Why Is Cyber Security Important

Nowadays, technology is more important than ever before. Although technological improvements have positively impacted human life, they have also made us more vulnerable to cyber attacks. If you utilize any kind of technology, you’re going to be exposed to a cyber attack at some point. And this is where cyber security comes into play.

What Exactly is Cyber Security?

With the rise in cyber crime damages, it’s no surprise that technology companies, government agencies, banks, hospitals, and nearly every other sector are spending on cybersecurity technology to safeguard their marketing practices and the data of millions of consumers.

Here are the most common threats in cyber attacks:

1. Malware

According to CISCO, malware, also known as malicious software, is an invasive program produced by cyber criminals to steal data or destroy and damage computers and computer systems. Malware is capable of leaking large quantities of data. Malware types include worms, viruses, spyware, trojan viruses, ransomware, and adware

2. Ransomware

It is a kind of malware that encrypts data on a target device, leaving those files and the systems they depend on inaccessible. After encrypting the system, the attacker demands a payment (ransom) for decryption.

3. Viruses

A virus is a destructive software designed to transmit from one computer to another and other linked devices. The goal of a virus is to provide the attacker with access to the affected systems. These viruses appear to be legit at first, but they can steal data, harm your device and install additional malware into your device.

4. Phishing

Phishing attacks usually involve delivering fraudulent messages which look to be from a valid source. Usually, this is done over the phone or by email. Targets’ devices are infected with malware in an attempt to steal confidential data, such as credit card numbers or login credentials.

Why is Cybersecurity Important?

Often, some businesses don’t take their data security very seriously, and as a result, they fall prey to cyber-attacks. Many companies are still vulnerable to the ever-evolving forms of cyber attack. These new technological standards have made cyber security a top concern for every company globally.

Following are some reasons why all businesses must have a strong Cybersecurity strategy in place:

1. Cyber crime is on the Rise

Hackers and cyber thieves have little regard for the size of a company or the kind of business. Instead, They are always looking for ways to extract money from these corporations by exploiting their data.

There has been a 23 % increase in the average cost of cyber crime for companies, which now stands at $11.7 million. With the advancement of technology comes an increase in the likelihood of cyber attacks and dangers. Cyber attackers have now upgraded their tactics to perform cyber-attacks, and if you don’t have the appropriate strategy to tackle it, you are most likely to be a victim of the next cyber attack.

2. It has the potential to save Million of dollars

Recent studies indicate that the average cost of cyber crime to a business was around USD $13 million last year. Moreover, The research has revealed that data breaches, including financial information, trade secrets, health records, intellectual property, and personal information, have increased dramatically. 

So, Instead of losing millions to these cyber attacks, you’d rather spend a bit more on cyber security and save a lot of money.

3. Data Security

There is no doubt that businesses are getting more comfortable with online data management. As far as security is concerned, It’s simple to see how data kept online is insecure, Given the number of data breaches that hit the news every day.

Additionally, You can be a victim of cyber attacks like phishing, ransomware, and cyber scams, leaving little opportunity for your data to be secure. Implementing the appropriate cyber security solutions is critical to avoiding future cyber hazards involving an organization’s sensitive data.

4. The Dark web

The dark web hasn’t been left behind as technology has progressed. You must use a specific web browser that only works with certain websites to access the dark web. Users may use it to hide their online activity and keep their identities secret.

The dark web has been known to house many criminal activities. Criminal activities, such as human and drug trafficking, illegal software distribution, illegal auctions,  illegal weapon distribution, and many more, have used the dark web.

The dark web has acted as a refuge for cyber attackers for the past few years, resulting in a more significant hazard to surface Internet usage. Such flaws mean that cybersecurity is now more critical than ever, and it’s the only way you can be safe online.

5. The increased usage of (IOT) devices

More smart gadgets are linked to the internet than ever before. These are known as the Internet of Things (IoT) devices, and they are becoming more popular in businesses and homes. On the surface, these gadgets seem to simplify and speed up processes, but they can be a concern.

If not adequately controlled, any IoT device linked to the internet might give cyber attackers a backdoor into a company. There are currently around 27.1 billion internet-connected devices worldwide. With the increased usage of IoT devices, it is advisable to properly assess cyber threats so you can be safe from cyber-attacks.

The Bottom Line