Experts Comment: Why Should Companies Take Cybersecurity More Seriously Than Ever Before?
As October marks the commencement of Cybersecurity Awareness Month, organizations globally are emphasizing the significance of digital security. According to the UK Government’s Cyber Security Breaches Survey, the average cost of a cyber breach is £7,960…
As October marks the commencement of Cybersecurity Awareness Month, organizations globally are emphasizing the significance of digital security. According to the UK Government’s Cyber Security Breaches Survey, the average cost of a cyber breach is £7,960 for small businesses and £12,560 for medium enterprises. This cost presents a substantial financial burden for many SMEs, and the expenses associated with prevention are also significant.
Several high-profile cyber attacks have highlighted the potential damage such incidents can cause:
Marks and Spencer experienced a cyber attack that halted online orders and in-store payments, resulting in nearly £300 million in losses. Co-op suffered a data breach in April, with member names and contact details compromised. Harrods faced two attacks in 2025, leading to the leakage of customer data. H&M encountered in-store payment disruptions, impacting revenue significantly. Jaguar Land Rover was targeted, resulting in production shutdowns and £1.7 billion in lost revenue. Heathrow faced significant delays in September due to a cyber attack on Collins Aerospace.
Industry experts emphasize the growing need for robust cybersecurity measures. Kevin Landt, VP of Product, Cybersecurity at Thrive, highlights that organizations must integrate cybersecurity as a core business risk. Automation and generative AI have accelerated phishing and social engineering attempts, necessitating comprehensive security strategies.
As October marks the commencement of Cybersecurity Awareness Month, organizations globally are emphasizing the significance of digital security.
Adrian Cox, CEO of Beazley, underscores that while cyber-attacks are inevitable, preparation and resilience are crucial. Insurance plays a role in risk management, but it should be part of a broader strategy that includes proactive cybersecurity measures.
Emilio Escobar, CISO at Datadog, stresses the importance of strong access controls and continuous verification to mitigate risks associated with credential theft, as highlighted in the State of Cloud Security report.
Dan Jones, Senior Security Advisor at Tanium, emphasizes the urgency of transitioning from Windows 10 due to the end of support, advocating for real-time monitoring and endpoint management to enhance security.
Business Cybersecurity Strategy Recommendations
Experts recommend businesses adopt a proactive approach to cybersecurity, incorporating regular training, system audits, and incident response plans. This approach ensures resilience and builds trust in the digital marketplace. By treating cybersecurity as a fundamental component of business strategy, organizations can mitigate risks and safeguard their operations effectively.
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Based on reporting by techround.co.uk.