For organizations around the world, cyber security is a chief concern. The potential of security risks continues to rise, according to a McKinsey & Company report, and the potential financial effect is jaw dropping.

Cybercriminals’ main target

As America’s and the world’s systems are targeted by cyber criminals, productivity can be significantly slowed and the technology which businesses rely on every day can be compromised. As a result, the bottom lines of organizations everywhere continue to take a big hit. The McKinsey & Company report estimates that $3 trillion could be lost by 2020 if defense mechanisms don’t outperform or match the rate of cyberattacks.

The report’s findings come in part from a survey of 200 organizations, and it is easy to see that the cyber security concern is widespread. Nearly 80% of the surveyed executives said their companies are unable to combat the increasing number of threats. “Theft of information assets” and “disruption of online processes” are two main concerns as an organization’s technology and systems are under attack.

The growing vulnerability of companies

Additionally, as companies rely more and more on its systems to operate every day, their vulnerability increases. With that said, executives agree that security needs to be a focus just as much as the technologies themselves to keep the organization up and running without the daily fear of data and system theft.

“The financial impact of cyberattacks is all too real, and integrating security into an organization’s technology systems must be a primary focus in this digital era,” says Dan Fiorito, Director of Security at CLEARNETWORK .

“Data breaches and security threats can bring a company’s productivity to a halt and in turn, directly affect the bottom line. Take the steps necessary to ensure your organization can stand up to the cyber bullies of the world.”

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