In the past few years, we are witnessing an explosion of data breach cases, cybersecurity and ransomware attacks on small, medium-sized and even big companies. It is very unlikely there will be a downward trend in cybersecurity cases in the near future.
In 2019 global spending on cybersecurity will top 100 billion dollars. Research results indicate that larger companies dedicated almost one-fifth of their cybersecurity budget to identity and access management — nearly twice the amount of small and medium-sized businesses that opted to spend more on endpoint and network security.
According to the report “Pursuing Cybersecurity Maturity at Financial Institutions,” banks and insurance corporations spend somewhere from 6 to 14% of their annual information technology budget on their cybersecurity. The average seems to be somewhere around 10%. This is actually a substantial amount, ranging somewhere from 0,5% to 1% of the companies annual revenues. If we break it down and analyze the data even further we will get a number from $1300 to $3000 per full-time employee.
Staff Cybersecurity Training
With “human error” being the leading cause of cybersecurity and data breaches investing in Staff Cybersecurity Training is a very smart move. Cybersecurity Training for your employees is probably the cheapest and most cost-effective way to give your company or organizations a quick cybersecurity boost. Enabling your employees to recognize growing cyber threats will improve the cybersecurity of your company. Training in security awareness teaches staff to understand vulnerabilities and threats to your business operations. When using a computer on a business network, the personnel need to be aware of their duties and responsibility.
Cybersecurity Incident Planning & Preparation
Like any other job it is always to plan and prepare for the worst. The cybersecurity incident planning and response training will enable companies to react quickly and handle or even resolve a cybersecurity emergency for senior management and incident response teams. This will help senior management to respond to an organization-wide cyber or data breach thus minimizing the damage or sectors the data breach or cybersecurity attack will affect. ⠀
In the end, no matter how much money is spent on cybersecurity, staff training or planning, some cybersecurity breach is likely to happen sooner or later. That is where cybersecurity comes in. Cyber insurance is an insurance plan used to safeguard businesses and individual users from Internet-based risks and, more generally, risks associated with information infrastructure and related activities to information technology. It depends on many factors but for small businesses, premiums range from $1000 to $7500 annually. The cybersecurity insurance business for 2019 is forecasted to be somewhere around $125 billion reaching up to $170 billion by 2022.