Cyber security for any organization is an area that focus on the use of technologies, processes, and practices designed to protect servers, networks, devices, programs and data (information) from an electronic or virtual attack, damage, or unauthorized access.

Cyber-attacks globally have increased in style, magnitude of impact, intent and complexity. With an ever evolving cyber-threat risks to public and private organizations, it is imperative for firms to balance being open and being secure. There is no permanent ‘one-size-fits-all’ approach for the issue and hence, financial organizations need to be proactive and dynamic in dealing with threats. They need to rely on modern infrastructures and technology advancements.

  • Forty-one percent of companies have over 1,000 sensitive files available for anyone to view, while 21 percent of all general files are not protected at all. (Varonis, 2018)
  • According to a study made by McAfee, the likely annual cost to the global economy from cybercrime is estimated to be more than $400 billion, where the minimum estimate would be $375 billion in losses, while the maximum could reach as much as $575 billion
  • The Middle East is one of the most-targeted regions in the world by cybercriminals
  • The global cost of online crime is expected to reach $6 trillion by 2021
  • Worldwide spending on information security (a subset of the broader cybersecurity market) products and services exceeded $114 billion in 2018, an increase of 12.4 percent from 2017, according to Gartner, Inc. For 2019, they forecast the market to grow to $124 billion, and $170.4 billion in 2022
  • Globally an average of 23.6 hour is lost per consumer to cybercrime
  • The average cost of cybercrime for an organization has increased $1.4 million over the past year, to $13.0 million, and the average number of security breaches in the last year rose by 11 percent from 130 to 145. In most cases, it takes companies about 6 months to detect a data breach

 

Malicious or criminal attacks cause the most data breaches.

Figure 8 provides a summary of the main root causes of data breaches on a consolidated basis for organizations in all countries. 48 percent of incidents involved a malicious or criminal attack, 27 percent were due to negligent employees or contractors (human factor) and 25 percent involved system glitches, including both IT and business process failures.

Per capita cost for three root causes of the data breach

Size of the cybersecurity market worldwide, from 2017 to 2023

(in billion U.S.dollars)