Four innovative ways to tackle the security conundrum

If there’s one thing that many businesses fear, it’s being targeted by cyber criminals and having their technical infrastructure compromised. According to a report from Lloyd’s of London, global cyberattacks can end up costing anything from $4.6 billion to $53 billion.

The insurance giant compares global cyberattacks to natural disasters like hurricanes, creating similar financial damages. Meanwhile, statistics from the UK Government claim that half of British businesses have been hit by a cyber breach or attack in the past year. Many of these firms have reported loss of files and corrupted systems.

Companies are hot targets for hackers, who see an opportunity in getting hold of lucrative business and customer data. But when hacks occur, it’s not just money firms are losing. Internal efficiencies are also damaged, not to mention reputational damage if customers become victim.

Luckily, businesses are beginning to take action. Technology research specialist Gartner predicts that spending in the cyber security arena will reach $98 billion in 2018, a sign that companies are taking this epidemic seriously. And in many cases, they’re showing a sense of creativity when it comes to implementing effective solutions.

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Nicholas Fearn

Nicholas is a technology journalist from the Welsh valleys. His work has been featured on Engadget, Lifehacker, Gizmodo, TechRadar, The Next Web, Forbes, Computer Weekly, Computing, Mail Online, The Telegraph and many other media outlets. In addition, he edits Tech Dragons, a publication covering STEM in Wales.

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