Not too long ago, executives would scratch their heads in confusion and think, what is cybersecurity, why would they need it, and isn’t antivirus software more than enough?
Nowadays, it goes without saying that a strong cybersecurity measure is necessary for success in the business world. Cyber-attacks and other privacy breaches have made headlines in the past year, despite being a common occurrence.
This notion of cyber warfare on a global scale is nothing new, but it is still pertinent today as the repercussions can be severe.
Even on home turf, cybersecurity has a greater presence today than in the past.
As per recent reports by the Computer Emergency Response Team (CERT-In), the Union Home Ministry informed Parliament that the number of cyber-attacks more than doubled in 2020. Between 2019 and 2021, India has experienced 1.2 million cyberattacks, which is a rise from 486,000 incidents last year. (Source)
The Indian Government has launched new programs to provide more citizen services and help underserved communities in the past few years. And the increased use of digital platforms and applications has increased the chance for criminal activity.
The government already has many initiatives in place to secure Cyberspace, but Cybersecurity professionals are needed now, more than ever, as digital transformation and progressions continue.
The Government alone does not suffer
Cyber attacks do not just affect government entities; they also pose a threat to businesses that fail to take adequate measures.
At the same time, as businesses become more digital and data-centric, they leave themselves at risk from cyber attacks such as ransomware and distributed denial of service (DDoS).
Attacks like these can cause an untold amount of damage to your company, and it is estimated that one-third of cyber-attacks are successful. Attackers cost businesses worldwide $2 trillion per year.
The figure for global cybercrime is on the rise, as these newly reported figures indicate. One estimate from late 2017 predicts damages will total $90 trillion by 2030. (Source)
However, this is not just limited to large corporations. Smaller companies are equally vulnerable and face a higher chance of being targeted. This goes for start-ups who are working with a limited budget and don’t have the ability to hire cybersecurity experts. And they can be brought down in one swift cyber-attack.
Do we need Cybersecurity?
Businesses are now held accountable for their information security practices, even more than they were in the past. Each day cybercriminals become more sophisticated and use greater methods to gain access to confidential data.
They can steal the information of each and every customer, from social security numbers to credit card details; this is a serious attack that can be detrimental for your business.
This also goes for all other personal information, such as photos, family videos, and private correspondence between employees or partners. No information should be considered too private, nor should it stay unencrypted.
The recent Facebook and Cambridge Analytica scandal has left users disillusioned with the concept of digital privacy; we are all susceptible to having our private data improperly shared. And this can have a knock-on effect on your business as people may not trust you in the future. This is why cybersecurity is an increasingly important issue.
What is Cybersecurity?
Cybersecurity protects businesses and individuals from cybercrime. It is a response to the growing threat of data breaches, ransomware attacks, DDoS attacks, phishing scams, and more.
The term Cyber Security has become very broad in its meaning today; it commonly refers to efforts by individuals to prevent cybercrime or unauthorised access to information systems and networks.
Cybersecurity is basically the act of ensuring that your data and devices are safe from harm, whether it be hackers or technical errors. It involves taking precautions to prevent cybercrime within an organisation or for individuals.
The main aim of cybersecurity specialists is to keep your digital life tidy and organised with the use of encryption software, firewalls, anti-virus, and similar, to ensure that your private data is not compromised by hackers or employees.
Why is Cybercrime increasing?
Cybercrime is increasing because of the rising trends in technology and e-commerce around the world. This means that businesses are becoming more digital, which leaves them more susceptible to attack.
Increased digitisation of business also brings with it an increase in intellectual property theft.
What is the impact of Cybercrime?
The global study by IBM Security found that data breaches cost surveyed companies an average of $4.24 million – the highest figure to date.
Based on an in-depth analysis of the data breaches experienced by 500 organisations, the study suggests that security hazards have become more costly and harder to contain due to a variety of factors.
In response to the pandemic last year, many businesses have implemented policies that either encourage or require employees to work from home. Almost 60% of organisations are moving further into cloud-based activities in light of these developments.
The new findings suggest that advances in security systems may have lagged behind due to these rapid IT changes, hindering organisations’ ability to have been able to respond appropriately in the event of a data breach.
What are the Benefits of Cybersecurity?
Businesses now need some form of cybersecurity in place as cybercrime poses a great threat to their income and reputation.
In addition, consumers also want to be protected from online threats like identity theft and other forms of cybercrimes.
Cybersecurity provides a number of benefits for modern business, including:
Improved Secured Business – Cybersecurity will allow you to protect your business from costly data breaches, which can result in loss of trust and revenue.
Protecting your Customer Data – Having encryption software will keep sensitive information safe and hidden from cybercriminals.
Higher Revenue – With data breaches costing businesses over $4.24 million a year, it is clear that cybersecurity has become vital to the survival of your company.
Consumer Trust – Consumers are becoming warier of how their information is used online; with security measures in place, you can gain trust and respect.
Why is Cybersecurity important?
Cybersecurity is becoming more and more important as the world becomes more connected and reliant on technology.
The ever-increasing reliance on the internet will leave you vulnerable to cybercrime; it has become an everyday threat that businesses are being forced to take into account.
Data Breaches – Cybercriminals can steal your data, including customers’ details. This can not only lead to loss of trust and revenue but also result in identity theft, fraud, reputational damage, and more.
Data Theft – Hackers can gain access to your confidential data, including customer information. They can do this by exploiting holes in the system – such as a virus or ransomware attack – or via human error from an employee.
Service Outages – Hackers can bring down your entire business by infecting computers with a virus or ransomware attack, which locks out employees from work. This is why you should invest in tools that will prevent this from happening.
Ransomware Attacks – Hackers can shut down your systems until you pay them money – known as ransomware attacks. They do this by encrypting all your files and data (and sometimes websites) until you pay a ransom of their choice in return for the encryption key.
Phishing Scams – Cybercriminals can trick people into handing over sensitive information through phishing scams. Phishing is a fraudulent attempt at collecting personal details such as credit card numbers, bank account details, passwords or other sensitive information by pretending to be a trustworthy person or company.
DDoS Attacks – Cybercriminals can bring down your entire business network with Distributed Denial of Service (DDoS) attacks; they will broadcast junk data from different sources at the same time in an attempt to stop real customers from accessing your website.
What is the main purpose of Cybersecurity for the Digital Era?
A security system protects an organisation’s assets, reputation, and data by preventing potential intrusions or data breaches.
In order to save your business, fix the breach quickly. Whether it is legal, financial, or another type of damage, you need to take action swiftly.
Why do businesses need a Cybersecurity Specialist?
You might have the latest software and systems in place to protect your company against cybercriminals, but you also need skilled cybersecurity specialists on hand to make sure that this protection is always running.
The right specialist can ensure that your business is secure and any issues are dealt with in a timely manner.
Having the right people on hand to detect, respond to, and recover from cyberattacks will allow you to protect yourself against financial loss or reputational damage
How to hire a Cybersecurity Specialist?
While the threat of cybercrime doesn’t wait for you to find the right security specialist, it is imperative that you do not hurry into hiring anyone off the street.
You need to make sure that your business has enough resources in place to detect potential threats as well as deal with any issues quickly and effectively.
Some of the things you should consider before hiring a cybersecurity specialist include:
Cybersecurity isn’t just about protecting your network, it’s also about protecting client data and preventing confidential information from getting into the wrong hands.
With that in mind, it is clear that cybersecurity has a vital role to play on the global stage. It can be used as a potential for good and has the power to help people around the world.
As digital transformation continues, we must acknowledge that cybersecurity is essential for expanding our businesses and keeping them safe from attacks.
Do you have any experience of a data breach in your organisation and how you managed to detect and secure your business?
Or, do you know of any other ways to employ Cybersecurity to protect businesses?
We’d be glad to hear from you.