Overcoming the latest cyber threats

Data breaches are continuing to hit businesses of all sizes. In the first quarter of 2019, financial giant Capital One suffered one of the biggest ever, when hackers gained access to 100 million customer accounts. During the same month, aluminium producer Norsk Hydro was forced to switch to manual operations after being hit with ransomware. This year has also seen the true impact of cyber attacks on businesses operating in Europe, after British Airways and Marriott Hotel Group became the first to be fined under GDPR.

Even before regulatory fines, the cost of a cyber assault can be huge. Accenture and the Ponemon Institute’s Annual Cost of Cybercrime study found that the average cost is $13m (£10m).

It is therefore no surprise that cyber security is quickly becoming an integral part of every company’s strategy. But in an age of increasing competition leading to quick and sometimes careless digital transformation initiatives, many firms need to take a more serious approach to securing their data. Indeed, experts think companies should react with more caution to trends such as bring your own device, the Internet of Things (IoT) and the cloud.