The digital age has brought unprecedented convenience, but it has also given rise to a surge of new crimes. The anonymity and borderless nature of the internet make it easier for criminals to engage in illegal activities. Small and medium-sized enterprises (SMEs) are particularly vulnerable to cyber-attacks due to their limited IT resources. Cybercriminals often target SMEs as they perceive them as easier targets compared to larger corporations. Additionally, SMEs can inadvertently become a backdoor for cybercriminals to gain access to larger companies through their role as suppliers or business partners. As McKinsey predicts in their study, these damages from cyberattacks will amount to approximately US$11 trillion annually by 2025.
Our IT & Cybersecurity team explains how implementing advanced incident management tools such as Security Information and Event Management (SIEM) and Security Orchestration, Automation and Response (SOAR) has emerged as a vital strategy to prevent financial loss from cyber-attacks.
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