Is Your Business at Risk of a Breach?

Jennifer Nietz - Director of Operations


During a recent client startup, we had the opportunity to do a lot of research on data breaches and the findings were astounding, to say the least. I was amazed by how many organizations are not proactive in their security measures.

IBISWorld recently posted an article on this very topic. The article is titled, “Cybersecurity: Shielding Company Data from Attacks.”

The article discusses current threats as well as the industries that are affected.  They write:

Ransomware is the latest incarnation of the growing number of potential cyber threats. This threat is utilized by cyber attackers to gain control of a company’s key data and network privileges. The attackers then withhold access from the company, demanding a ransom to restore access. According to Symantec Security Response, about four times as many ransomware attacks have happened per day in 2016 compared to 2015. However, companies prepared to battle potential threats can limit their exposure to service downtime and damage to their brand’s reputation. IBISWorld has identified a number of products and services that companies can add to their arsenal of protection against cyber attacks.

The potential devastation of cyber attacks has prompted the creation of a variety of protective hardware and software; however, network security equipment is the only product capable of stopping threats before they enter a network. These devices are installed between the network’s workspace entry point and the router that is used to spread network access across the workspace, acting as a barrier between the two. Fortunately for buyers, prevailing prices for this equipment are steadily falling. The overall cost of computing hardware has been in a state of long-term decline due to steadily improving manufacturing methods. According to IBISWorld, the falling cost of these inputs has been the primary driver behind the estimated 2.2% annualized price decline of network security equipment in recent years. A similar decline is also forecast for the next three years. While the falling price of security equipment helps buyers, the average device still costs around $4,000.

Additional Services that you could consider to protect your business and data include:

IT consulting can play a key role in helping a company prevent and plan for possible cyber attacks. Apart from designing and implementing custom software, IT consultants help companies organize their communication infrastructure to optimize functionality and reduce security risks. Consultants also help companies learn and implement best practices to further limit cyber attack exposure and any resulting damage if exposed.

Data privacy consulting services is a subset of IT consulting services that specifically deals with designing secure network databases for businesses to maximize protection against unauthorized access from third parties. Service providers will likely recommend and implement preventative equipment and software to protect the buyer’s network. These specialized consultants are especially necessary for companies that operate in industries with highly regulated data standards, such as healthcare providers and financial institutions.

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The war against cyber attacks is a never-ending one for any company operating in today’s connected world. Luckily, buyers can defend against it by investing in protection equipment and software. Smart infrastructure and operating policy developed with an effective consultancy will also help raise security and limit exposure. Should the worst happen, cybersecurity insurance will help mitigate the costs of a cyber attack. A properly equipped company will be able to utilize the vast resources of the internet and information technology without fearing a catastrophic cyber attack.

Interested in a deeper dive into some of the discussed industries? Please feel free to let me know!

Questions or comments? Please contact Jennifer Nietz at jnietz@teamCOACT.com