Increase of Digital Risk Protection

The Fast-Growing Demand for Digital Risk Protection: Understanding the Reasons Behind It

In today’s technology-driven and web-based business world, companies face increasingly sophisticated cyber attacks that threaten their security, reputation, and financial well-being. As a result, the demand for digital risk protection services has skyrocketed in recent years. Here are some statistics and reasons behind this trend:

Rise of cybercriminals: Cybercriminals are using advanced techniques such as AI and machine learning to carry out more convincing phishing scams. In 2022, there were 23,896 security incidents, of which, 5,212 were confirmed data breaches.

Source: Verizon

Shift to remote work: The COVID-19 pandemic has forced companies to adopt work-from-home and hybrid working models, which have made them more vulnerable to cyber-attacks. According to Check Point’s 2022 Workforce Security Report, 57% of organizations report that over half of their workforce works from home at least 2 days a week.

Increasing dependence on digital systems: As companies increasingly rely on digital systems to manage their critical operations, they also become more vulnerable to cyber-attacks. The statistics show that in 2022, out of the total reported data breaches, 715 occurred with small companies, while only 225 happened with enterprises. Additionally, 4,242 of all breaches occurred with companies whose size is unknown.

Source: Verizon

These numbers demonstrate that small companies are especially at risk of cyber-attacks. This is likely due to the fact that small businesses often have fewer resources to devote to cybersecurity measures compared to larger enterprises. It is crucial for companies of all sizes to invest in digital risk protection services to mitigate the risks of cyber-attacks and protect their operations, reputation, and customers’ sensitive information.

Economic and geopolitical factors: Major global events such as economic slowdowns, geopolitical conflicts, and supply chain disruptions have forced many companies to reduce their budgets, making them more vulnerable to cyber-attacks.

The stakes are high for companies that fall victim to cyber-attacks. A single attack can cost a company millions of dollars in damages, and damage its reputation and customer trust. The demand for digital risk protection services is thus understandable, as they help companies stay ahead of the constantly evolving tactics of cybercriminals and protect themselves from the potentially devastating effects of cyber attacks.

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