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Security: The Hidden Costs of CyberCrime
Cybercrime comes with a global cost of more than $1 trillion dollars, up 50 percent from 2018, according to data from McAfee and the Center for Strategic and International Studies.
Steve Grobman, SVP and CTO at McAfee, said that “the severity and frequency of cyberattacks on businesses continues to rise as techniques evolve, new technologies broaden the threat surface, and the nature of work expands into home and remote environments. While industry and government are aware of the financial and national security implications of cyberattacks, unplanned downtime, the cost of investigating breaches and disruption to productivity represent less appreciated high impact costs. We need a greater understanding of the comprehensive impact of cyber risk and effective plans in place to respond and prevent cyber incidents given the hundreds of billions of dollars of global financial impact.”
Intangible costs of cybercrime include:
- Loss of Intellectual Property
- System Downtime
- Reduced Efficiency
- Incidence Response Costs
- Brand and Reputation Damage
- Damaged Staff Morale
James Lewis, senior vice president at the Center for Strategic and International Studies, said that “most of the incidents are not always successful in the sense of getting money out, but they’re successful in the sense of disrupting operations, disrupting networks. It’s not just your monetary losses in the sense of, you know, ‘they took this cash from me.’ It’s also the opportunity cost.”
This opens up possibilities for leveraging plant solutions that can hit your bottom line quickly and efficiently. Solutions like artificial intelligence or augmented reality, asset management tools, and analytics tool all require a well-connected network to gather, move and analyze the data. Security is about having visibility to connected and unconnected devices. That same strategy can help manufacturers gather data to make information-based real-time decisions for productivity gains
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