Cyber risk assessment is critical for any organization that wants to protect its information assets and reduce the likelihood of a successful cyberattack. There are many reasons to conduct a cyber risk assessment, as our world becomes increasingly digital, the importance of cyber risk assessment grows exponentially. 

Here are four key reasons why:

1. The Costs of a Cyber Attack Are Skyrocketing

The average cost of a data breach is now $3.86 million, up 6.4% from last year (2018)1. And the average cost of a ransomware attack is $133,000, up from $52,000 in 20172. These figures are only going to increase as cyber attacks become more sophisticated and widespread.

2. The Number of Cyber Attacks Is on the Rise

There were 1,244 data breaches in the first half of 2018, which is a 54% increase from the same period in 20173. And the number of ransomware attacks increased by 99% in 20174. This trend is only going to continue as hackers become more sophisticated and motivated by the huge payouts they can receive.

3. The Consequences of a Cyber Attack Are Severe

A cyber attack can have a devastating impact on a business, both financially and reputationally. In addition to the direct costs of an attack, businesses can also suffer from lost revenue, higher insurance premiums, and reputational damage.

4. Cyber Risk Assessment Is the Best Way to Mitigate Cyber Attacks

The only way to truly mitigate the risks posed by cyber attacks is to conduct a comprehensive cyber risk assessment. This assessment should identify all potential vulnerabilities and threats, and recommend steps to reduce the likelihood and impact of an attack.

 Cyber risk assessment is essential for all businesses, large and small. The costs of an attack are high, and the consequences can be devastating. Cyber risk assessment is the best way to reduce the likelihood and impact of an attack.

1. https://www.ibm.com/security/data-breach 
2. https://www.forbes.com/sites/kateoflahertyuk/2018/04/11/ransomware-attacks-cost-businesses-an-average-of-133000-in-2017-up-from-52000-in-2016/#4f4382fe4f6c
3. https://www.gemalto.com/press/2018/07/number-of-data-breaches-soars-in-first-half-of-2018
4. https://www.forbes.com/sites/kateoflahertyuk/2018/04/11/ransomware-attacks-cost-businesses-an-average-of-133000-in-2017-up-from-52000-in-2016/#4f4382fe4f6c