Cyber Security refers to the systems or rather technologies to protect computer systems, software, networks as well as user data from unauthorized access and modification, alongside, the threats which are distributed through the internet by cybercriminals, terrorist groups, and hackers.
The Internet has been in the picture for far too long but the importance or rather the need for Cyber Security has increased by heaps and bounds for various reasons. We’re living in a far more technologically-advanced world than we did say, a decade ago.
This advancement is not just evident in the gadgets (like that of iPads, iPhones etc) that have integrated in our day to day lives making most think online. With that, the increased speed of broadband services has also allowed businesses to operate online than in a tangible location. As accessible as things have gotten, it has indeed increased the need for cyber Security services.
Here are the five purposes of cyber Security that have made it more important than ever:
The rising cost of breaches
The main objective of Cyber Security is to defend your privacy from getting breached. One reason why is it as important as ever is because of the rising costs of breaches. Recent statistics have suggested that the average cost of a data breach at a larger firm is £20,000.
But this actually underestimates the real expense of an attack against a company. It is not the financial debt that is difficult to endure but also the cost of remediation. Not just that, the reputational damage it comes with is unspoken of but is pretty unaffordable.
A cyber-attack makes the customers lose trust in a business, which means they look for elsewhere for similar services. In addition to that, having a reputation for poor security can also lead to failure to win new contracts and losing the existing business you have, meaning you’re not just paying for remediation but also losing the revenue you were otherwise making.
Increasingly sophisticated hackers
To survive in the current business landscape, possessing a website is the bare minimum. Having a website externally exposes you, which provide the criminals with a pathway to swoop in the internal, confidential networks.
With hackers having to gain immensely from successful data breaches, they are much more sophisticated and large in number. There are countless examples of well-funded and coordinated cyber-attacks, one of which is that of Deloitte, a cyber-security consultant itself which turns to show how vulnerable most systems are.
With highly sophisticated attacks, businesses need to assume that they will be breached at some point and implement controls that help them to detect and respond to malicious activity before it causes damage and disruption.
Widely available hacking tools
As well funded and highly skilled hackers pose an imperative risk to the business, the commonly available hacking tools and programs on the internet are nothing less of a threat as well. They provide a platform for the less skilled individuals to hack into your systems.
It doesn’t end here, the commercialization of cybercrime has also made it easy for anyone to obtain the resources they need to launch damaging attacks, such as ransomware and crypto mining.
A proliferation of IoT devices
More smart devices than ever are connected to the internet. These are known as the Internet of Things, or IoT, devices and are increasingly common in homes and offices. On the surface, these devices can simplify and speed up tasks, as well as offer greater levels of control and accessibility. Proliferation, however, presents a problem.
If not managed properly, each IoT device that is connected to the internet could provide Cyber Criminals with a way into a business.
IT services giant Cisco estimates there will be 20.4 billion connected devices globally by 2020 – so this problem will only worsen with time.
With the use of IoT devices potentially introducing a wide range of security weaknesses, it is wise to conduct regular vulnerability assessments to help identify and address risks presented by these assets.
It is not just criminal attacks that mean businesses need to be more invested in Cyber Security than ever before. The introduction of regulations such as the GDPR means that organizations need to take security more seriously than ever or face heavy fines.
The GDPR has been introduced by the EU to force organizations into taking better care of the personal data they hold. Among the requirements of the GDPR is the need for organizations to implement appropriate technical and organizational measures to protect personal data, regularly review controls, plus detect, investigate and report breaches.
It is important to be safe than sorry. To keep your business from the ever-so-growing threat of security breach, it is imperative you remain vigilant and have data backup as well as password policies in place.