Mid-Size Businesses Lose More To Cybercrime | Software Advisory Service

Mid-Size Businesses Lose More To Cybercrime

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Mid-Size Businesses Lose More To Cybercrime

 

A recent report on global cybercrime reveals that mid-size businesses experience greater and more frequent losses than smaller and larger organisations.

 

The report, titled “White Hat, Black Hat and the Emergence of the Gray Hat: The True Costs of Cybercrime”, is a collaboration between market research firm Osterman Research and renowned internet security company Malwarebytes.The survey is based on the answers of more than 900 security professionals working in the US, UK, Germany, Australia and Singapore.

 

And what Osterman Research found is bad news for most UK SMEs.

 

Mid-Size Businesses Not Willing To Invest Enough in Security

 

The survey revealed that mid-sized organisations in the UK were worst, and most often, affected by cyber security crimes.

 

The reason behind this is mainly because mid-scale organisations are attacked almost as frequently as larger corporations  -  but they invest way less in security infrastructure, making them an easy target for phishing attacks or spyware.

 

Larger organisations makes cyber security efforts a priority, and the average business of around 2,500 employees tend to spend up to $1.9 million on security. These costs include 3 factors:

  1. The initial costs for setting up a new cyber security infrastructure, including labour costs
  2. The costs that arise when dealing with security attacks
  3. The costs for dealing with insider security breaches

 

While large organisations are gaining control of their cyber security, mid-market businesses, on the other hand, are facing some serious security challenges. On average, they face a similar amount of attacks as their larger counterparts, yet they have much lower security budgets. Of all the countries that participated in the survey, Australia and the UK had the lowest security budgets in both 2017 and 2018, a trend which is predicted to continue in 2019.

 

Only 66% of the participants claimed they would consider increasing security spending in 2019.

 

Which Threats Are UK Businesses Facing?

 

As the number of attacks increase, it also makes it easier to spot trends in cyber security threats.

 

The recent survey revealed that the various industries and sectors are in fact vulnerable to different types of threats. Businesses operating in the healthcare industry are more often affected by ransomware attacks than anything else, while businesses offering financial services were mostly affected by Trojan attacks and DDoS (Distributed Denial of Service).

 

In addition to this, the Osterman Research and Malwarebytes report also points out the recent growth of a new threat, the so-called Grey Hats. According to the report, a significant number of security professionals could actually be living double lives as cyber criminals. Osterman Research predicts that an astonishing 1 in 13 security professionals in the UK can be part-time hackers.

 

With the rise of both external and internal cyber security threats, it’s more important than ever that UK companies invest in their own cyber security. Contact Software Advisory Service on 020 3640 8095, and our cybersecurity experts will show you how to take your security efforts to the next level. How much data can you afford to lose?

 


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