ABN AMRO cyber trends report: organizations have unwarranted confidence in their own cyber security

Almost two in ten Dutch companies suffered damage from cybercrime last year, according to research by ABN AMRO. Financial losses were the most common, followed by the loss of customer data, trade secrets and operational disruptions. Yet SMEs in particular are unduly confident in their own cyber resilience.

Dangerous underestimation of cyber threats

In large business, 93 percent of companies have already experienced a cyber attack, compared to 85 percent of SMEs. Therefore, it is no longer surprising that cybercrime is a major threat to businesses. Yet it is striking that the risk assessment does not match these experiences. In SMEs, awareness of the risks has even decreased.

This self-assurance is unjustified when you look at the reality. The numbers on mbk workers point to vulnerability rather than control. For example, their emphasis is on securing devices, firewalls and antivirus programs, but they mostly lack proactive detection of intrusions or plans for recovery after a hack.

Not only financial loss

The financial damage from a cyber attack can be substantial. SMEs suffer around 270,00 euros in damages per incident, observes IT security firm ESET several years ago. These costs include lost company revenue, costs of restoring systems and paying ransoms to regain access to data.

But financial loss is not the only thing a cyberattack costs companies. 11 percent of the 788 organizations surveyed experienced a data breach, some of which led to extortion. 7 percent said they suffered damage in the form of data loss, in which customer data, confidential contracts or intellectual property went out on the street. Operational disruptions were also reported by 7 percent of companies.

Take proactive measures

ABN AMRO's research shows that more and more organizations are becoming victims of cybercrime. It is therefore crucial that companies, large and small, continue to proactively strengthen their security measures. With a SOC (security operations center), you place your entire organization under the watchful eye of experienced cybersecurity specialists. Our SOC experts monitor 24/7 for threats in your systems and are always ready to counterattack.

Read AMB AMRO's entire report here: Cyber resilience entrepreneurs lag behind reality - ABN AMRO