Our world is becoming more and more intertwined with online technology. Businesses and organisations are constantly choosing online solutions and remote access for their data over locally stored electronic data. Customer data, emails, phone numbers, and accounting information are stored on remote cloud storage. Even education institutes store their teaching material electronically. This extensive use of technology makes businesses operate smoothly, but also introduces a level of risk. The risk of stolen data. It is important that these systems remain free from intrusions and third parties who attempt to gain unauthorized access. Failure to do so may lead to data loss and the loss of competitive information. In the long run, this leads to a loss of public trust in the integrity of the organisation.
Why is cybercrime increasing?
One of the most expensive and fastest growing segments of crime is in cyberspace. It is largely driven by the increasing exposure of identity information to the web via remote services. Cybercriminals are becoming more and more sophisticated and so are their methods of attack for different security systems. The easiest form of cyber attack is by social engineering with methods like ransomware, phishing, and spyware. Third-party vendors with poor cybersecurity practices are another common attack vector. According to studies, the average cost of cybercrime for an organisation has increased by $1.4 million over the last year. Information risk management and combating cyber crimes have never been more important. Data breaches include financial information from credit cards, bank account details, personally identifiable information, intellectual property, and such other unintentional or intentional information disclosure. Other factors that drive cybercrime are:
- The distributed nature of the internet
- Increasing profitability and ease of commerce on the dark web
- The proliferation of mobile devices
- Internet of Things (IoT) and its ability to connect diverse objects.
Importance of cybersecurity
The lack of a cybersecurity program makes your organization an irresistible target for cybercriminals. Driven by global connectivity and the increasing usage of remote services, many organisations have moved their data and sensitive information to the cloud or to some kind of remote access. Poor configuration of security paired with increasingly sophisticated tools used by cybercriminals are the main causes of data breaches, leaks, and thefts. Businesses can no longer solely rely on out-of-box cybersecurity solutions. Antiviruses, firewalls are no longer the only solutions as the tactics used are resilient to conventional cyber defenses.
As cyber threats can come from any level in an organisation, it is essential that the employees are educated about scams such as phishing and ransomware attacks. Security incidents regularly affect businesses of all sizes and cause irreversible damage – not only financially, but even bigger reputational damage.
Governments around the world are also raising awareness about cybercrimes. GDPR is one such example. All organizations that operate in the EU now need to communicate the data breaches, appoint a data protection officer, require user consent to process information, and anonymize data for privacy. This has driven many businesses to take proper measures to understand their security risks, improve cybersecurity and take preventive measures. Cyber security consulting services are becoming more and more important. As the best Cyber security companies in India strive to bring about more secure environments to work in, it is also essential that there is a general awareness among businesses and their employees regarding the best practices to be followed to secure their digital assets.
What is Cybersecurity?
Cybersecurity is a process of protecting and recovering computer systems, networks, devices, and programs from any type of cyber-attack. Cyber attacks are nowadays more sophisticated and are an evolving danger to sensitive data as the world becomes increasingly reliant on technology that will provide access to connected devices wirelessly. While we embrace new technology and intelligent interconnection of devices, – a properly configured cybersecurity solution ensures that unauthorized access is prevented and the entire system is hack-proofed – as far as possible.
Impact of a cyberattack
A lack of focus on cybersecurity can damage a business in a number of ways:
- Economic costs: Data breaches, intellectual property theft, theft of corporate information, disruption in trading, and the cost of repairing damaged systems.
- Reputational costs: Cyberattacks cause loss of consumer trust and the existing and future customers are affected. They move on to a competitor. Media coverage of the cyber attack also adds to the reputational cost.
- Regulatory costs: Data protection laws like GDPR mean that your organization could suffer from regulatory fines too.
How to protect your organization against cybercrime
Begin with internal threats and then move on to secure every element that could pose a risk. Here are a few pointers:
- Educate your staff: over 90% of data breaches are caused by human errors. These concerning statistics unveil the fact that if the staff is properly trained on the possibility of cyber-attacks, you can prevent them more effectively.
- Sensitive data protection: Invest in the tools that limit the losses. Use tools and services to continuously scan for data exposure and leaked credentials. Data leaks if left unattended act as a boon to cybercriminals.
- Risk management solutions: It is more important to ensure that you implement risk management solutions. Businesses should engage with cyber security consulting services and ensure a complete audit at regular intervals.
ECS provides cyber security services in Gujarat.
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