Why we had to spend $3.9B on cybersecurity

Why we had to spend $3.9B on cybersecurity

The aviation sector spent $3.9 billion on cybersecurity in 2018. That’s a crazy amount of money, but while the aviation industry needs specialized IT support, it’s not that much more than what other industries spend on cybersecurity.

Cyberattacks on various industries are commonplace now; according to Forbes Technology Council, a business gets attacked every 40 seconds. It is predicted that the global cybersecurity cost will exceed $1 trillion from 2017 to 2021. Here’s why.

Hackers employ diverse methods to attack businesses

Hackers can take ahold of your data using various methods from phishing attacks to installing ransomware. They can use malicious software — viruses, spyware, or worms — to disrupt your business’s operations. Most of today’s malware is delivered via infected attachments or links in emails. And if your staff isn’t trained enough, they may fall into hackers’ trap and put your files and systems in jeopardy.

Striking every 14 seconds, ransomware is the most fast-paced and prevalent threat as of this writing. It is a fileless attack that allows hackers to get hold of data, shut down servers, and keep files hostage until you pay a ransom. With all these threats lurking, it’s best if you invest in cybersecurity and avoid paying the price of complacency.

Prevention is always better than cure

The price of cybersecurity may be steep, but it’s nothing compared to the cost of a cyberattack. According to CSO, ransomware damage will hit $11.5 billion in 2019. Imagine how many cyberattacks affect a single business in a year, and take note of the succeeding days of disaster recovery. Gartner says that the average cost of business downtime is a whopping $300,000 per hour.

With this amount of money on the line, $3.9 billion on cybersecurity doesn’t sound so bad now, does it?

You need reliable data storage

Cybersecurity includes having data storage you can trust, not only for security, but also for its recency and recovery time. That’s why having your backups in the cloud is a must to ensure fast recovery. You can always save the most recent version of your file in the cloud and access it on using any device, provided that you are connected to the internet and have authenticated user credentials.

Having your data in the cloud will protect them from natural catastrophes. What’s more, cloud tech experts will help you facilitate the recovery process in case of a disaster.

The law requires you to comply with industry-specific and state-specific regulations

Your company must take necessary measures to comply with cybersecurity laws such as:

  • Federal Cybersecurity Laws – stipulate the protection of information about legal proceedings or proprietary materials and quick reporting of breaches;
  • State-specific Security Regulations – relate to data collection practices and require organizations to notify customers if their data gets compromised;
  • General Data Protection Regulation (GDPR) – protects the data of all individuals within the European Union and the European Economic Area; and
  • California’s SB-327 for Internet of Things (IoT) Security – sets the standard for internet-connected devices.

Compliance with these laws isn’t easy nor free. To do so, you need specialists or even better, a managed services provider (MSP).

Worrying about malware or data breaches doesn’t have to take up too much of your time. Netcom has been the leading IT support and consulting service provider in South Florida since 2005. We can handle all your cybersecurity concerns, and we’ll even find ways to bring your security spending down to under 7% without exposing you to any additional security concerns. Call us today!

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