The risks and costs of cyber attacksCompanies are aware of the risks. Over three-quarters of people in top management positions at UK firms say that cyber security is a priority for them . And it’s no wonder, the potential costs of a cyber attack are high. However, the financial implications do vary depending on the industry. Organizations working in the energy sector have a higher average cost of cyber incidents than other industries. The recovery costs tend to be greater for medium and large businesses compared to small or micro businesses .
Preventing future cyber incidentsLuckily, it doesn’t usually take long to return to normal business operations after a breach or attack is identified . Companies react in different ways following an attack, but additional staff training and communication is the most common action put in place to prevent further breaches . Roughly 72 percent of organizations in the UK rely on AI to expose cyber attacks .
Looking at the situation from a consumer perspective, 28 percent of respondents to a survey in 2020 said they didn’t trust companies and organizations with their personal information . Around 16 percent were worried about data hacking and nine percent were concerned about companies’ lack of security.