Cybersecurity protects internet-connected devices and services from malicious hackers. Its importance cannot be overstated, as cybersecurity attacks can cost businesses money and confidence.
For example, the Target data breach resulted in millions of dollars worth of damages and lost customer trust. Promoting cybersecurity demands a community perspective, with organizations open to collaborating with peers and sharing intelligence on cyber threats and good security practices.
Security Threats
Cybersecurity is the practice of defending computers, servers, mobile devices, electronic systems and networks from malicious attacks. It also involves educating employees on how to prevent cyberattacks.
Hackers are one of the most serious security threats today, seeking to steal private or corporate information or disrupt businesses and critical infrastructure. They use a variety of tools, including malware (malicious software that gains unauthorised access to a computer) and ransomware (software that locks files, data or systems and threatens to destroy them or release confidential information unless the victim pays a ransom).
Many hackers also make money by selling their attacks on the dark web, an online marketplace for criminals. The threat landscape is constantly changing, and companies must regularly review their cybersecurity programs to ensure that they can respond effectively to new attacks. It’s not just cyber criminals that pose a threat; even the most well-intentioned individuals can fall prey to these attacks. This includes those who click on suspicious links or misconfigure their digital systems.
The Internet of Things
The IoT is growing rapidly and moving beyond a smart thermostat or light bulb in your home to smart city solutions, healthcare, retail, manufacturing and more. And while these networks offer a wide variety of benefits, they also present an enormous opportunity for cybercriminals.
As more devices are connected, the amount of data flowing between them increases, giving hackers greater access and opening them up to attack. Moreover, attacks on IoT devices can damage production resources and disrupt critical operations. They can even lead to national security issues.
As the IoT continues to grow and evolve, there are a number of steps organizations can take to mitigate these risks and protect their systems and devices from hackers. Using a network segmentation strategy, implementing strong password policies and incorporating Federated Machine Learning (FML), in which data stays local and only analytics are sent to the cloud, can help reduce security vulnerabilities. Additionally, training employees to recognize suspicious activities is an important preventative measure.
Data Breach Rates
Humans are the number one vulnerability for cybercriminals. Whether it’s due to their curiosity or an eagerness to please, humans are often the ones who open phishing emails, click on malicious links, or enter unsecure information into websites. These breaches lead to financial losses, reputational damage, and customer turnover.
The cost of data breaches has increased significantly and will continue to grow over time. The longer a breach goes undetected, the more it costs. In fact, UpGuard discovered that events with a detection lifecycle of more than 200 days had an average damage cost over US$9.44 million.
Cyberattacks have also become more frequent and damaging than ever before. In a survey of consumers, 83% said that they would stop doing business with a company if they found out about a data breach. These statistics reveal how serious the impact of a data breach can be on businesses, and why cybersecurity needs to be taken seriously.
The Future of Cybersecurity
As technology evolves, hackers continue to search for new weaknesses to exploit. This makes a strong cyber security strategy essential to protecting your business from phishing scams, ransomware attacks, data breaches and other threats.
As we become more and more reliant on the internet, sensitive information like client and customer data is stored on computer systems and networks that are susceptible to cyber-attacks. This reliance along with the increased adoption of cloud services, smartphones and IoT devices have created many different vulnerabilities that didn’t exist just a few years ago.
Cyber attacks also have a large economic impact that can undermine the trust of consumers and businesses in digital commerce. This can stall or even derail digital transformation and overall economic growth. This is why the World Bank launched a global fund that focuses on addressing cybersecurity issues in developing countries. In addition to monetary support, this fund aims to build capacity, technical skills and help develop innovative solutions to address cyber security risks.