In the year 2022 alone, cyber crime has cost the world $6 Trillion, and in 2023 it is estimated that 33 billion accounts will be breached as a result of cyber attacks. In light of these facts, it’s clear that the importance of cybersecurity in business has never been as alarming as it is today.
But what exactly is cybersecurity? How does it help businesses prevent staggering losses (like the kind listed above)? And what are the clear, categorical benefits that it brings to businesses?
In this blog we’re going to explore all of this and more as we take an in-depth look at the world of cybersecurity and how it relates to the ever-changing business landscape in our modern world.
What is Cybersecurity?
Cybersecurity is a collection of tools, processes and mandates all centered around the singular goal of protecting network and computer systems, with the ultimate aim of preserving or recovering the data stored therein.
cybersecurity measures usually include things like:
- Software tools like antivirus and antimalware
- Network security processes like monitoring and proactive threat hunting
- Penetration testing
- Protecting networks, devices and valuable data from data breaches
- Preventing unauthorized access to sensitive information
- Artificial intelligence to scan traffic logs and detect abnormalities
- Running of security operation centers (SOCs)
- Security awareness training to help employees avoid phishing attacks
- And much, much more
The simple fact that the world is becoming increasingly reliant on data technology (even more so for businesses) means that cyber criminals have more and more opportunities to pilfer data or otherwise profit from their illicit activities. And with a rise in cyber crime affecting businesses worldwide, cybersecurity must rise up to defend what people are trying to steal.
Explaining Why Cybersecurity is Important
Personal information and sensitive data are, sadly, more accessible than ever before.
Whether it’s customer data or our social media information, the fact that we as everyday individuals can easily access it, means that cyber criminals don’t have to try much harder to access it either.
The vast majority of account hacks and data breaches are performed merely by either guessing or cracking regular old login credentials. That’s really all it takes for hackers to get into a private system.
Cybersecurity is important because it is literally the only thing standing between your business and financial losses so severe (potentially) it completely ruins you.
Governments have come to realize the massive threat cyber crime poses, and many all over the world compel organizations to:
- Disclose data breaches to the public
- Install one or more data protection officer(s)
- Necessitate user consent to collect or disseminate information
- Encrypt, or make anonymous, collected data for the sake of privacy
But, primarily, cyber threats have, and will continue to cost businesses, governments and individuals financial losses in the trillions! Unless cybersecurity is implemented en masse, and everyone accepts its importance, this number will only climb as time goes on.
The Evolution of Cyber Crime Over the Last Three Years
In March of 2020, almost overnight, billions of home Wi-Fi networks began connecting to corporate VPNs every single day.
That means they essentially acted as one-way conduits to billions of credit card numbers, bank accounts, health records and personal information. And the cyber criminals rubbed their hands together in delicious anticipation.
According to the UN, in 2020 worldwide cyber crime rose by 600%. But did cybersecurity rise along with it? Evidently, this is not the case.
The biggest methods of perpetrating a cyber crime, for businesses are the following:
1. Social Engineering/Phishing Scams
Perhaps this won’t come as a complete surprise to you, but the most exploited weakness (statistically) in any businesses’ data infrastructure is not electronic or digital in nature, it’s the human element.
As mentioned before, guessing or cracking login credentials are by far the most common method hackers use to breach networks. As such, poorly-created passwords, email scams tricking people into divulging their credentials, or even just leaving the info on a post-it for anybody to see, all contribute to data breaches.
2. Stolen or Lost Devices
Yet another simple way to hack a business’ network is when cyber criminals get their hands on an employee’s physical device.
Once they have the device, all that’s needed is time to break into it, which is made all the quicker thanks to the host of high-tech tools hackers have at their disposal.
What’s needed is an instituted work policy that requires all lost or stolen devices to be immediately reported so that, hopefully, your company’s admin can deactivate or wipe it remotely.
3. Lack of Multi-Factor Authentication
Have you been asked to input a random 5-digit numerical code sent to your smartphone after trying to login to one of your accounts? That’s multi-factor authentication, and it can prevent roughly 91% of all business data breaches.
It’s a relatively easy thing to implement, and is something your dedicated MSP provider can do for you in a flash.
Cybersecurity Is Important and You Need Experts to Manage Your Cybersecurity
There’s no doubt that cybersecurity is an ever-evolving and complicated area of corporate data safety.
So why try and figure it out yourself when you already have a business to run? Why not let qualified experts with decades of experience implement and manage your cybersecurity for you?
Here at iTBlueprint, we provide a full range of flexible, solution-based cybersecurity measures to help keep your data safe and secure.
If you’re interested in discussing your cybersecurity needs with us, talk to us today and let’s set up a free consultation.