An Overview of 2016 Cybersecurity & How it Affects Your Business

Media Division | May 30, 2016

From the Panama Papers leak to the Tiny Banker Trojan attacking banking institutions around the globe, from unprecedented identity theft numbers (billions of dollars in the US alone) to the ransomware Locky that infected several million computers, 2016 is already an eventful year in cybersecurity.   Here’s an overview of some of the key facts and figures, and how it affects your business.

Cybercrime is at an All-time High

Cyber-attacks cost companies an estimated $400 billion each year.  That’s not including preventative measures, such as the $19 billion the US government intends to spend on cyber security in the coming fiscal year.

Most cybercrime incidents still go unreported, since litigation and loss of face in the aftermath would only add to the expense.

Cyber Market Continues to Grow

The cybersecurity market is estimated to grow to $170 billion by 2020.  The biggest areas of growth are cloud security (50%), mobile security (18%), threat intelligence (10%), and security analytics (10%).

Cyber Job Market Experiencing a Shortage

With all this market growth you’d expect a surge of new applicants and new talent, but the job market is experiencing wide-spread shortages.  In the U.S. alone, job postings are up 74% over the past five years and 209,000 cybersecurity jobs in the U.S. are unfilled.

The Department of Homeland Security has a section just for recruitment, the National Initiative for Cybersecurity Careers and Studies, with the government offering to help pay for education for qualified individuals to try to help fill the vacancies.

It is projected that by 2019 the global shortfall in the cybersecurity workforce will be 1.5 million jobs.

Your Cyber Security is Your Responsibility

With the jobs available and all of the government spending for the cause, a business owner could feel like cybersecurity problems will be handled by outside resources.  Nothing could be further from the truth.  While many traditional attacks like viruses are stopped by firewalls and software, cybercriminals have evolved new, more effective techniques.  By the time a business reacts to an attack, chances are you have already experienced:

• Lost production hours,
• Compromised personnel and/or client data,
• Damaged equipment,
• And/or stolen financial funds.

The best plan is an action plan, not a reaction plan. Most companies large enough to hire an IT professional still do not retain a cybersecurity specialist; however, working with a professional third-party resource your company can protect your data and assets.

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