The Significance Of Cybersecurity And The Main Aspects To Stay Secure

At present, the importance of cybersecurity has increased significantly and it is no longer limited to the IT department of an organization. Previously, maintaining active firewall and antivirus packages was sufficient. However, now even with high-end encryption tools in place, it is crucial to set up an extremely advanced security system, regardless of the scale of operations/organization. Some popular instances of cybercrimes which have made noteworthy and terrifying headlines are:

• Equifax: This global credit ratings agency experienced a huge data breach which affected more than a 100 million customers. The expenses for recovering from this hack exceeded $400 million.
• NHS (The UK National Health Service): This organization was temporarily incapacitated by a relatively simple and undeveloped ransomware attack. It resulted in significant expenditure on cleaning up the system while all operations were forcefully ceased. Even though basic IT security could have prevented this incident, it embarrassed the UK government and brought to light how careless organizations are regarding IT security measures.
• Yahoo: Over three billion customers were affected by the attack on Yahoo and in addition to reputational damage it suffered losses worth millions. This breach left numerous loyal customers seeking a secure platform for hosting their email account. These prime examples of how organizations and their customers are affected prove that be it large/small scale businesses or individuals using the internet, everyone’s private information and data can be accessed and misused.

Importance of cybersecurity

There are chilling statistics which confirm that no business is secure without a proper set up for cybersecurity safeguarding their and their clients’ data. Few of the most important reasons which establish the necessity of cybersecurity in the current scenario are discussed below: Increasing threats Today, more than 4000 Ransomware hacks alone are being reported every day, and these threats are increasing significantly every year. According to McAfee, one of the leading companies offering cybersecurity solutions to both consumers and businesses, the losses suffered globally has increased by more than $100 billion in the last 4 years. Based on the current statistics by 2021, the estimated annual losses suffered will be $6 trillion including destruction and damage of data, lost productivity, stolen money, theft of financial data, theft of personal data, theft of intellectual property, forensic investigation, fraud, embezzlement, and post-attack disruption of businesses. In the current scenario, security is everyone’s responsibility, be it a common consumer or the cybersecurity team of global organizations.

Severity of attacks

While cybersecurity attacks are increasing in number so is their severity. They are becoming increasingly destructive and are targeting a broader range of attack vectors and information. Politicians, elections, the entire government and its administration are at a high risk. A major example in this case is Hilary Clinton’s private emails being revealed in the midst of the presidential campaign.

Future outlook

Since, major business organizations understand and accept the need for cybersecurity, it has become a lucrative career for individual contractors and employees of an organization. Individuals currently pursuing a college degree in IT or computer sciences must focus on cybersecurity to develop their careers.

How to stay secure

While large scale organizations understand the risks of undermining cybersecurity, small scale organizations are not equally aware or prepared. Therefore, small scale organizations must consider these suggestions when setting up a budget and hiring manpower for cybersecurity.

Stay informed

It isn’t ideal to expect the IT department to handle every small issue regarding security, since security threats originate from various aspects including user error, social engineering and exploits to web browsers, which can be encountered by any individual accessing the company’s network. It isn’t fair to expect the technical team to protect employees from all forms of threats. Therefore, every individual must be aware of the common methods being used to attack and refrain from clicking on suspicious links. Furthermore, passwords must be strong and maintained securely, since hackers are always on the lookout for a weak link.

Upgrade from antivirus

An antivirus is not enough by itself to safeguard against modern threats, even though it protects against several threats to a certain extent. Upgrading from an antivirus and investing in additional solutions, tools and resources is of paramount importance. Despite being expensive, these solutions do not cost as much as the expense of cleaning up after a cyberattack.

Insurance

The recent boom in the cyber security insurance market is a result of increasing cyberattacks. Getting insured is not only about seeking protection from the financial risk but also for obtaining assistance from experts who possess expertise in damage-limitation.

Focus on data flow

Cyber security is not just a technical issue, since an employee from any department can cause a data breach. A breach can be caused by a hacker or a distracted employee making a mistake. Recently, several legislations have forced companies to take a look at their methods of storing and processing data. This ensures elimination of weak spots in processes which have the potential of leading to a breach or exposing data.

Backup and recovery

Data backup and recovery is important regardless of cybersecurity threats. In fact, businesses can emerge unscathed from the ever increasing ransomware attacks by having proper data backup and disaster recovery methods in place. Furthermore, there is no need to pay hackers any money. Organizations which have reliable backups in place do not have to worry about any kind of hacks or breaches.