Cyber securityis important because it protects all categories of data from theft and damage. This includes sensitive data,personally identifiable information (PII), protected health information (PHI), personal information, intellectual property, data, and government and industry information systems. Without a cybersecurity program, your organization cannot defend against data breach campaigns, making it an irresistible target for cybercriminals.
Obainherent riskiresidual riskare growing, driven by global connectivity and the use of cloud services, such as Amazon Web Servicesstore sensitive dataand personal data. Expandedpoor configuration of cloud servicescoupled with increasingly sophisticated cyber criminals means the risk of your organization suffering a successful cyber attack ordata breaches are on the rise.
Business leaders can no longer rely solely on off-the-shelf cybersecurity solutions such as antivirus software and firewalls, cybercriminals are becoming smarter, and their tactics are becoming more resistant to conventional cyber defenses. It's important to cover everythingfields of cyber securitystay well protected.
Cyber threats can come from any levelyour organization. Jobs must include cybersecurity awareness trainingeducate staffabout commoncyber threatslike social engineering scams,phishing,ransomware attacks(meditateWannaCry), and othersmalwaredesigned to steal intellectual property or personal information.
Theproliferation of data breachesmeans that cybersecurity is not only relevant to highly regulated industries, such as healthcare. Even small businesses are at risk of sufferingirreparable reputation damageafter a data breach.
To help you understand the importance of cyber security, we have put together a post explaining the various elements of cyber crime that you may not be aware of. If you're not already worried about cybersecurity risks, you should be.
What is cyber security?
Cybersecurity is the state or process of protecting and recovering computer systems, networks, devices and programs fromany type of cyber attack. Cyber attacks are increasingly sophisticated andgrowing threat to your sensitive data, as attackers use new methods powered by social engineering and artificial intelligence (AI) to bypass traditionaldata securitycontrol.
The fact is that the world is becoming more and more reliant on technology and that reliance will continue as we introduce a new generation of new technology that will have access to our connected devices via Bluetooth and Wi-Fi.
To keep customer data protected as you embrace new technology, intelligent cloud security solutions should be implemented along with strong password policies such asmulti-factor authenticationsootheunauthorized access.
The importance of cyber security
The importance of cyber security is increasing. Basically, our society is more technological than ever before and there is no sign of that trend slowing down.Data leakwhich could resultIdentity theftthey are now publicly posted on social media accounts. Sensitive information such as social security numbers, credit card information, and bank account information are now stored in cloud storage services such as Dropbox or Google Drive.
The fact is, whether you are an individual, a small business, or a large multinational corporation, you rely on computer systems every day. Couple this with the rise of cloud services, poorcloud service security, smartphones andInternet of Things (IoT)and we have countless potential securityvulnerabilitieswhich did not exist a few decades ago. We need to understand the difference betweencyber security and information security, although the skill sets are becoming increasingly similar.
Governments around the world are paying more attention to cybercrime. GDPR is a great example. It increased the reputational damage of data breaches by forcing all organizations operating in the EU to:
- Report data breaches
- Appoint a data protection officer
- Requiring user consent for data processing
- Anonymize data for privacy
The trend towards public disclosure is not limited to Europe. Although there are no national laws governing data breach disclosure in the United States, there are data breach laws in all 50 states. Common characteristics include:
- Request that affected persons be notified as soon as possible
- Notify the government as soon as possible
- Pay some kind of fine
California was the first state to regulate data breach disclosure in 2003, requiring individuals or companies to notify those affected "without reasonable delay" and "immediately upon discovery." Victims can sue for up to $750, and companies can be fined up to $7,500 per victim.
This has prompted standards committees like the National Institute of Standards and Technology (NIST) to issue frameworks to help organizations understand their security risks, improve cybersecurity measures, and prevent cyberattacks.
Why is cybercrime on the rise?
Information theft is the most expensive and fastest growing segment of cybercrime. Largely driven by the increasing exposure of identity data to the web via cloud services.
But that is not the only target. Industrial controls that manage power grids and other infrastructure can be disrupted or destroyed. And identity theft is not the only goal, cyber attacks can aim to compromise data integrity (destroy or alter data) to instill distrust in an organization or government.
Cyber criminals are becoming more sophisticated, changing what they target, how they affect organizations and their methods of attacking different security systems.
Social engineeringremains the easiest form of cyber attack with ransomware,phishing,spywareas the easiest form of entry. Third- and fourth-party vendors that process your data and have poor cybersecurity practices are anothercommon attack vector, making ofsupplier risk managementithird party risk managementall the more important.
According to the Ninth Annual Cybercrime Cost Study by Accenture and the Ponemon Institute, the average cost of cybercrime to an organization increased by $1.4 million over the past year to $13.0 million, and the average number of data breaches increased by 11 percent at 145.Information risk managementit's never been more important.
Data breaches can include financial informationsuch as credit card numbers or bank account information,protected health information (PHI), personally identifiable information (PII), trade secrets, intellectual property and other purposesindustrial espionage. Other terms for data breaches include inadvertent disclosure of information, data leakage,cloud leakage, information leakage or data spillage.
Other factors driving the growth of cybercrime include:
- The distributed nature of the Internet
- The ability of cybercriminals to attack targets outside their jurisdiction makes policing extremely difficult
- Increasing profitability and ease of doing business atthe dark web
- The proliferation of mobile devices and the Internet of Things.
What is the impact of cybercrime?
There are many contributing factorsthe cost of cybercrime. Each of these factors can be attributed to a weak focus on cybersecurity best practices.
A lack of focus on cybersecurity can hurt your business in a number of ways including:
Theft of intellectual property, corporate information, disruption in trading and the cost of repairing damaged systems
Loss of consumer confidence, loss of current and future customers to competitors and poor media coverage
GDPRand other data breach laws mean that your organization could suffer regulatory fines or sanctions as a result of cybercrime.
All businesses, regardless of size, need to ensure that all staff understand cybersecurity threats and how to mitigate them. This should include regular training andframework for workwhich aims to reduce the risk of data leakage or data breach.
Given the nature of cybercrime and how difficult it is to detect, it is difficult to understand the direct and indirect costs of many security breaches. That's not to say that the reputational damage from even a small data breach or other security event isn't huge. If anything, consumers expect increasingly sophisticated cybersecurity measures as time goes on.
How to protect your organization from cybercrime
There are simple steps you can take to increase security and reduce the risk of cybercrime:
Educate the staff
The cause was human error90% of data breaches in 2019. However, there is a silver lining to this worrying statistic. If staff are taught how to recognize and properly respond to cyber threats, most data breach incidents could be avoided. Such educational programs could also increase the value of any investment in cybersecurity solutions by preventing staff from unwittingly bypassing costly security controls to enable cybercrime.
The following resources can be used for cyber threat training in the workplace:
- What is a cyber threat?
- What is a data breach?
- What is social engineering?
- What are phishing attacks?
- What is clickjacking?
- What is typosquatting?
- What is a DDoS attack?
- What is Ransomware-as-a-Service (RaaS)?
- What is Threat Intelligence?
Protect your sensitive data
Invest in tools that limit information loss, monitor yoursthird party riski4th party supplier risk, and continuously scan for data exposure and credential leaks.Data leak, if left unattended, can help cybercriminals gain access to internal networks and break into sensitive resources. It is important to implement a data leakage detection solution that is also capable of monitoring leaks in a third-party network.
Nearly 60% of data breaches occur through compromised third-party vendors, so by stopping vendor data leaks, most data breach incidents can be avoided.
Implement a third-party risk management (TPRM) solution.
Businesses should no longer be asking why cybersecurity is important, but how can I ensure my organization's cybersecurity practices are sufficient to comply with GDPR and other regulations and protect my business from sophisticated cyberattacks.
There are alsopractical strategiesactions you can take to reduce cybersecurity risk for your organization.
Examples of damages to companies affected by cyber attacks and data breaches
The amount of cyber attacks and data breaches in recent years is incredible and it's easy to make a list of known companies that have been affected.
Here are just a few examples. For a complete list, see oursthe biggest data breaches post.
The Equifax cybercriminal identity theft event affected approximately 145.5 million consumers in the US along with 400,000-44 million residents of Britain and 19,000 residents of Canada. Equifax shares fell 13% in early trading the day after the breach and numerous lawsuits were filed against Equifax as a result of the breach. Not to mention the reputational damage Equifax suffered. On July 22, 2019, Equifax agreed to a settlement with the FTC that included a $300 million victim compensation fund, $175 million for the states and territories in the settlement, and $100 million in penalties.
Between February and March 2014, eBay was the victim of a breachencrypted passwords, resulting in all of its 145 million users being asked to reset their passwords. Attackers used a small set of employee credentials to access this trove of user data. The stolen information included encrypted passwords and other personal information, including names, email addresses, physical addresses, phone numbers and dates of birth. The breach was discovered in May 2014, following a month-long investigation by eBay.
Finder for adult friends
In October 2016, hackers collected 20 years of data on six databases that included names, email addresses and passwords for the FriendFinder network. The FriendFinder network includes websites such as Adult Friend Finder, Penthouse.com, Cams.com, iCams.com and Stripshow.com. Most of the passwords were protected only by the weak SHA-1 hashing algorithm, which meant that 99% of them had been cracked by the time LeakedSource.com published its analysis of the entire data set on November 14.
Yahoo revealed that a breach in August 2013 by a group of hackers compromised one billion accounts. In this case, security questions and answers were also compromised, increasing the risk of identity theft. The breach was first reported by Yahoo on December 14, 2016, and forced all affected users to change their passwords and re-enter all unencrypted security questions and answers so that they would be encrypted in the future. However, by October 2017, Yahoo changed its estimate to 3 billion user accounts. The investigation determined that clear text user passwords, payment card information and bank details were not stolen. Nevertheless, this remains one of the largest data breaches of its kind in history.
While these are a few examples of high-profile data breaches, it's important to remember that there are even more that never made the headlines.
Is your company at risk of a data breach?
UpGuard also offers third-party data breach protection that can be outsourced to a team of cybersecurity experts to facilitate rapid scaling of the security program.
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Why is cyber security so important?
Cybersecurity protects sensitive data, such as customer information and trade secrets, from unauthorized access and concealment. Implementing a cybersecurity program is also a mandatory requirement of many data privacy regulations and laws.
Why is cybersecurity important in healthcare?
Implementing cybersecurity controls will protect patient data from compromise and support compliance with mandatory healthcare regulations such as HIPAA.
What are the main benefits of investing in cyber security?
- Your business is protected from potentially catastrophic disruptions caused by cyberattacks.
- You reduce the risk of mandatory security breaches.
- The risk of data breach is significantly reduced.
- The impact of third-party breaches resulting from supply chain attacks is significantly reduced.
Cybersecurity is crucial because it safeguards all types of data against theft and loss. Sensitive data, protected health information (PHI), personally identifiable information (PII), intellectual property, personal information, data, and government and business information systems are all included.What are the 5 reasons why cybersecurity is important now more than ever? ›
- Increasing cybercrimes. Whether you're a small or a large company, a cyber-attack can affect you badly. ...
- Use of more IoT devices. ...
- Increasing technology usage. ...
- The deep web and cryptocurrency. ...
- Evolving ransomware.
In today's world, cybersecurity is very important because of some security threats and cyber-attacks. For data protection, many companies develop software. This software protects the data. Cybersecurity is important because not only it helps to secure information but also our system from virus attack.Why cybersecurity is more important than ever? ›
Cybersecurity is important because it helps to protect sensitive information and assets from being compromised by hackers and cybercriminals. This includes personal information, financial data, intellectual property, and confidential business information.What is the need for cyber security answer? ›
Cybersecurity is the protection of internet-connected systems such as hardware, software and data from cyberthreats. The practice is used by individuals and enterprises to protect against unauthorized access to data centers and other computerized systems.What are 3 benefits of cyber security? ›
- Increased protection of sensitive data.
- Reduced risks of data breaches.
- Enhanced detection and response to attacks.
- Improved overall security posture.
- Protects sensitive personal information. ...
- Protect private and Business data. ...
- Improves productivity. ...
- Provides a business continuity plan. ...
- Improve the overall security of an organisation. ...
- Let's take a look at the impacts of Cyber Security:
Cyber security is the practice of protecting networks, systems, and programs from digital attacks. These attacks can come from many different sources, including hackers, viruses, and even from other people. In order to stay safe online, it's essential to understand the basics of cyber security.Why everyone should learn cybersecurity? ›
Importance of Learning Cybersecurity
Cybersecurity prevents attackers from gaining unauthorized access to sensitive or confidential data. The increasing relevance of technologies such as cloud services, smartphones, and the Internet of Things (IoT) has made learning cybersecurity essential.
Computer security protects individuals and organizations against cyber threats and the loss of important data. Becoming the target of a cybercriminal can be incredibly damaging and disruptive to daily activities, whether personal or professional.
Without Security, individuals often become complacent and miss unusual behavior of civilians, employees and others around them. Awareness is an ongoing activity, and people want to do the right thing, so security guides a positive and proactive culture.What is the most important element of cybersecurity? ›
End-user security is vital, since 91% of cyberattacks begin with a phishing email. Some of the most common types of end-user protection that you should have include: Keeping devices updated. Managed Antivirus/anti-malware.Is cyber security absolutely important? ›
Cybersecurity is important because it protects all categories of data from theft and damage. This includes sensitive data, personally identifiable information (PII), protected health information (PHI), personal information, intellectual property, data, and governmental and industry information systems.Do you really need cyber security? ›
To prevent both insider and external attacks, it's vital to protect and control access to services, systems, and data. Data security. All organizational data must be protected from unauthorized access or use.What is the goal of cyber security? ›
The goal of cyber security is to ensure secure storage, control access and prevent unauthorized processing, transfer, or deletion of data. It safeguards the confidentiality, integrity, and availability of information.What is cyber security in one sentence? ›
Cyber security is the application of technologies, processes, and controls to protect systems, networks, programs, devices and data from cyber attacks. It aims to reduce the risk of cyber attacks and protect against the unauthorised exploitation of systems, networks, and technologies.What is cybersecurity in your own words? ›
Cyber security refers to every aspect of protecting an organization and its employees and assets against cyber threats. As cyberattacks become more common and sophisticated and corporate networks grow more complex, a variety of cyber security solutions are required to mitigate corporate cyber risk.What is cybersecurity in one word? ›
According to Gartner's Information Technology terms glossary, cybersecurity (spelled as one word) refers to the systems, technologies, processes, governing policies and human activity that an organization uses to safeguard its digital assets.What are some cyber security techniques? ›
- Use strong passwords. Strong passwords are vital to good online security. ...
- Control access to data and systems. ...
- Put up a firewall. ...
- Use security software. ...
- Update programs and systems regularly. ...
- Monitor for intrusion. ...
- Raise awareness.
Reduce the risk of data breaches and attacks in IT systems. Apply security controls to prevent unauthorized access to sensitive information. Prevent disruption of services, e.g., denial-of-service attacks. Protect IT systems and networks from exploitation by outsiders.
Access Control. Physical access control could be described as the determining and enforcing who has access to grounds, buildings, equipment, and sensitive areas. At workplaces around the globe, this is one of the most important aspects of preventative security measures.Which security goal is the most important? ›
Protection goals of information security: Conclusion
The three most important protection goals of information security are "confidentiality", "integrity" and "availability". Confidentiality: To be able to guarantee it, you must clearly define who is authorized to access this sensitive data and in what way.
- Security Architect. ...
- Cybersecurity Engineer. ...
- Malware Analyst. ...
- Penetration Tester. ...
- Computer Forensics Analyst. ...
- Application Security Engineer. ...
- Cloud Security Specialist. ...
- Database Administrator. A database administrator is a person who manages and monitors the database.
The CIA triad refers to an information security model made up of the three main components: confidentiality, integrity and availability. Each component represents a fundamental objective of information security.What are the three main factors of cyber security? ›
Three components of a cybersecurity strategy. As organizations develop their cybersecurity strategies, they should consider 3 critical elements to gain maximum impact, namely, governance, technology, and operations.What are the five keys of cyber security? ›
It relies on five major elements: confidentiality, integrity, availability, authenticity, and non-repudiation.What will happen if there is no cyber security? ›
Living without cybersecurity can also have significant economic consequences. Cyber attacks can cost companies millions of dollars in damages and lost revenue. If a company's sensitive information is stolen, it could lead to a loss of customer trust and damage to the company's reputation.Will cybersecurity be more important in the future? ›
The future of cyber security and threat detection
Response planning for a security incident or data breach is necessary. Incident preparedness and response playbooks will likely become more commonplace. Employee training at every level will mitigate the role of human error.
Conclusion. Cyber security is one of the most important aspects of the fast-paced growing digital world. The threats of it are hard to deny, so it is crucial to learn how to defend from them and teach others how to do it too.How does cybersecurity affect us? ›
Cyberattacks are malicious attempts to access or damage a computer or network system. Cyberattacks can lead to the loss of money or the theft of personal, financial and medical information. These attacks can damage your reputation and safety.
- Denial-of-Service (DoS) Attacks.
- Identity-Based Attacks.
- Code Injection Attacks.
- Supply Chain Attacks.
- Insider Threats.
Automation is becoming increasingly important in cybersecurity. Automated security processes can help reduce the time it takes to detect and respond to threats and improve the accuracy of threat detection. Automation can also reduce the reliance on manual processes, which can be time-consuming and prone to human error.What are the two purposes of cyber security? ›
Cyber security is how individuals and organisations reduce the risk of cyber attack. Cyber security's core function is to protect the devices we all use (smartphones, laptops, tablets and computers), and the services we access - both online and at work - from theft or damage.What is the most important thing in cyber security? ›
End-user protection is one of the most important aspects of cybersecurity.What are the benefits of digital security? ›
The major benefit of cyber security is that it prevents unauthorized or malicious user access to the system. The high-security protocol is implemented to protect against major data theft and makes the experience a lot more relieving.What does cyber security protect? ›
Cybersecurity is the protection to defend internet-connected devices and services from malicious attacks by hackers, spammers, and cybercriminals. The practice is used by companies to protect against phishing schemes, ransomware attacks, identity theft, data breaches, and financial losses.How cyber security works? ›
It requires designing secure application architectures, writing secure code, implementing strong data input validation, threat modeling, etc. to minimize the likelihood of any unauthorized access or modification of application resources.What are some examples of cyber security? ›
- Network security.
- Application security.
- Endpoint security including Internet of Things (IoT) security.
- Data security.
- Identity and access management (IAM)
- Database and infrastructure security.
- Cloud and mobile device security.
- Disaster recovery and business continuity planning.
Management systems are key to the second pillar
To strengthen the second pillar in your cyber security strategy, a proper management system must be put in place. Everyone in your organization should understand their duties and responsibilities when it comes to cyber security.
Cyber Security Market Size, Industry Share Forecast. The global Cyber Security Market size as per revenue was surpassed $173.5 billion in 2022 and is anticipated to exhibit a CAGR of 8.9% to reach over $266.2 billion by the end of 2027.