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The Threat of Cyberattacks & Data Breaches

In recent decades, technological advances have been responsible for huge leaps forward in productivity, efficiency, and connectivity for businesses in every industry. But this progress has also opened up an ever-expanding set of risks that leave organizations vulnerable to cyberattacks and data breaches.

Cybersecurity is a major concern for all executives – whether you run a small business or a Fortune 100 company. Cyberattacks and data breaches come in many different forms, and they bring serious and costly consequences.

How Common Are Data Breaches?

According to research from Gemalto, an international digital security company, 2.6 billion records were compromised in 1,700 breach incidents in 2017. And poor cybersecurity practices were responsible in many of the most high-profile cases.

For instance, in summer 2017, malicious actors were able to infiltrate sensitive files in Equifax’s system because the credit bureau had failed to improve its security practices after hackers stole data earlier the same year. Equifax also didn’t set up a solid vulnerability management plan, and criminals were allowed to steal the personal information of hundreds of millions of Americans.

What is the Real Cost of Cyberattacks?

A study conducted by the Ponemon Institute and sponsored by IBM Security found that in the United States, the cost of a data breach was, on average, $225 per record lost. This cost included “forensics, investigations, legal fees, victim notification, and customer churn due to breach.”

Joint research from Microsoft and Marsh, a risk management company, revealed that companies across industries are vulnerable to future cyberattacks – and many have already experienced them. Close to 20% of respondents said that their organization was victim to a successful cyberattack within the last 12 months.

Other takeaways from the Marsh-Microsoft Cyber Perception Survey:

  • Business executives rank the top three negative effects of a cyberattack as: business interruption (75%), reputational damage (59%), and breach of customer data (55%)
  • For more than 56% of respondents, cybersecurity is a top five risk management priority; yet just one in five respondents said they are highly confident in their organization’s ability to manage and mitigate this risk or respond and recover from an attack
  • For companies with over $1 billion in revenue, more than 40% of respondents estimated their worst-case financial impact would exceed $50 million

How Can You Improve Your Company’s Cybersecurity?

To protect your company and your customers, you must take a proactive approach to securing your data. That means information technology and cybersecurity can’t be an afterthought. You need to employ experts who can protect your company’s valuable information.

The challenge many companies are now facing is the talent shortage within the cybersecurity field. According to a recent report from Cybersecurity Ventures, this workforce gap is expected to widen to 1.5 million job openings by 2019, up from 1 million in 2016.

It’s a dilemma: you know you need to prioritize hiring highly skilled tech experts to protect your company, but it’s increasingly difficult to find people to fill these roles.

So what’s the answer? Work with a company that specializes in finding exactly this kind of talent – quickly and effectively. York Solutions’ Managed Service Solution (MS3) is designed to identify the human resources your company needs, then screen, select, onboard, and provide support for IT and technology consultants who are the perfect fit. MS3 streamlines the candidate search and selection process to hire and retain the best people for your team.

Learn more about the benefits of York Solutions’ Managed Service Solution (MS3).