Cybercrimes are probably the fastest growing crimes in modern times, risking the safety of gazillions of personal data spread across the internet. While these crimes are primarily associated with identity thefts, cases of industrial control disruptions and damages are also on a spiking rise, severely risking the integrity of an organization. Unfortunately, cybercrimes are evolving every other day, with criminals sporadically changing their targets and modes of attacks, often putting cybersecurity efforts under the red flag.
Increased cyber-attack cases are often attributed to the growing dependency on cloud technologies and distributed systems. Phishing, spyware, and ransomware have become the most common and easiest forms of attack. Reports claiming a shocking 145 percent increase in cyber-attack cases have now necessitated the need to have a risk management system in place as a priority. This article is a brief go through of cybersecurity solutions available and their relevance in today’s business scenario.
What is cybersecurity and its importance in today’s business scenario?
Cyber-attacks comprise data breaches involving banking or credit card details, PII
(Personally identifiable information), PHI (public health information), intellectual property, industrial espionage, and trade secrets. Breaches also involve unintentional disclosures, cloud leaks, data spills, and other information leaks. While the distributed nature of the internet is to be blamed for these risks, weak legal systems and increased profitability of a business on the web often undermine these security risks. All these strengthen the need to have a protective system like cybersecurity to reduce the dreadful impacts.
Cybersecurity solutions are defined as the process of protecting the computer systems, programs, devices, and networks from cyber-attacks. The solution also involves ways to recover data in case of data breaches. However, cybersecurity solutions are tough to develop as cyber-attacks continuously evolve, risking the security of your data.
How does the lack of cybersecurity solutions risk your business?
Poor focus on cybersecurity can, however, risk your business in multiple ways. The risks involve:
Economic loss:
Economic loss experienced due to cyber-attacks involves trading
disruptions, cost of repairing damages, and theft of vital intellectual property.
Reputational implications:
Data breaches can result in loss of trust, poor reputation, and
loss of valuable customers.
Legal obligations:
Data breaches can subject the establishments to various legal procedures under GDPR and other regulatory law such as fines or sanctions.
The above implications strongly emphasize the need to sensitize the employees and users about cybersecurity threats. There must be an increased awareness and training programs about cybercrimes and the ways to mitigate those mishaps.
Here are three simple steps to protect your organization from potential threats.
Steps to mitigate cybersecurity issues
●Sensitize employees and users about the common cyber-attack methods and
multiple ways to avoid falling prey to frauds like typosquatting and phishing.
●Monitor risks while investing in third-party vendors and employ tools to scan for
leaks or data exposures.
●Design cybersecurity strategies to avoid potential threats and expenses likely to be
involved.
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