In the digital world, the significance of cybersecurity for businesses can’t be overstated. Escalating threats, coupled with the increasing reliance on technology, make a compelling case for robust cybersecurity measures. With the advent of technologies like cloud services, smartphones, the Internet of Things (IoT), and artificial intelligence (AI), numerous new security vulnerabilities have emerged.
Understanding Cybersecurity and Its Importance
In simple terms, cybersecurity refers to the procedures and techniques designed to safeguard a business’s essential systems and private data from cyber threats and data breaches. It is also known as Information Technology (IT) security. As businesses adopt newer technology, they must enhance their cybersecurity efforts to keep pace with the evolving threat landscape.
Organizations across industries and of all sizes have been hit by cyberattacks. As the technology continues to evolve, everyone is left vulnerable to cyber threats. Cybercrime rate is on the rise and is unlikely to abate anytime soon. Therefore, without a proactive cybersecurity strategy, businesses can’t defend themselves against cyber threats, leaving them susceptible to cybercriminals.
The Rising Tide of Cybercrimes
Cybercrimes have become a pressing issue for businesses of all sizes, as their systems and networks, which contain valuable and confidential data, have become targets for malicious actors. Every company has key assets that any hacker can exploit. Sometimes, it is about the personal information of businesses or customers, and at other times, it is simply about money.
The average cost of cybercrime for an organization has increased significantly over the last few years, making cybersecurity a top priority for businesses. It’s also crucial to note that cybercrime is not only an issue for heavily regulated industries, like healthcare or finance, but every business, regardless of its size and type, needs to prioritize the implementation of a robust cybersecurity program.
The Increasing Use of IoT Devices
The advent of Internet of Things (IoT) technology has simplified our tasks but also opened us up as targets for hackers. As IoT devices are equipped with different types of sensors and use advanced technologies for constant connectivity and data sharing, they present more opportunities for data breaches. It doesn’t matter how advanced your security measures may be; these internet-connected devices will provide an opening if not managed properly.
Escalating Technology Usage
We all spend a considerable amount of time with technology, which only means that there’s a booming opportunity for cybercriminals. Cloud services are booming, and so are serverless computing, edge computing, and API services. However, attackers are trying to disrupt this hyper-automation by targeting such APIs, which can seriously impact the business processes of a company.
The Dark Web and Cryptocurrency
The deep web, also widely known as the dark web, is a collection of websites that are unidentifiable by search engines and are concealed behind passwords or other security tools. These websites or pages are only accessed by specialized web browsers, keeping users anonymous.
Cryptocurrency has also become the attackers’ favorite. With the price of Bitcoin becoming all-time high, attacks are increasing with threat actors following profits. End users have struggled with phishing attacks, infostealers, and malware that swap wallet addresses in memory for quite some time. These vulnerabilities have increased the importance of cybersecurity.
Evolving Ransomware Attacks
Ransomware is one of the most profitable cyberattacks at the moment. Ransomware tactics, in particular, are undergoing a lot of transformation due to the heavy focus of law enforcement as well as the millions of profits that are at stake.
Ransomware has affected all environments such as virtual systems, cloud, and OT/IoT. Anything that is connected to a reachable network is a potential target. Stealing data for double extortion as well as disabling security tools will be the new norm soon; but it will also become more personal with insider threats and personal data.
With the increase in regulation by government bodies on cybercrime, there has been an increase in importance and attention given to cybersecurity. Standard boards like the National Institute of Standards and Technology (NIST) have released a framework to help businesses understand their information security risks, and improve their own cybersecurity measures in the hopes of defending against cyberattacks and data breaches.
The Impact of Cybercrime on Businesses
Cyber-attacks can impact every organization regardless of size, in many ways including financial losses, dip in productivity, damage to reputation, legal liability, and business continuity problems. Cybercrime will cost companies worldwide an estimated $10.5 trillion annually by 2025, up from $3 trillion in 2015.
Protecting Your Business from Cybercrime
There are a few simple steps your business can take to protect itself from cybercrime.
Educate Employees
One of the most effective ways to prevent and mitigate risk when it comes to compromising an organization’s information security is through cybersecurity training. A successful security awareness program helps employees understand proper cyber etiquette, the security risks associated with their actions, and how to identify cyberattacks they may encounter during their day-to-day operations.
Implement Privileged Access
Privileged Access Management (PAM) is a strategy implemented by the IT and Security professionals in an organization to control the privileged access and permissions for users, accounts, processes, and systems across an IT environment. Implementing PAM can significantly reduce the overall threat of suffering comprehensive harm from a cyber attack, irrespective of whether it is due to internal mistakes or an external actor.
Conclusion
The importance of cybersecurity for businesses is more evident than ever before. As cutting-edge technology expands, organizations and their customers become more vulnerable to cyber threats like phishing, hacking, or fraud. However, strong cybersecurity solutions can allow functions such as monetary transactions and website browsing to work safely. It also assists companies in expanding productivity, employee safety, and maintaining brand reputation. By understanding the importance of cybersecurity and implementing a robust cybersecurity strategy, businesses can protect themselves from the ever-growing cyber threats.
If you would like to learn more about how Contego can help your business with a threat detection strategy, please contact us to arrange a no-obligation cyber security assessment.