3 Terrifying Ways That Network Security Affects Business

Posted by Allison Boccamazzo on Oct 31, 2016 9:07:11 AM

Network security (or lack thereof) is no light matter. If you ask us, the risks of network vulnerability and exposure are far more frightening than any monster you’d see on Halloween night.

Don’t believe us? Here are just three of many ways that network security can strike fear into the hearts of business leaders:

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Attacks are rapidly increasing

Research shows that nearly 180 million personal records were exposed last year as a result of 780 publicly reported security breaches across multiple sectors. Meanwhile, according to a recent study conducted by PwC, the number of reported security incidents rose 48 percent in 2015 compared to 2014, peaking at 42.8 million (about 117,339 attacks per day).

Breaches cost companies more than ever

Between such things as cyber extortion and downtime, hacking can quickly and unexpectedly leave companies in the red. There are unfortunately many other ways, however, that breaches can cost organizations. For example, due to Target’s headlining attack in 2013 (in which 40 million customers’ credit and debit card data were exposed to theft) the company was ordered last year by a federal judge to pay each customer who could prove they were damaged by the breach $10,000 each.

Businesses think they have a solid grasp on network security when they don’t

Eighty-three percent of businesses believe that cyberattacks are among the top three threats they face today. So why is it that as of last year, 86 percent of businesses say they suffer from a lack of skilled cybersecurity professionals, and nearly half believe they will be struck by a cyberattack? Overall, only 38 percent of businesses feel they are adequately prepared for a cyberattack. Now that’s scary.

If you don’t think you’ll be too spooked, check out this blog on four huge ways hackers are attacking businesses this year.


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Tags: Telecommunications, network security

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