybercrime every minute.
In 2020, the average cost of a data breach was $3.86 million.
Source: https://reciprocity.com/blog/the-statistical-analysis-of-measuring-cybersecurity-risk/