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Cyber crime and digital transformation

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With the evolution of new technologies, cyber crime is an ever growing concern for businesses.

So what’s the current challenge and how can we limit the threat?

Cybercrime, today

As you probably know, Cybercrime is an umbrella term for illegal activity that takes place online, or where technology is the means or target of the attack.

Today it’s one of the fastest growing crimes across the world, and affects most businesses. According to Risk IQ, cybercrime costs the global economy £2.3m a minute*.

Let that sink in for a moment. £2.3million a minute.

More specifically, the financial services sector is consistently one of the most attacked industries**. Here in the UK almost half of businesses (46%) and a quarter of charities (26%) reported having cyber security breaches or attacks in the last 12 months***.

So the continuous threat of cyber crime is very modern, and very real.

A growing dependance

Especially in the current climate, where the world has had to become more digital, there continues to be a growing need to adopt new technologies to change the way organisations operate.

The organisations that embrace it are looking to drive their growth, efficiency and financial return. But with it, comes risk.

New technologies and digital evolution also present new opportunities for crime. It presents new ways for criminals to access valuable company and customer information.

The move to ‘digital business’ increases the number of entry points into a company’s IT systems and data. Criminals will find the point of least security: mobile applications and more portal entry points all offer more access.

- Guy Warren, CEO of ITRS Group

What can be done to combat it?

The skills and knowledge required today is evolving rapidly. So it’s vital that organisations provide staff with practical training to help them stay relevant and informed in their job roles.

A good understanding of emerging technologies and cybersecurity is not just for the IT department. It needs others to understand the implications and opportunities of operating in a digital world, and to also reduce the overall risk. It should be a shared responsibility, if it’s to be effective.

Prepare and protect your business

Businesses of all sizes need to be vigilant in protecting themselves from the growing threat of cybercrime. This involves taking steps to ensure that systems, networks and data are secure, as well as monitoring user behaviour for any suspicious activity.

For example, you should aim to have informed conversations with staff or vendors tasked with protecting the business from ever-changing cyber threats and be armed with a good understanding of emerging business technologies.

Many organisations are also turning to cyber security solutions such as firewalls, antivirus software and intrusion detection systems to help protect their digital assets. It’s also important to regularly back up data in multiple secure locations as this will help minimise the damage if a system or network is compromised.

*Source: RiskIQ “The Evil Internet Minute 2019”

**Global threat intelligence report

***Cyber security breaches survey 2020

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