A cybersecurity risk management plan is a strategy designed to prioritize and prevent cyber threats. Creating a plan involves conducting a cyber risk assessment, then identifying, evaluating, and addressing threats across an entire organization. These plans are critical for protecting information systems against ransomware, malware, and other threats that could impact data security or operations.

Companies around the world rely on data to improve their overall efficiency, carry out analytics, and ensure their employees have the information they need to do their jobs effectively. Cybersecurity compliance laws and regulations are designed to protect your NYC company’s data and networks from phishing, malware, and other types of attacks.

A shocking 2023 study conducted by Cisco, a prominent digital communications and technology company, found that only 15% of American companies surveyed have enough cybersecurity resilience to defend themselves from attacks. Cybercrime reports rose 22% between 2022 and 2023 according to the FBI, and with 85% of companies vulnerable to attacks due to poor or inadequate risk management, organizations must urgently work to implement comprehensive cybersecurity solutions.

Organizations around the world are increasingly focused on mitigating cybersecurity threats, vulnerabilities, and risks. In the United States alone, cybercrime costs companies more than half a billion dollars each year. Implementing measures like software protection, company-wide training, and better technological capabilities can seem like a daunting and expensive task, especially for small and midsize businesses (SMBs) without in-house security teams.

Today’s organizations depend heavily on network functions for things like email, cloud computing, and hybrid or remote work. Sadly, cybercrime continues to grow more common around the world, and it impacts internet-connected businesses of all sizes across all industries by exploiting network security vulnerabilities.

Employees are central to organizations in every industry, and in today’s interconnected world, they have access to more data than ever before. Safeguarding that data is one of the biggest challenges modern organizations face, and too many companies rely solely on their network security teams for their cybersecurity needs.

The U.S. government alone proposed a $12.72 billion budget for cybersecurity in 2024 likely in response to the $320 billion that cybercrime cost the country in 2023. As the costs and spending continue to rise, governments and businesses alike are looking for newer, more effective ways to keep cybercrime at bay.

According to Tech.co’s Impact of Technology on the Workplace Report 2024,40% of business leaders believe that their organizations’ performance will be highly affected by cyber threats in 2024. Furthermore, 11% of these same business leaders are not sure if their companies experienced a data breach in 2023.

Globally, cybercrime cost $8.44 trillion in 2022, and by 2027, the cost will climb to a jaw-dropping $23.84 trillion according to data published by the World Economic Forum.