Cybersecurity is imperative for companies of all sizes

Aug 6, 2018 3:42:19 PM  |  by Jamie Chahino

Whether your business is large or small, it’s always necessary to keep your data secure. There are a lot of companies out there that don’t think they need a security team because they only have 40 employees and trust every one of them. Well, they may trust their employees, but what about external threats? The point is, every business needs a security team and internal security training.

Is it all about the money or the data?

In past years, money has been the main motivation for most scammers, but recently, industries of all kinds are starting to see more attacks that are centered around data. Data can be just as valuable as money in some circles:

  • Data provides access, and access can lead to a plethora of things to which your company probably doesn’t want just anyone having access.
  • Every industry has its own sensitive data that can be stolen, so just because your company doesn’t have the treasure map to a pot of gold, that doesn’t mean your data isn’t worth stealing.

Financial services companies are high-value targets.

Out of all industries, insurance and financial services have taken the biggest hits against scammers in the last year. In 2018 alone, financial services experienced the highest average annualized cost of cyber-crime by industry at $18 billion, and that’s only as of July. When you compare this statistic to the average annualized cost of cyber-crime in the aerospace and national defense industries, it’s 26% greater. We know that scammers and hackers are interested in government intel, but these statistics show that they’re far more interested in companies that deal with finances.

Should you be worried if your business is not ‘high-value’?

No matter what industry you’re in, it is a wise move to have a security team watching over your data and your hardware 24/7. If you are considering hiring a security team, it’s not always necessary to have the team onsite. At RedLegg, we manage most of our clients’ systems from our offices. This setup provides cheaper operating costs than a team that is onsite, but still ensures complete security. If you’re running a company and don’t have a cybersecurity team to keep you safe, then the only way to be confident about securing your company and its resources is to become a skilled cybersecurity expert who can handle any attack that is thrown your way.

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