Cybersecurity is important. Cybersecurity is important in 2021. Cybersecurity is essential because it protects all types of data from theft or damage. These include sensitive data, protected health information (PHI), personally identifiable information (PII), and personal information.
Your organization is vulnerable to data breaches and can’t be protected without a cybersecurity program. Cybercriminals will find you irresistible targets. Global connectivity and the use of cloud services like Amazon Web Services to store sensitive information is driving both inherent and residual risk.
The risk of your company being the victim of a successful cyberattack or data breach is increasing due to the widespread poor configuration and sophistication of cybercriminals. Cybercriminals are smarter than traditional cybersecurity solutions and can now be relied on by business leaders.
Cyber attacks can strike at any level of an organization. Your staff must be educated about basic social engineering scams such as phishing, ransomware attacks (think WannaCry), and other malware that can steal intellectual property and personal data. Businesses of all sizes cannot ignore cybersecurity, thanks to the GDPR and other laws. Businesses of all sizes are frequently affected by security incidents, often making the news and causing irreparable reputational damage. We have created a post to help you understand cyber security and the various elements that cybercrime can cause. Cybersecurity is something you need to be concerned about.
What is Cybersecurity?
Cybersecurity refers to the process or state of protecting computer systems, networks and devices from cyber attacks. Cyberattacks are a growing threat to sensitive data. Attackers use new methods powered with social engineering and artificial Intelligence to bypass traditional security controls. The truth is that technology is becoming more important to the world. This dependence will only increase as new technology is introduced. Our connected devices will be able to access our Wi-Fi and Bluetooth networks. Intelligent cloud security solutions are needed to protect customer data and promote strong passwords.
You can read our complete guide to cybersecurity here. Cybersecurity is becoming more important. Our society is technologically more dependent than ever before, and this trend is not slowing down. Social media accounts now allow anyone to see data leaks that could lead to identity theft. Cloud storage services such as Dropbox and Google Drive now store sensitive information, including social security numbers, credit card information, bank account details, and bank account details. It doesn’t matter if you are a small business, an individual or a large multinational corporation, you depend on computers every day. This is combined with the increase in cloud services, poor security, smartphones, and the Internet of Things, and you have a multitude of cybersecurity threats that weren’t possible a few decades back.
Even though the skillsets are getting more similar, we need to know the difference between cybersecurity or information security. Cybercrimes are being addressed by governments around the globe. The GDPR is an excellent example. This has caused data breaches to be more publicized by requiring all EU-based organizations to: Communicate breaches; Appoint a Data Protection Officer; Require consent from users to process data. Anonymize data to protect privacy.
The European trend toward public disclosure is not restricted to Europe. There are data breach laws in every 50 states, but there is no federal law that governs data breach disclosure in the United States. Commonalities include the requirement to notify affected persons as soon and as promptly as possible. The government must be notified as soon as possible. California was the first state in 2003 to regulate data breach disclosures.
It required businesses or individuals to notify the affected parties “without unreasonable delay” as well as “immediately after discovery”. Victims may sue for as much as $750, while companies could be fined up $7,500. Standards boards such as the National Institute of Standards and Technology have released frameworks to assist organizations in understanding their cybersecurity risks and improving cybersecurity measures. Cybercrime is on the rise. Cybercrime is growing at an alarming rate, with information theft being the most costly and lucrative segment. Cloud services are a major driver of increasing identity information being exposed online. It’s not the only target. It is possible to disrupt or destroy industrial controls that control power grids and other infrastructure.
Cyberattacks can also be used to steal identity. They may attempt to alter or destroy data to create distrust within an organization or government. Cybercriminals are getting more sophisticated and changing the targets they choose, how they impact organizations, and their attack methods for different security systems. Ransomware, Phishing, and Spyware are the most common forms of cyberattack. Social engineering is still the best. Poor cybersecurity practices and third-party vendors that process your data are another common attack vector. Vendor risk management and third party risk management are crucial.
The Ninth Annual Cost of Cybercrime Study by Accenture and Ponemon Institute found that the average cost of cybercrime has increased by $1.4 Million to $13.0million over the past year, while the average number of data breaches has risen by 11 percent to145. Information risk management is more important than ever. Data breaches could include financial information such as bank account details or credit card numbers, personally identifiable information (PII), protected health information (PHI), personally identifiable data (PII), trade secret, intellectual property, and other targets for industrial espionage. Data breaches can also be called unintentional data disclosure, cloud leak, information loss, or data spillage. Cybercrime is also growing due to the distributed nature of the Internet, cybercriminals’ ability to attack targets beyond their jurisdiction making it extremely difficult for police to enforce laws. The ease and profitability of dark web commerce and the proliferation of mobile devices.
What is Cybercrime’s Impact?
Cybercrime can cause damage to your business in a variety of ways. Economic Costs: Theft of corporate information, theft of intellectual property, disruptions in trading, and the cost of fixing damaged systems. Reputational Costs Loss of customer trust, loss of future customers, and poor media coverage. Regulatory Costs GDPR, and other data breach laws, could result in your organization being subject to regulatory sanctions or fines. No matter the size of your business, you must ensure that all employees are aware of cybersecurity threats and how they can be mitigated. Regular training should be provided and a framework that can be used to help reduce the likelihood of data breaches or leakage. It is difficult to assess the costs of security breaches, both the direct and indirect ones, due to cybercrime’s complexity and difficulty in detection. Even a small security incident or data breach can cause significant reputational damage. Consumers expect more sophisticated cybersecurity measures in the future.
How to Protect Your Organization Against Cybercrime
There are three steps you can take to improve security and reduce the rdata bisk of cybercrime. Educate staff Human error was responsible for 90% of all data breaches in 2019. However, this worrying statistic has a silver lining. The majority of data breaches could be prevented if staff were taught how to recognize and respond to cyber threats. These educational programs would increase the value all cybersecurity solutions investments as it would stop staff from knowingly bypassing costly security controls in order to facilitate cybercrime. Protect your sensitive data. Invest in tools such as firewalls to limit information loss, monitor third-party risk, and assess the risk of fourth-party vendors. Continuously scan for data leaks and credentials. If left unattended data leaks could allow cybercriminals to gain access to sensitive resources and gain access into internal networks.
It is important to have a data leak detection solution that can monitor leaks in the third-party network. Data breaches of 60% or more occur through compromised third parties. It is possible to prevent most data breaches by shutting down vendor data leaks. As part of a cyber security risk assessment strategy, companies should stop asking “Why is cybersecurity important?” and instead ask “How can I make sure my cybersecurity practices are adequate to comply with the GDPR” and “protect my business from sophisticated cyberattacks.”
Is your business at risk of data breaches?