What is Cybersecurity?
In the age of growing threats, cybersecurity has become essential for businesses to protect their data from danger and damage. Cybersecurity is the practice of protecting systems, networks, and programs from digital attacks. These cyberattacks usually aim to access, change, or destroy sensitive information, extort money from users, or interrupt normal business processes.
To keep up with this growing threat, businesses should invest in Managed Security Services and cybersecurity solutions. The increasing number of cyber threats makes it difficult for companies to keep up. Hackers constantly develop new ways to attack the systems and steal valuable information. A single breach can have a devastating impact on a company. According to the latest data breach report by IBM, the cost of a data breach in 2021 is US$ 4.24 million.
Implementing effective cybersecurity measures is particularly challenging today because there are more devices than people, and attackers are becoming more innovative. There are a variety of ways in which cybersecurity measures can be implemented to protect an organization from cyberattacks. The most effective measures will depend on the specific organization’s needs and vulnerabilities. Some standard methods of cybersecurity include: – Implementing strong passwords and other security measures.
Nowadays, everyone is talking about cybersecurity. So let’s understand why cybersecurity is important.
Top 5 Reasons Why Cybersecurity is Important
On average, cyber crimes are costing US$ 4.24 million to organizations, as per a 2021 report by IBM. It is estimated that cybercrime will cost $10.5 trillion annually by 2025.
Many organizations take their cyber protection lightly and end up being victims of cyber-attacks. They don’t implement the basic security measures because they don’t seem like necessary investments.
Here are some major reasons why cyber security is important for modern businesses.
1. Increasing cybercrimes
The number of cybercrimes is on the rise. In the United States, cybercrime is the fastest-growing criminal activity, costing businesses an estimated $100 billion a year. Cybercrime includes everything from stealing personal information to launching debilitating distributed denial-of-service (DDoS) attacks.
A cyber-attack can affect you badly, whether a small or a large company. This is because hackers can take advantage of every company’s vital assets. All companies are susceptible to cyber-attacks, which can result in losing important data, financial losses, and even the shutdown of businesses. Cyber-attacks can impact any sector, including government, healthcare, and technology companies. However, the healthcare sector is the easiest target for hackers.
2. More devices are used for IoT
The introduction of Internet of Things (IoT) technology has helped simplify our tasks, but it has also opened us up as a target for hackers. IoT devices are connected to the internet and can be accessed by anyone with the right equipment, so they are a potential target of cyber-attacks.
It doesn’t matter how advanced your security measures may be; these internet-connected devices will provide an opening if you don’t manage them properly. So, ensure you are aware of any potential security risks and take appropriate measures to protect yourself.
3. Increasing technology usage
We all spend a lot of time with technology, so cybercriminals are always looking for new ways to exploit vulnerabilities in technology. As a result, they’re constantly developing new methods of stealing information and money. Unfortunately, there’s a lot of money to be made by criminals who can exploit technology vulnerabilities.
An API is the most crucial part of the company’s systems. APIs can include everything from the company’s customer data to the company’s internal systems. Unfortunately, attackers are trying to disrupt this hyper-automation by going after such APIs, which can seriously impact a company’s business processes.
4. The deep web and cryptocurrency
The deep web, also widely used as the dark web, is a collection of unidentifiable websites by search engines and concealed through passwords or other security tools. It can be considered the dark web, as it contains websites that are not typically visible to the public. These websites or pages are only accessed by specialized web browsers, keeping users anonymous.
The dark web is where illegal operations can be performed, such as software distribution, personal information distribution, drug, and human trafficking, illicit distribution of weapons, and many more.
Cryptocurrencies are becoming popular for attackers because of their high value and the potential for quick profits. Threat actors are searching for new ways to exploit vulnerabilities in these systems and monetize their gains. Cryptocurrencies are also targeted because they are not as well understood as traditional financial systems.
Attackers may be able to drain millions of dollars from the cryptocurrencies’ liquidity pools if they choose to use the new markets.
The importance of cyber security has increased due to the vulnerabilities.
5. Evolving ransomware
Ransomware is one of the most profitable cyberattacks at the moment. Ransomware tactics, in particular, are undergoing a lot of transformation due to the heavy focus of law enforcement as well as the millions of profits that are at stake. Anything that is connected to a reachable network is a potential target. Organizations should protect their data and systems from theft and insider threats. They should also be vigilant in protecting their data from being used for double extortion or disabling security tools.
Conclusion
Cyberattacks have hit organizations of all sizes from every industry, including social media giant Facebook and ride-sharing giant Uber.
Cybersecurity is essential in the age of continuous development of technology, especially for those vulnerable to cyber-attacks. The cybercrime rate is rising year over year, and it is never going to stop. Therefore, hackers can steal our information, money, and reputation without cybersecurity.
Post courtesy: Cyber74, Cybersecurity Solutions Provider.
