Cybersecurity is the process of protecting and recovering your technological systems, networks, programs, and devices from malicious cyber attacks. Cyber attacks are growing increasingly common and are much more elaborate than they used to be.
Social engineering and artificial intelligence have made it possible for hackers to gain more information than ever before. This has happened as a result of our increased reliance on technology and internet-enabled smart devices.
Nowadays, it is simply not enough to use a couple of firewalls and antivirus software to protect your organization.
Additionally, laws like the European Union’s General Data Protection Regulation ensure that no business can forego cybersecurity measures.
Why Is Cybersecurity Important?
Today, our society is more reliant on technology than any other generation before. However, with all of our information online, data leaks can cause issues like identity theft, financial theft, and even loss of sensitive personal information.
Whether you’re a small business, a large group of companies, or an individual, there is an unending dependency on computer systems for us.
Add in cloud services, the Internet of Things (IoT), and poor cybersecurity services, and we are exposed to many threats that didn’t even exist a few years ago.
The European Union’s General Data Protection Regulation makes organizations less vulnerable to cyber threats by requiring them to report data breaches, hire a data protection officer, anonymize all data collected, and ask for user consent to process data.
Here in the USA, California regulated data breach disclosures in 2003, which required businesses to alert everyone affected by a breach without delay.
The Rise Of Cyber-Crime:
Data theft is now the most rapidly rising form of cybercrime. This is because there is a vast pool of identity information available on cloud services. Additionally, cybercriminals aim to destroy and change sensitive data to create distrust in the organization.
According to the Ninth Annual Cost of Cybercrime Study from Accenture and the Ponemon Institute, the average amount of data breaches has risen from 11% to 145% in just one year.
These breaches can cost the organization up to $13 million and often involve financial, personal, and intellectual data damage.
Impact Of Cyber-Crime:
Cyber-crime can cause a lot of loss to your business, including economic loss from corporate information theft, intellectual property, trading disruption, and the cost of fixing damaged systems.
It can also cause the public to lose their trust in the organization, and the business may lose future customers. Additionally, the GDPR and other laws can impose hefty regulatory fines for organizations suffering from data breaches.
How To Prevent Cyber-Crime:
Organizations can increase safety measures to reduce the risk of cyber attacks by educating their employees on how to remain safe from common scams like phishing emails.
Every business should invest in tools that control the amount of information they can lose, monitor risk from third and fourth-party vendors and scan the system regularly for vulnerabilities.
Moreover, businesses should ensure that all their partner organizations are also following cybersecurity laws outlined by the official agencies.
Foris IT Management provides managed IT security services and support to businesses all over the globe. Our experts can handle all your data backup and recovery needs in the case of a cyberattack, and our network auditing services ensure you remain safe always. Book your appointment with us now!