As digitalization increases, so do people’s chances of being affected by online crime. Nearly nine out of 10 web app attacks use stolen data, and 18% of common items for sale on the dark web are passwords, emails and account data, NordPass says.Overall, 24 billion different online credentials – such as usernames and passwords – have been stolen since 2016. That’s roughly three for every person on the planet.

All this means the cost of cybercrime is soaring, and is expected to exceed $17.65 trillion in 2025.Organizations that have not adopted or implemented a cyber security framework are the most vulnerable to cyber-crime, including successful phishing attacks, ransomware, or data theft, among others. A cyber security framework is essential for protecting sensitive data, including regulating access to critical information systems and networks.

The information security management system (ISMS) described in ISO/IEC 27001 is one of the world’s best-known and most trusted cyber security frameworks. It is a consensus-based international standard based on industry best practices.

The cost of not having an ISMS or other effective security measures in place can be detrimental to any business, not only financially but also in terms of reputational damage. Litigation poses a serious threat to organizations, especially in cases where customers, employees, or business partners suffer actual financial losses.

And that is not restricted to cases where hackers steal credit card data, for example. The phrase “actual financial losses” could also refer to a drop in a company’s share price.