A new report by computer security software corporation Symantec has revealed that Saudi firms are poorly equipped to deal with cyber attacks because of “lack of data backup operations on daily basis”.
As information technology assumes greater importance in today’s business environment, an increasing number of Saudi firms are digitizing their systems. While Saudi companies continue to prioritize corporate data and information, they are in a reactive mode and may not be able to respond well to cyber attacks. The focus of these companies is on only maintaining backup copies of important information, such as company data, customer records, and legal documents.
It is estimated that 69 percent of the Saudi firms will not be able to take appropriate actions in the event of a cyber attack. Only about 31 percent of small to medium-sized enterprises (SMEs) in the kingdom actively manage the data backup process and will be able to retrieve data loss caused by cyber attacks, on a daily basis.
A booming service economy has placed Middle East based companies on the world map and they are becoming increasingly susceptible to cyber attacks. It is imperative that these companies maintain a strong data backup and have an effective strategy in place to ensure business continuity. Therefore, it is imperative that companies periodically assess their backup policy and are prepared to recover vital data after emergencies.
Symantec has also stressed on the need for Saudi companies to develop a master plan to act in cases of emergency and test the data recovery strategy to ensure its effectiveness in restoring business operations. Saudi firms may also consider storing backups outside the company and consolidate data backup solutions to reduce cost and time of recovery. The most optimal solution would ensure complete information security by merging the backup process and data recovery tools.
Below is an infographic highlighting the risks faced by small businesses from hackers as well as gives a few tips to help safeguard against attacks.
So, how much can cyber criminals make from your confidential information? Kaspersky Lab has an infographic depicting the typical rates these internet crooks demand from victims. The rates range from as low as $3 for removing a computer infected with Trojan and linked to a botnet to $1000 for a new passport made from the stolen scan is being sold. Cyber criminals do their ‘pricing’ strategy is smartly kept at an ‘affordable’ rate such that the victim will be better off paying the ransomware than go through the hassles.
Have you ever been a victim of a cyber crime? Would you pay ‘ransomware’ in case you fall victim to cyber crime? Do you think it’s prudent to pay up the cyber criminal and get your things sorted quicker? Let us know in the comments!