Client trust and confidence count for everything in the professional services. But a successful cyber attack can shatter both in seconds. Not to mention the £2.9 million average cost associated with every data breach. Needless to say, cyber security is imperative, as Intellesec explains in our latest blog about the true value of cast-iron cyber security.
What is cyber security?
Cyber security is essentially how individuals and organisations reduce their risk of cyber attacks. The key principle of cyber security is to protect the myriad devices we use on a daily basis – computers, desktops, smartphones – and their interconnected networks, systems and data from cyber threats and data breaches.
Think of all the personal and financial information we store on our devices. In the cyber security industry we refer to devices as “endpoints” because they symbolise the end point of a wider network. Each endpoint represents a vulnerability for cyber criminals to target and a corresponding headache for IT teams to manage.
Why is cyber security important?
Cyber security is important for protecting the integrity of sensitive client, financial and organisational data. For the professional services industries, it is nothing short of crucial. A data breach can lead to crippling monetary and reputational costs. Not to mention a hefty fine from the Information Commissioner’s Office (ICO).
Financial institutions and legal firms have long since been favourite targets of cybercriminals. The sheer amount of personal data handled makes the professional services sector particularly vulnerable to attacks. In fact, a massive 70% of financial companies have been victims of a cyber attack in the past year.
High-profile cyber attacks on the professional services
An estimated 43% of cyber attacks take place on small and medium-sized businesses (SMBs) and more than half of those (60%) will fold within six months of such an incident. The vast majority of these attacks will pass by unbeknownst to the outside world, wreaking untold havoc for the unfortunate businesses involved.
Then there are the high-profile cyber attacks that are so major in scope and damages that they become international news in their own right. Which means the following examples not only incurred massive costs for the companies affected, but also huge reputational damage and diminished public confidence.
- In 2008, US-based Heartland Payment Systems reported a security breach that affected around 130 million customers and reputedly cost the company $140 million to deal with.
- In 2012, card payment experts Global Payments Inc. warned 5 million customers that their debit and credit card numbers may have been compromised in a cyber attack.
- In 2014, America’s largest bank, JPMorgan Chase, reported a data breach that was thought to affect around 7 million small businesses and up to 76 million households.
Cyber security solutions
There’s more to cyber security than antivirus (AV) software. Traditional AV software only provides a limited degree of protection from the increasingly sophisticated cyber attacks we see on a daily basis. Where enterprise security is concerned, a much more robust armoury of cyber security solutions is needed.
At Intellesec, we offer holistic cyber security packages to protect your data using tried and tested technology. From mobile device security to advanced ransomware and malware protection, credential theft monitoring and phishing awareness training, we have a suite of security solutions to create an impenetrable wall of security around your business.
Contact Intellesec today
Intellesec combines state-of-the-art cyber security technology with more than 20 years of industry experience and expertise to keep your business data safe. Our highly-trained network security experts can protect your firm from malicious cyber attacks, data breaches and their associated costs.
For more information, contact Intellesec today on 0116 3266123 or email hello@intellesec.co.uk.
