You’ve heard the news and read the horror stories. You may have even experienced one yourself. Data breaches, phishing attempts, distributed denial of services attacks, and other cyber security threats have reached an all-time high.
Cyber security preparedness, on the other hand…
Yes, despite the current global threat level—which, on a scale from green to red, may as well be color-coded purple—most companies remain woefully underprepared for a cyber attack. That’s according to the results of the 2018 Hiscox Cyber Readiness Report (PDF), which surveyed several thousand executives and technology professionals.
Hiscox measured these individuals’ organizational cyber security readiness, and the results don’t look so great: 7 out of 10 organizations failed the test, and only 11% of respondents could be categorized as “cyber experts.”
These statistics are alarming for several reasons. First, no cyber security initiative exists in a vacuum; one organization’s vulnerability compromises the security of all of its vendors and partners. Second, it appears that attackers are moving faster than their targets, particularly when those targets are smaller organizations.
But it’s the basic fact of the cost of an attack that underpins the urgency of the situation. Hiscox estimates that cyber attacks cost organizations an average of $229,000, up to millions of dollars. Smaller organizations (those with fewer than 100 employees) can expect to pay between $24,000 and $63,000.
Don’t lose $20,000—or $20 million—managing the direct and indirect costs to your organization and reputation in the wake of a preventable cyber attack. Join us on February 27th for our How to Be Cyber Secure webinar. You’ll learn why some organizations, such as automotive dealerships, are in a unique position to be at risk for a cyber security breach, and walk away with some simple, immediate ways to educate your workforce and safeguard your customers’ sensitive information. Register now to hear our panel of industry veterans discuss how to protect your organization.