Robust cybersecurity shield key for IT providers to retain clients

A robust cybersecurity posture has become the key to retain clients for information-technology (IT) services providers because any breach of data can result in a loss of millions of dollars apart from damages to trust and reputation.

Costs of global cybercrime damages are expected to grow 15 per cent per year over the next three years, reaching $10.5 trillion annually by 2025, up from $3 trillion in 2015, according to Cybersecurity Ventures.

If it were compared to the economic size of a country, cybercrime would be the world’s largest economy after the US and China.