Financial services institutions are hit by cyberattacks 300 times more than companies in other industries. The reason is very simple, Since the return on investment for attackers is simply too attractive. By understanding the economics of today’s most prevalent cyber threats, you can wage a more effective defence, better protect valuable data and your firm’s reputation, reduce the cost of cyberattacks, and limit attackers’ returns on investment to demotivate them. If it were measured as a country, then cybercrime — which is predicted to inflict damages totalling $7 trillion USD globally in 2021 — would be the world’s third-largest economy after the U.S. and China. The interesting part is, website owners have no idea that their website got hacked, redirected to malicious sites, or is spreading malware. In most cases, those websites are owned by people who have no knowledge about cybersecurity.





Cybercrime costs include damage and destruction of data, stolen money, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm. Cybersecurity threats for small-to-medium sized businesses (SMBs) are real. SMBs are just as likely as larger businesses to be attacked. Yet, many are much less prepared to detect and endure an attack. There is a path forward to significantly improve the risk posture of an organization with good cyber hygiene, a strategic roadmap, and a cybersecurity insurance policy. The challenge for CISOs is selecting the best tools from a sea of offerings, and then working with the Board and senior execs to deploy them within the organization.


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