Right now, somewhere in the United States, a cyberattack is happening. In fact, many cyberattacks are likely happening—which is why cybercrime damage costs are estimated to hit $6 trillion annually by 2021. Risk management professionals and executives are not only challenged by the volume of cyberthreats, but by their growing complexity as well.
Ransomware attacks, for example, were predicted to exceed $5 billion in 2017—up more than fifteen-fold from 2015—as organizations grapple with how to not only prevent these attacks but mitigate the financial losses and downtime they cause. Yet despite the trends, more than half (52%) of organizations that suffered successful cyberattacks in 2016 indicated in a Cybersecurity Ventures report that they would not make any changes to their security in 2017. And even for those that do update their cybersecurity plans, cyberattacks have become an inevitability for most organizations. As a result, developing a complete response plan for cyberattacks is essential to protecting your business and customers.