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The world has moved almost entirely to a digital platform and the business world is no exception. Valuable and confidential information is being housed and transmitted via the internet and mobile devices with no guarantee that intellectual property and customer data is secure.
In the first half of 2018, 4.5 billion records were stolen globally, up 133% from a year earlier, according to digital security firm Gemalto.
Every organization is a target–regardless of its size or security structure. According to a 2014 Dell report, 87% of respondent organizations have reported a security breach, 73% in the last twelve months. In addition, the average cost of a compromised record is $230 resulting in a significant financial risk for businesses of all sizes. Costs of response are also rising 15% per year, and smaller organizations incur significantly higher proportional costs than larger organizations. Studies have shown that up to 23% of recipients open phishing messages and 11% open the attachments.
Regardless of company size, a security breach can result in significant lost time and productivity. Business disruption costs equal 38% of the total recovery cost. In addition, a typical breach can take over nine months to be detected.
Recent large scale breaches have occurred not as the result of technology failure, but rather, via human failure. Currently, 80% of security spending is for perimeter security which is only effective for 30% of the risk. This would suggest that there is a strategic gap between security risks and security solutions.
At UHY, we view cyber security as a strategic issue, not a tactical issue. Our team of experts will guide you through the ever-changing challenges of cybersecurity with proactive advice and insight, and the objective of keeping your company’s digital property secure.
Our service offerings focus on ensuring that your cybersecurity program covers all three critical elements:
Any cybersecurity solution that does not address all three of these elements will leave the entity vulnerable and exposed.