Cybersecurity Awareness Month is fast approaching, bringing with it a series of essential educational events, growth opportunities, and industry gatherings. In today’s hyperconnected world cybersecurity has become critical to maintaining the safety and integrity of our data.
Despite this, an alarming number of individuals and businesses remain unaware of basic cybersecurity practices, leaving them vulnerable to cyberattacks.
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The True Cost of Cyber Threats to Business
Cybercrime is one of the most expensive challenges businesses face today, with the cost of global damages projected to reach $6.4 trillion between 2024 and 2029, an increase of 69.41%.
High-profile cyberattacks on companies like Colonial Pipeline in the U.S. and British Airways in the UK underscore the massive financial risks. More recently, Ticketmaster experienced a significant data breach in July 2024, where the personal details of 560 million customers were leaked after hackers gained access by stealing login details from Snowflake, Ticketmaster’s cloud storage provider. Similarly, American Express fell victim to a cyberattack in March 2024, showcasing the widespread vulnerability of even the most well-established companies.
In the UK, the costs of cyberattacks are rising sharply. The UK Government’s Cyber Security Breaches Survey 2023 reported that 32% of UK businesses were targeted by cyberattacks in the previous 12 months. This number rose to 59% for medium sized businesses, and an eye watering 69% for large businesses. The cost for large corporations can easily escalate into millions, as seen in the £20 million fine imposed on British Airways in 2020 following their data breach.
The Rise in Cyber Threats
As technology evolves, naturally so do the threats. The number of cyberattacks has skyrocketed in recent years. In the UK alone, the National Cyber Security Centre (NCSC) handled almost 300 cyber incidents between 2022 and 2023, 28 of which were considered “NCSC-managed incidents”, and 18 of which were categorised as C3 and above. Globally, there were around 623.3 million ransomware attacks across 2021, with ransomware accounting for around a fifth of cyber crimes in 2022.
Sectors like healthcare and finance have been particularly affected, with a recent attack said to have cost the NHS 4913 in acute outpatient appointments, with 1391 operations postponed. According to the stats, the average cost of a data breach anywhere in the healthcare industry can reach $9.77 million, causing serious long-term financial repercussions.
The Importance of Promoting Best Practices
Many of the most damaging cyber incidents stem from avoidable human errors, such as weak passwords, phishing scams, and failure to apply software updates. According to Verizon’s 2023 Data Breach Investigations Report, 74% of breaches involved a human element. In the UK, phishing remains the most common form of cybercrime, with 79% of UK businesses reporting incidents in the last year.
The Ticketmaster and American Express breaches serve as reminders of the importance of secure password management and strong access controls. Simple measures can significantly reduce the risk of data breaches for individuals and businesses alike, like using strong, unique passwords, enabling multi-factor authentication, and remaining vigilant against phishing attacks.
Closing the Knowledge Gap
One of the major challenges in cybersecurity is the widespread knowledge gap between IT professionals and the general public. A recent survey released by Proofpoint Inc showed that around a third of CISO (Chief Information Security Officers) feel unprepared to cope with a targeted cyber attack.
With human error the most significant vulnerability to cybersecurity, understanding and education are more important than ever before.
The Ticketmaster breach was, in part, a result of insufficient understanding of cloud security protocols, which highlights how critical it is for businesses to understand cybersecurity protocols. Cybersecurity Awareness Month aims to educate and empower people across all levels with accessible, up-to-date cybersecurity knowledge to reduce these vulnerabilities.
Adapting to the Changing Digital Landscape
As businesses increasingly rely on new technologies such as cloud computing, artificial intelligence, and the Internet of Things (IoT), they introduce new vulnerabilities. In 2024, the Ticketmaster breach underscored the potential risks of cloud storage if not properly secured. Similarly, the American Express cyberattack demonstrated that even financial institutions with robust defences can be susceptible to emerging threats.
Cybersecurity Awareness Month serves as a reminder of the need to stay informed about these changes. Whether it’s understanding the security risks of IoT devices or learning about new data privacy regulations like GDPR, businesses must adapt to the evolving digital landscape to stay secure.
Empowering Individuals to Act
At its core, Cybersecurity Awareness Month is about empowerment. It provides individuals with the knowledge and tools they need to protect themselves in an increasingly digital world. The campaign demystifies cybersecurity, making it more approachable for people from all backgrounds and skill levels.
In the UK, initiatives led by the NCSC, such as the “Cyber Aware” campaign, complement Cybersecurity Awareness Month by offering practical advice and resources for businesses and the public.
By raising awareness, you can help individuals and businesses take proactive steps to reduce their risk and build a more resilient digital future: when it comes to cybersecurity, knowledge really is power.
Final Thoughts
Cybersecurity Awareness Month provides a platform for raising public and organisational awareness of these growing threats. By promoting a proactive approach, businesses can implement protective measures like incident response plans, stronger firewalls, and employee training programs to mitigate risk.
With cyber threats increasingly targeting both the U.S. and the UK—exemplified by the Ticketmaster and American Express breaches—this October is an opportunity for individuals and businesses alike to commit to learning, sharing, and adopting good cybersecurity habits that will benefit everyone throughout the year.
Don’t forget to download our FREE Cybersecurity Awareness Month pack.