According to data on cyber-attacks gathered by the Hartford Steam Boiler and Insurance Company (HSB), a Connecticut-based firm that surveyed over a hundred risk managers, 9 out of 10 businesses in the US will experience at least one hacking incident per year.
Many companies are attentive to the safety of their physical assets, with the safety of their technology often being overlooked, because of it’s hidden nature. The financial impact of a hack on a company is difficult to calculate, but can be huge. On average, it takes around 197 days for a company to discover that a breach has occurred. From the time you are first hacked, to the time you find out and take action, your company could have lost anything between hundreds of thousands to millions of dollars. According to IBM, a hack can cost about US$148 per data record stolen.
However, with advancements in technology we are closer to predicting, preventing and blocking attacks before they occur.
The Fundamentals of a Hack
The four fundamental realities of a hack are:
- There are patterns in the timing and location of the cyber-attack.
- Attackers repeat themselves.
- Attacks happen at predictable times and places.
- Predictable patterns of cyber-attacks could help us expect and prevent future attacks.
“U.S. businesses are under constant assault,” said Eric Cernak, cyber practice leader with HSB.
Hacks are a daily activity in the modern business world, and they’re only growing. For example, over 90 percent of attacks begin when a person clicks something from a fake email.
Even with technology advancements in place, including network isolation, containment and prevention at the endpoint, hackers are still able to bypass predictive controls to execute malware attacks, ransomware exploits, etc.
If you feel that your business is vulnerable, contact us at Agilient to find out how we can help protect your business against cyber-attacks. Enhanced security could mean the difference between success and failure for many.
Author: Mahdi Kobeissi, Cyber Security Consultant