One step ahead

Cybersecurity incidents, such as ransomware attacks, phishing and data breaches, are on the rise globally.  GCHQ’s Active Cyber Defence programme removed a record 2.7 million scams from the internet in 2021, and that number is likely to increase further in 2022.  

The latest DealMaker Meter report from DFIN found that over half of business leaders reported an increase in phishing incidents over the past 12 months and revealed data fraud and data breach incidents are also on the rise. Analysis of data breaches by IBM found the average cost of a data breach for UK businesses stood at the tune of $5.05 million last year.  

 Not only is the number of incidents increasing, but the breadth of risk is also increasing. Huge swathes of dark data – that’s data generated by users’ online interactions with your business - isn’t tracked, analysed or utilised, and this leaves your business with an increased level of cybersecurity risk. This risk is recognised by some: seven out of ten business leaders polled by DFIN now think that storing detailed data presents more risk than value.  

But as risk evolves, so do tools for defence.

AI is emerging as one of the key technologies in our defence against cybersecurity threats. AI’s ability to quickly analyse millions of data sets and automate the detection of cyber threats can help your business monitor cyber threats and trends more effectively. A new report by Forrester Research revealed cybersecurity is the fastest-growing category of AI software spend, with a focus on the real-time monitoring of and response to attacks.

Faster, better knowledge will keep your business one step ahead of the cyber criminals. Regulation is catching up too.

 Proposals from the United States Securities and Exchange Commission (SEC) include mandatory disclosure of cyber incidents and oversight of cybersecurity risks and management by the board and management. In the UK, we’re awaiting the results of the government’s consultation earlier this year on proposals for legislative changes to drive up levels of cyber resilience.  

But don’t wait for updated legislation. Act before a cyber security breach causes financial and reputational damage. Consider data access throughout all levels of your business and upgrade IT systems, technology and data policies to ensure you stay a step ahead at all times.