In recent years, cybercrime has been growing at an alarming rate. An article published on Bloomberg.com detailing the results of a study revealed some alarming statistics.
- American companies lose an estimated $250 billion annually through the theft of intellectual property.
- Cybercrime costs almost 1 percent of the global gross domestic product.
- Cybercrime could result in the loss of more than 350,000 jobs worldwide.
- Each year, cybercrime results in losses of $445 billion, and the costs are expected to continue to increase substantially over the coming years.
Businesses understand the dangers posed by security breaches. If customer information is stolen, the company’s reputation can be irreparably tarnished. Denial-of-service attacks can have a financial cost as well as damage public relations. Theft of proprietary information could eliminate any competitive edge that a company might have.
Companies are fighting back as best they can. In a recent survey, 91 percent of the respondents stated that they leverage a risk-based security framework. Of perhaps equal importance is that approximately 65 percent are partnering with external vendors for a collaborative approach to security. Those who report that they have embraced an external collaboration report that received actionable information from their partners. Their awareness of threats improved, updates were communicated faster and incompatible platforms and data formats were eliminated.
Security is one area in which businesses cannot afford to compromise. Innovative technologies, advanced authentication protocols and analytics can all be used to enhance security. The problem with many approaches to cyber security, however, is that they require an extreme amount of maintenance to ensure security. A better approach is to ask a custom software development firm to tailor a cyber security framework that will minimize maintenance without sacrificing security. In many cases, you will not only save money on the initial implementation but also realize substantial savings on your maintenance costs.
At PhaseAlpha, we are focused on security and quality. We are a custom software development company with extensive experience and outstanding skills. We can help you develop a robust security framework that will minimize maintenance. You can reach us by email at info@phasealpha.com or by telephone at 913-648-9200.