Cyber-attacks have been shown to have doubled from 2020 to 2024 (QBE, 2024), with a staggering 105% increase over the past four years. It is essential to understand the importance of taking preventative measures.
What Types of Threats are Present Today?
As we are now well into Cyber Security Month, it is essential to highlight these facts alongside our guide for combating attacks and developing preventative measures. The latest report from QBE reveals a significant rise in disruptive incidents, which are irreversible and affect data availability, integrity, or access, with Denial-of-Service (DoS) attacks being the most common form. Such attacks can lead to severe financial losses, reputational damage, and resource drain as organisations strive to mitigate the attack and restore services.
From 2020 to 2024, attacks of this nature have surged by a staggering 105%, with 103 incidents reported in 2020 alone. This trajectory is only expected to continue increasing into the future.
Destructive Attacks
Alternatively, destructive attacks are irreversible and aim to inflict significant physical impacts on the population. This week, a significant and concerning event occurred when the CEO of Cloudflare, Matthew Prince, reported that the company faced the largest recorded hyper-volumetric DDoS attack to date. At 3.8 terabits (Tbps) per second and 2.14 billion packets per second (Bpps). Despite the scale of the attack, Cloudflare successfully mitigated any further impact. While this attempt was thwarted, it remains the largest of its kind in recent times.
While this data has been collected by the consultancy Control Risks, QBE has observed and told Tech Republic that the number of both disruptive and destructive attacks is likely much higher than what has been reported.
Why are Cyber Security Measures Important?
With over 15 years of experience in the cybersecurity field, our team of experts has handled a diverse range of cases, continually refining our approach to create the ideal cybersecurity solutions for each client. While each package is tailored to individual needs, they are all supported by the same essential pillars of security.
- 1. Data breaches and hacking can have a detrimental impact on both your reputation and your relationships with clients. As technology continues to evolve, these risks become not only more significant but also more sophisticated. Therefore, developing a proactive prevention strategy is essential for mitigating these risks and addressing potential issues before they can be exploited.
- 2. Financial loss is a critical cause for concern; if security weaknesses are overlooked, their potential impact can be significant. Implementing measures such as regular cybersecurity audits can help reduce costs in the long run by identifying and addressing problems before they are exploited by malicious actors.
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- 3. As we transition to a more online-centric world, the digital landscape and our identities face heightened risks and an increasing number of incidents. Last year, IBM reported that the average cost of a data breach reached a staggering $4.45 million, marking a 10% increase – the highest spike since the pandemic – further highlighting the importance of robust security measures.
- 4. Ensuring business continuity is essential; every second of downtime affects not only your staff but also your clients and stakeholders, leading to widespread repercussions.
- 5. Safeguarding data is essential to all business operations, as it protects sensitive information, maintains customer trust, and ensures compliance with regulatory requirements, ultimately contributing to long-term success and resilience.
Case Study
High-profile data breaches are becoming increasingly common, leading to regulatory actions, including fines of up to 4% of global turnover, against organisations found lacking in adequate technical measures to protect customer and employee data.
This underscores the critical importance of implementing security measures before an incident occurs and being prepared to respond effectively when the worst happens. CYFOR’s incident responders frequently collaborate with legal teams to offer comprehensive support that goes beyond merely containing the incident. Our services include data mining to help organisations assess what data has been impacted, root cause analysis, and data exfiltration investigations. This enables businesses affected by a cyber incident to demonstrate their commitment to security when regulators come calling. All while ensuring your organisation returns to normal operations as quickly and safely as possible.
At CYFOR, we integrate our extensive Incident Response capabilities with our comprehensive cybersecurity suite to effectively address cases of all sizes and levels of impact. With cyber-attacks doubling over the past four years and their sophistication increasing, businesses must prioritise proactive strategies to safeguard their data and operations.
The financial, reputational, and operational risks associated with cyber incidents highlight the necessity of developing comprehensive security solutions tailored to individual needs. By conducting regular audits, implementing preventative measures, and leveraging expert resources, organisations can not only mitigate potential threats but also foster trust with clients and stakeholders.
As we navigate this challenging environment, embracing cybersecurity as a fundamental aspect of business strategy will be key to ensuring long-term resilience and success. At CYFOR, we are committed to providing the necessary expertise and tools to help our clients thrive in this landscape, protecting their interests today and into the future. Book a call with one of our experts here.