Do you think that antivirus or the built-in firewalls in your OS has got you totally secured? It seems like that those good days are gone because serious cyber-attacks can penetrate ordinary security setups such as these. That’s because cybercriminals are getting smarter and they are equipped with extraordinary intellectuals to breach conventional cyber defenses. The risk of cyber-attacksis on the rise, especially for giant companies and institutions. And it is no longer a question of “if” it will happen but rather “when” it will happen. So you see why cyber security is needed now more than ever? 

Your data is protected from theft and damage when you use cyber security. If you have sensitive data including personal information, protected health information, or intellectual property, you need to have a fool-proof protection plan. A cybersecurity scheme helps your organization defend itself against data breach campaigns. It is kind of inconceivable, but you should be worried about cyber security. 

What is cyber security?

Cyber security is the process of protecting the network and the computer systems and devices connected to it from cyber-attacks. Cybercriminals are after your sensitive data, as a result, they are coming up with all kinds of latest tricks to get to it. Past is past, but with the invention of AI, the attackers are using it and social engineering to bypass traditional security arrangements. 

As the world is getting increasingly reliant on technology, high levels of protection are also needed at the same time so that we can embrace the latest technology. Intelligent cloud security solutions need to be put into practice and secure password policies must be imposed like multi-factor authentication to keep out cyber criminals. 

The significance of cyber security

Vulnerable information like credit card numbers, bank account details, and social security numbers are all reserved in cloud storage services. It doesn’t matter if you’re an ordinary individual or own a small business or manage a multinational company, everyone needs the assistance of the internet to go about their basic tasks. And along with poor cyber security, the ever-increasing use of smartphones, and the Internet of Things (IoT), cybercriminals are looking at a multitude of vulnerabilities. 

Governments are taking cybercrimes more seriously, the GDPR is one of the prominent results. In an event of a data breach, organizations in the EU are required to:

  • Exchange information regarding the data breach
  • Appoint data protection authorities 
  • Obtain the user’s consent to process information 
  • Anonymize data to level up privacy 

What is the impact of cybercrime?

This is the most commonly popped-up question in an ordinary individual’s mind. Apart from the huge damage in the digital infrastructure and integrity, a lack of focus on cybersecurity can be detrimental to your organization in several ways. As a result, the bearer of damage will have to compensate in the following ways:

Economic Costs

Theft of intellectual property, valuable corporate information, and any disruptions in the business procedures needs to be restored which needs huge resources. 

Reputational damage

The cost of reputational damage is the biggest. The loss of consumer trust and loss of future customers to competitors is the biggest blows to any kind of business. 

Regulatory costs 

If a data breach happens in your organization, data breach laws could impose regulatory fines. 

Regardless of the size of the business, it is wise to educate all staff about cyber security threats and how to mitigate them. A regular training and a framework can turn out to be an efficient way to reduce the risk of data leaks. 

Why cybercrime is increasing?

As the exposure of identity information on the web is exponentially increasing, information theft is one of the most sought and fastest-growing branches of cybercrime. Information theft is not the only aim of the attackers. In some cyber-attacks, the data is deleted or tampered with to shoot up distrust in an organization or government. Today, cybercriminals can even disrupt or destroy the power grid infrastructure remotely