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Cybersecurity importance for modern business

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The main modern business task is to ensure reliable data protection. Cybersecurity protects data of all categories from theft and damage: confidential data, personally identifiable information (PII), personal health information (PHI), personal information, intellectual property, data, government and corporate information systems. The absence of a cybersecurity system increases the risk for a company to become a target for cybercriminals.

The global use of cloud services as a repository for sensitive data also increases the risks. Misconfiguration of cloud services and more sophisticated methods of cybercriminals lead to successful cyberattacks and data leaks. Off-the-shelf solutions such as anti-virus software and firewalls are not reliable data protection. Cybercriminals are using smarter tactics and methods that are more resistant to traditional cyber defenses.

Cyber ​​threats can come from any level of an organization. It is important to ensure that staff at all levels are trained in cybersecurity, aware of common cyber threats (social engineering fraud, phishing, ransomware attacks, and other malware to steal intellectual property and/or identity), teach how to recognize them and familiarize them with the action plan when an incident occurs.

Cybersecurity is the state or process of protecting and recovering computer systems, networks, devices and programs from any cyberattack types. The threat to data is high as cybercriminals use new methods based on social engineering and artificial intelligence to bypass traditional data protection methods with ease. Keep data secure by implementing intelligent security solutions combined with strong password policies (for example, multi-factor authentication to prevent unauthorized access).

Modern society is highly dependent on technology, and this trend will only grow. Data that can contribute to major data theft is published on social media accounts, sensitive information (social security number, bank card and account information, etc.) is stored in cloud storage (Dropbox, Google Drive, etc.). Every day, whether a large corporation or an ordinary person uses technology and computer systems. If you compare this with security lack of cloud services, smartphones, the Internet of things, then there are many potential security vulnerabilities that didn’t exist even a few years ago.

The General Data Protection Regulation (GDPR), namely reputational damage and customer liability, has motivated organizations to rethink cybersecurity. According to the GDPR, organizations operating in Europe are required to:

In the US, data breach laws are in place and include:

In 2003, California became the first state to regulate data breach disclosures. Victims can sue up to $750 and companies can be fined up to $7,500 per victim.

This, in turn, has contributed to the development of frameworks for understanding security risks better, improving cybersecurity measures, and preventing cyberattacks.

Information theft is the most expensive and fastest growing segment of cybercrime. This is largely driven by the growing disclosure of identifying information on the Internet through cloud services. Also, industrial and government facilities are targeted in order to violate the integrity of data (destruction or modification of data) and to distrust the organization or government.

Social engineering remains the simplest form of cyberattack, and ransomware, phishing, and spyware the easiest method to infiltrate a system. It is important to consider that the attack can be carried out through third parties that use unreliable cybersecurity methods.

According to research, the average cost of cybercrime to an organization has increased by $1.4 million over the past year, and the average number of data breaches has increased by 11%.

Factors contributing to cybercrime growth:

Consequences of neglecting cybersecurity:

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