More cyber attacks will happen if businesses continue to panic buy security

Will businesses ever learn fast enough to avoid another cyber security failure? If they continue to panic buy software like they did after the NHS crippling attack, businesses will continue to suffer issues caused by repurposed malware.

2Checkout, whose technology helps businesses sell software worldwide, analysed sales transactions before and after the WannaCry attack in seven countries; UK, US, Russia, Ireland, Australia, Germany and Canada. The data shows every country apart from Germany bought more security software in the aftermath of the attack.

This panic-buying means businesses will not be adequately protected because they rush to a decision without making assessing which security technology is most appropriate.

Erich Litch, Chief Revenue Officer at 2Checkout, told on the BBC at the time:“We have delved into the data; the 25% spike in the purchase of IT security software by UK organisations, following the NHS ransomware attack, can only be a knee-jerk reaction. News travels fast, and in the US, the spike in security software purchases nearly doubled (43%) as organisations look to avoid the large-scale attacks seen in the UK.

Yet, organisations looking to avoid suffering the same fate as the NHS need to get strategic. Panic buying security software is not the answer to a very important cyber security question. The message here is clear, don’t wait for another attack to make a decision about cyber security. Make this an active part of your strategy, not a reaction to a disaster.”

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