Cybercrime has a huge financial impact on the business world, so cybersecurity talent will continue to be in high demand as a result.
When thinking about the cost of cybercrime, many people would focus on the loss of their information and the potential impact this could have on their reputation. However, one of the biggest burdens of cyberthreats is a financial one, with breaches leading to huge losses both for individual businesses and the economy as a whole.
Cybercrime an expensive business
According to data collated by Department of Communication and the Arts, 33 per cent of Australian businesses were affected by cybercrime in 2014, which equates to almost 700,000 individual organisations. On average, a cyberattack costs a business about $276,000. This shows that cybercrime is not only extremely expensive, but a far reaching issue around the country, and it’s not only large organisations that are affected. In fact, the research shows that around 60 per cent of all targets were small and medium sized businesses. This is a big problem, particularly for these smaller-scale companies, as they do not have the resources to cope with the financial consequences of an attack or prevent them in the first place.
Monetary loss can be the result of a combination of factors, including disruption to the business, a reduction in productivity, a loss of information, damage to electronic equipment and a loss of revenue.
Financial fears of cyber-risk
With this mind, it’s understandable the cybercrime is one of the biggest financial worries for today’s businesses. A 2014 survey from the Association for Financial Professionals (AFP) revealed that 60 per cent of finance executives ranked cybersecurity highest or very high on a scale of concerns.
“Cyber-risk is arguably one of the biggest risks that businesses face,” said AFP President and CEO Jim Kaitz. “Companies fear direct risks from breaches of their corporate technology, and they fear fallout from the economic impact of high profile breaches within our financial system.”
Survey respondents highlighted some of most worrying cyberthreats, with 32 per cent identifying big breaches to the cloud, 47 per cent concerned about a potential loss of faith in digital payment systems and 72 per cent citing attack on finance organisations. These things could have serious consequences on the business world, as well as practices in the finance industry.
Luckily, being well-equipped with cybersecurity talent can help alleviate some of businesses’ fears and improve their financial stability. If you’re looking for a IT career path that will continue to be critical in the business world, cultivate your cybersecurity skill and become a key player in protecting companies’ economic future.