Risk Happens! The probability of a risk threat impacting the bottom line of your business is statistically above average when it comes to cybercrime. Cyberattacks are malicious attempts to gain unauthorized access to a person’s – or business’s – computer systems, networks, or data. Risk in business is inherent. Cyber risk is, unfortunately, high on the list of probable threats.
What is Risk?
Risk is the potential for financial loss due to a catastrophic occurrence. Risk can come from both internal and external sources. The external risks are those that are not in direct control of the enterprise. Internal risks, on the other hand, include non-compliance or information breaches, as well as human error. Risk management is an essential, and critical, component to enterprises because without it a business cannot define its future with high degree of certainty.
At SKL Risk Consultants, LLC we believe:
“Your Business, Our Care
You Success, Our Goal”
The risk management framework is a framework for the actions that need to be taken to mitigate risk. There are five steps that risk managers take:
- Identify the Risk
- Analyze the risk
- Evaluate the risk
- Treat the risk
- Monitor and review the risk.
Analyzing Crime in 2023
Recently a sobering report was published by CHECK POINT SOFTWARE “2023 Cyber Security Report” which looks back on the cyber-security threats of 2022. SKL Risk Consultants identifies cybercrime as a top risk management factor for our clients, here is why.
Greater connectivity and the usage of artificial intelligence have contributed to the uptick in cyber crime. AI (artificial intelligence) is enabling cyber criminals with a high efficiency of code to infiltrate/breach data bases. In fact, just in Q1 2023, cyber-attacks rose by 7% compared to the same period last year. It is also being reported that companies are attacked on an average of 1248 per week. Stats are coming from Check Point Research Report for 2023. The report also states that 1-31 enterprises worldwide have experienced a ransomware attack weekly in Q1 2023. In addition, key malware statistics for 2023 are adding to cybersecurity difficulties. It is estimated 560,000 new pieces of malware are detected every day and that there are now more than 1 billion malware programs circulating. This translates to four companies falling victim to ransomware attacks every minute. A Not So-Common Cold: Malware Statistics 2023.
Equally as concerning are the data breaches of companies that may have stored your information on their data bases: So far for Q1 2023, 340 million people have been affected by publicly-reported data breaches or leaks. Companies such as:
Pizza Hut/KFC, U.S. House of Representatives, ChatGPT, Reddit, T-Mobile, Mail Chimp, PayPal, Twitter, Air Asia, Dropbox Medibank, Shein, Singtel, Facebook, Toyota, American Airlines, Uber, North Face, TikTok, Samsung, DoorDash, Cisco, Marriott, Flagstar Bank, Baptist Medical Center, Choice Health Insurance, Verizon, Texas Dept of Transportation, Alameda Health System, U.S. Dept. of Education, Texas Department of Insurance, Apple/Meta, Red Cross, Morgan Stanely.
Did you know that HUMAN ERROR is the main cause of 95% of cyber security breaches? Companies need to pick up their game with regard to cybersecurity training to their employees. 30% of malware breaches are done through emails with fake links and attachments. In 2022, the top three malware-attacked states were Florida (140.1 million attacks), California (140 million attacks), and New York York (133.5 million). There were 710 million phishing emails blocked per week in 2022.
SKL Risk Consultants, LLC is a full-service risk management firm. Cyber Security is one aspect of the urgent areas of business mitigation.
SKL Risk Consultants, LLC
Sandra K. Little, Owner/CEO
MBA, CPCU, ARM, CRM, CIC, RIMS-CRMP
Let us evaluate your cyber threat risk as we invite you to have a complimentary assessment; please contact: Sandra@SKLRiskConsultantsLLC.com.
For collaborations, and other information, you may contact Lisa@SKLRiskConsultantsLLC.com.