Statistics always seem to deliver scary numbers but, when it comes to cyber security, that’s because they are. A recent report from Juniper Research, a specialist consultancy that focus on digital technology trends, recorded that the cost of cybercrime in 2019 was a staggering $3 trillion, an unbelievably high number when you consider that UK GDP is $2.8 trillion.

Kennedy-Compston points out that the estimated cost by 2021 is £4.8 trillion and this was before Covid-19. “It’s not just the cost that proves the models broken, but the fact that we’re forecasting to spend £800 million in the same period on cybersecurity technology and the cost still escalates. That would put the cost of cybercrime above all but two of the largest global economies” says Kennedy-Compston. “Surely, there’s a better way to approach this?”

His answer to the problem is the same as leading experts, both here and in the US. “cybersecurity teams need a better view of the security landscape if they’re to change things. You can’t stop what you can’t see, so visibility has to be the number one priority”.

In his role at EnterpriseRed, Kennedy-Compston gets to see first-hand the challenges organisations face in trying to implement appropriate security measures. “We can see things are broken in almost every customer conversation we have. Organisations struggle to plan for cyber attacks because they’re missing basic information about what’s on their network. It’s fairly obvious that, if you don’t know the scale of an issue, there’s no way you can determine how to address it – or how to budget for it.”

Many organisations tend to see cybersecurity as a necessary evil and commit budget accordingly. Kennedy-Compston believes this is why the cost of cybercrime is so high. ”Nobody plans for their building to burn down, but they still take out building insurance. The impact of cybercrime is more damaging to a business, more costly and more likely to occur, so putting the right cover in place should be obvious.”.

EnterpriseRed partners with CyGlass to provide suitable network visibility. “CyGlass is your insurance calculator and policy in one. It enables you to see and understand what’s on your network, so you can identify and plan your risk landscape. Instead of being overloaded by alerts, it helps determine where to focus your efforts on securing your network. When the stakes are so high, network visibility must be one of the best investments you can make.”

With CyGlass nearly a third of the cost of leading competitors, Kennedy-Compston believes it can help reduce the spiralling cost of cybercrime. “CyGlass is affordable and easy to implement, so there are few barriers for any organisation, large or small.

We’re confident that our approach with CyGlass can help make a positive change in how organisations deal with cybersecurity and the impact of cybercrime, because better visibility is essential.”

A Nominet company, CyGlass is a network-centric, dark threat detection solution, allowing you to uncover, pinpoint, and respond to advanced cyber threats.

CyGlass delivers a virtual, cloud based SOC (VSOC) that can be deployed in minutes and that provides customers with continual network visibility. This is suited for all sizes of organisations with compliance or regulatory considerations, the key benefits are ease of implementation and affordability.

Kennedy-Compston is convinced his approach is right. “But don’t take my word for it, Both the UK and US governments have issued guidance that says the same, so it must be right!”

You can learn more about CyGlass on our product review, or contact us and we can put you in touch with Kennedy-Compston.