Cyber-crime costs business €3.5 billion a year

Summary

An eight-month investigation has shown that eight out of 10 companies in Belgium have been victims of a cyber-attack without even being aware of it

Negative effects

Cyber-crime is costing companies in Belgium as much as €3.5 billion every year, according to a study by management consultants KPMG Advisory.

The company carried out an eight-month investigation in 10 major firms in seven sectors and found that eight out of 10 had been the victim of a cyber-attack without even realising it. “The majority of the enterprises seemed to be in no position to predict intrusions into their networks, whether by anti-virus channels, spam gateways or other methods,” said Jordan Barth, a cyber-security specialist.

Companies are not detecting intrusions, he continued, “even after they have taken place.” The result, according to Barth, was a loss of data and a negative effect on the competitive position of the company and its reputation.

Because total protection against attacks is not possible, companies should put control systems in place that limit the possibilities as well as making it possible to detect and resolve attacks. That involves making sure that security systems that are not dependent on electronic signatures alone, testing and ensuring the security of systems at all times and making sure everyone concerned is informed whenever a breach of security happens. 

 

Photo: Ingimage

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