Firms unsure where they are vulnerable to cyber-attacks

Firms unsure where they are vulnerable to cyber-attacks

Harvard Business Review Analytic Services for Trend Micro conducted a recent study that found that most business executives are worried about potential targeted attacks. They rank revenue loss, loss of intellectual property, reputation damage and brand damage as being the side-effects they most fear.

However, in spite of 70% being fully aware of the need for decision-makers to grasp the implications and source of attacks, many concede that they unaware of what types of data are vulnerable. They named personal data but were vague when it came to naming any further areas that have a higher probability of being compromised.

Trend Micro’s Kevin Simzer said in the report:

“Unless top executives understand the vulnerability of their organisations to the rapidly evolving threats of cybercrime, cyber theft, and cyber espionage, prioritising and expanding the budgets for security will be limited.”

He added that companies are leaving themselves “dangerously exposed” by overlooking the issue.

Symantec also published a report which showed that small businesses have little understanding and awareness of cyber-attacks. The study showed that they are failing to prioritise enhancing online security and investing in their IT infrastructure.

Until small businesses begin to understand the implications of attacks, and for as long those businesses that understand remain unwilling to invest in dealing with them, they are leaving themselves exposed. The only way they can increase their security and lower the risk of attack is to invest in infrastructure and I.T. security recruitment. Whether they will do this or not remains to be seen.

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