The biggest risk to doing business is not what you think it is

Can you guess what the biggest risk to doing business in the North America is? Were you thinking climate change? Involuntary migration? Lack of high-quality workforce?

Wrong. Cybersecurity.

Cybersecurity is now considered the single greatest risk to doing business in North America, and one of the greatest globally.

The trend is similar in the UK as well, according to a report by HPE and the Ponemon Institute. According to the annual Cost of Cyber Crime Study, the cost of cybercrime for UK companies has risen by 14 per cent in 12 months.

Those 14 per cent equal to £551,760, the report suggests – last year the cost was £3.6m, and this year it’s £4.1m per year.

Another important finding of the report is that the smaller the business, the bigger the cost of cybersecurity: “Based on enterprise seats, small organisations incur a significantly higher per capita cost than larger organisations (£1,014 versus £232)”, the report suggests.

The time needed to resolve a cyber-attack, as well as the cost to a business doing so has increased. Last year, the average time to resolve such an issue was 25 days, and it cost £295,624. This year it took firms 31 days to fix an issue, with an average cost of £358,796 during this period.

Another important point, although not that surprising, is that certain industries are being targeted more than others. Financial services, energy firms, utilities and communications companies are among the biggest targets of cyber-attackers.

The full report can be found on this link.