The Staggering Cost of Cyber Threats

Last week we talked about how “Ignoring Cyber Security Can Cost $Millions” and highlighted how one  US Power company was fined $2.7M over data exposure.  This was just one of hundreds of examples you can find reported. But, it turns out that the cost isn’t in the $millions, it is in the $trillions, as in twelve zeros.

Steve Morgan’s CSO Online Cybersecurity Business Report on June 23, 2018 titled “Top 5 cybersecurity facts, figures and statistics for 2018” highlighted these 5 costs:

  1. “Cyber crime damage costs to hit $6 trillion annually by 2021
  2. Cybersecurity spending to exceed $1 trillion from 2017 to 2021.
  3. Cyber crime will more than triple the number of unfilled cybersecurity jobs, which is predicted to reach 3.5 million by 2021
  4. Human attack surface to reach 6 billion people by 2022.
  5. Global ransomware damage costs are predicted to exceed $5 billion in 2017.“

It looks like between 25% and 30% of all IT spending is directed at cyber threat prevention.  In October of 2017 the Gartner Group issued a press release with the headline “Gartner Says Global IT Spending to Reach $3.7 Trillion in 2018”. The press release further states “Worldwide IT spending is projected to total $3.7 trillion in 2018, an increase of 4.3 percent from 2017 estimated spending of $3.5 trillion, according to the latest forecast by Gartner, Inc.”

So, you can see how costs add up quickly.  And with 6 billion of the 7.6 billion people currently populating planet Earth being at risk as an attack surface, the likelihood that you personally may be responsible for a cyber exploit is pretty high. Hope is not a strategy and if all your organization is doing is the bare minimum for cyber security, then you are likely to be the next headline hitting the news for a cyber breach.  You may even be at risk if you have a cyber prevention strategy based in current techniques and technology.

Preventing Cyber Threats

The real question we have to ask is that if organizations are collectively spending over $1trillion to prevent cyber threats and it still is ineffective, what do we need to do to find something that actually works?  According to Wikipedia, there are over 17 forms of technology trying to address this situation from antivirus and firewalls to sandboxes and SIEM.  There has the be a better way to prevent cyber threats from impacting your organization.

The Solebit Advantage

Solebit’s SoleGATE Security Platform is anchored by DvC™, a patented, real-time, signature-less engine, which conclusively identifies malware threats regardless of evasion technique, file type, operating system, and client-side application whether on-premise or in the cloud. The Solebit engine processes millions of transactions every day and does not rely on heuristics, patterns or behaviors, which makes it evasion-proof for today’s modern attacks and future ready as well.

With Solebit these costs can be avoided.  Give us 20 minutes and we can show you how. Register for a demo today.

 

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