Cyber Security in the 4th Industrial Revolution
The dawning of the 4th Industrial Revolution, marked by the “blurring of the lines between the physical, digital and biological spheres,” has left a thriving impact on the business sector. As technology becomes increasingly inseparable from business functions however, cyber crime is, in turn, becoming far more profitable for criminals.
Increasing Difficulty in Recovery
In Q4 of 2019 alone, the average cost for a business to recover from ransomware increased by 104% to $84,116. Steeper ransoms, hardware replacement, repair costs, lost revenue, and damage to the victim’s brand have all contributed to this soaring cost.
Coupled with their rising costs, cyber attack frequency has also continued to rise. The World Economic Forum has ranked cyber attacks as a top ten risk in every category of their Long-Term Global Risk Outlook Report 2020. The Forum also predicts that a staggering 74% of businesses can expect to be hacked this upcoming year.
With a 3 out of 4 chance of being hacked, effective cyber security is no longer optional.
Tools, People, and Process
The most effective way to defend your environment is to implement a multi-layered, comprehensive cyber security strategy.
A comprehensive strategy will rely upon tools, people, and process to defend your IT environment.
- Tools to technologically monitor and defend your environment
- People to execute the overarching strategy
- Process to ensure that no vulnerabilities occur due to oversight
However, effective execution requires constant monitoring and upkeep. If your IT team does not have the capacity to do so, partnering with a managed security services provider (MSSP) can help resolve the discrepancy.
Managed Security Service Providers (MSSPs)
MSSPs are designed to manage your IT environment’s security. However, not every MSSP will architect a comprehensive cyber security strategy for your company. Neither will every MSSP already know which attacks are most likely to target companies in your industry.
Paranet Solutions: Pro-Active Defense in the 4th Industrial Revolution
Already monitoring and defending more than 1,800 networks, our team at Paranet has stopped over 1 billion attacks and knows from experience which ones are most likely to target companies like yours. If you would like to experience our cyber security process first-hand, please sign up for our IT Security Threat and Risk Assessment.
Or, if you would prefer to start a discussion about your comprehensive cyber security strategy, please reach out to us at firstname.lastname@example.org or (855) 767-2638.