Why is information security important?
What is Information Security?
Information security, or what we know as infosec or data security- is the process of developing tools, strategies, and policies to ensure data protection. In addition, these protective measures are also preventive. In a sense, these measures should help the entity combat against cyber attacks. Therefore, prevent a successful launch of attacks.
Why?
We all know the headlines. As technology increases in sophistication, so do the cybercriminals become.
Consider this report:
McAfee states that financial losses and everything relevant to cyber-attacks now amounts to more than $400 billion.
How much do the figures increase?
Well, just two years ago prior to this report, the amount is only $250 billion. It is significantly expensive. But can you see how much its growth upsurge?
We sure don’t want to spend earnings on these losses. Furthermore, above all things, data is today’s expensive business asset. Without data, a business cannot do its thing. Since information technology also serves as the lifeblood of today’s business.
Thus, a prime concern is to take the necessary measures to protect and secure this asset. Therefore, here goes the essence of information security.
Why is Information Security Important?
To break down the reasons, we’re giving you 5 major reasons why.
1. The Influx Of Data Breach Reports
Do you know how much is the global average cost of a data breach?
It amounts to almost 4 million dollars on a global scale. However, it is noteworthy to mention that the United States alone spends its losses to almost 8 million dollars on it.
In addition, a breach does not only cost financial losses. But it also comprises the trust, that the business have earned with their customers over the years. Not to mention that the financial loss does not include the amount of money spent on handling the incident.
2. Advancement of Cyber Attacks
Cyber attackers take advantage of the advancement of technology. Because of it, they were able to launch better attacks. Yes, better attacks that ease their intrusion into private networks.
For instance, today DDoS, and Fileless malware are born into the list. Moreover, this Fileless malware is proven to be 10 times more destructive than file-based attacks. On the other hand, DDoS is not that new, but it increases to more than a hundred percent in 2018.
3. The Spread of IoT Devices
IoT devices were proven to be easy loopholes into a business’ network. Considering how these devices are growing in number, many attacks were also intruded through these.
4. Availability of Hacking Tools
In addition, cybercrime has become commercialized. Considering this is a big-time ‘business’, many now sort to this sort of crime for business. Thus, making it easier for cybercriminals to launch attacks with more advanced hacking tools and methodologies.
5. Regulatory Compliances
Lastly, information security is no longer an option but rather a need. For instance, regulatory laws like GDPR and CCPA. Also, the failure of compliance will not only cost your reputation. Moreover, noncompliance with the law amounts to a heavy financial burden.
