News about identity theft and data breaches is becoming more usual nowadays and this is for a reason. Cybersecurity is the practice of securing networks and systems from cyber attacks. According to Alpine Security, it is an ever-changing field as hackers are always finding new methods to modify, access and even delete sensitive data.
A report published by the World Economic Forum about global risks says that 90% of international companies are insufficiently prepared from cyber attacks. This is a rate that’s not only alarming for businesses but their customers as well.
Consumers are also forced to give up some sensitive information about them on a daily basis whether it’s through a mobile application, computer software or social media networks. Cybersecurity is more important than ever, and here are three reasons why.
According to a study made by McAfee, the US economy lost over $700 billion last year due to cybercrime attacks. Experts are saying that it can even reach up to $6 trillion annually by 2021.
You might be wondering as to why it’s so expensive, here are some costs related to a cyber attack:
- Destruction of data – Hackers can destroy sensitive data which will be costly to restore.
- Corporate espionage – Companies can lose billions of dollars in research and development when one of their ideas gets stolen or worst sold to other companies.
- Stolen money – Hackers can hack into your bank accounts and financial records.
- Disruption of business – A cyber attack will most likely cause a delay in the daily operations of a company which will mean low productivity and lost opportunities.
- Lost reputation – A company’s reputation is risked during a cyber attack which can force consumers to do business elsewhere.
As you can see, the cost of a cyber attack can take a severe toll on a company. If unprepared, you can lose not just your reputation but, also your money.
Invest in your employees and educate them about the importance of it. Moreover, you can enroll your IT team in courses like Alpine Security cybersecurity bootcamps to train them better and teach them how to secure your systems fully.
More than the increase in the number of cyber attacks, the aggressiveness of these attacks are also rising. If you think about it, almost all types of business have some sort of online presence.
This presence can be the gateway for hackers to infiltrate sensitive company information. Even Deloitte was hacked in 2017, and they have one of the most secure systems in the world.
No one is safe from hacks which is why it’s important for everyone to understand how to protect their information and who they give their information to.
Introduction of IoT
Internet of Things or IoT is increasingly becoming a standard in businesses and homes. The idea behind this technology is to make things convenient for its users.
An example of an IoT device is Google Home. This device is connected to the internet and when given permission can access your calendar or make purchases on your behalf. Imagine the power of these things and what happens to it when a hacker infiltrates it.
If IoT devices aren’t managed and secured adequately, this could be a gateway for cybercriminals. While it’s difficult to avoid using IoT devices, you can follow these steps to secure your smart devices:
- Always update your software.
- Observe good internet habits and never access malicious or unsecured websites with your smart devices.
- Choose a reputable manufacturer when buying a smart device.
- If you have a smart home, it’s a good idea to invest in a home security system that’s also password protected.
- Consider what level of permission you’re giving out to applications when installing them.
- Invest in a VPN service provider for your home network for added firewall security.
As more people and devices get connected, the risk in security also increases.
Various government bodies are also making an effort on educating people on the importance of cybersecurity and implementing policies to protect them from identity theft or improper use of personal data.
Be proactive about security as it’s easier to resolve any security threats in the early stage than later on when it’s too late.