Why cybersecurity is needed most today? Let’s face it; we live in a digital world. As we roam around our day’s work, we all are linked to the Internet somehow. Regrettably, this widespread phenomenon makes us more vulnerable than ever to multiple cyber threats.
Yes, when there are threats, then there should have security, to protect us from those things. So, cybersecurity is an essential part of a secure and well-ordered digital world.
Why Is Cybersecurity So Crucial?
According to research, in 2019, cybercrimes have cost the world $2 trillion. Also, Cybersecurity Ventures foretold in 2017 that losses would hit $6 trillion by 2021, helping global spending of roughly $10 billion in cyber-security measures by 2027 to shield against these catastrophic losses.
Unfortunately, it’s not just the big companies that are affected. Even on average, everyday consumers experience different types of cyber threats.
For example:
- phishing schemes
- ransomware attacks
- identity theft
- data breaches
- financial losses
What’s even more mind-boggling is a report according to Netscout. “It takes just five minutes to hack an internet-connected device.” Just imagine the damage it would bring if that were to happen.
Yes, there’s no denying that we are heavy-reliant on the Internet nowadays. So, this means cybersecurity is much needed the more we step deeper into technology.
But, what are we up against? Let’s take a look at the enemies we’re going to be facing.
The Different Forms Of Cybersecurity Threats
Denial-of-service (DoS) Attacks
Hackers swamp a network with calls to exhaust bandwidth. Yet, in many cases, DoS charges are meant to be more of a bother than anything else.
Man-in-the-middle (MitM) Attack
This attack occurs when hackers inject themselves into a two-party communication. Then, once they’re in, they can now take data.
Phishing Attacks
Phishing employs fake emails and text messages. Why? In this way, they can get people to give hackers access to private information. Moreover, it is one of the most natural attacks, especially against the common public.
Malware
This attack scheme is shattered down into spyware, ransomware, worms, and viruses. But, emails or downloads normally present these initiatives from suspicious sites.
Password Attack
Yes, you guessed it right. Hackers try to crack a password, usually a poorly chosen one. Then, gain network entry.
What Is The Impact Of Cybercrime?
A shortage of focus on cybersecurity can hurt your business in a variety of ways including:
Economic costs
Theft of intellectual property, corporate information, a disorder in trading, and the cost of repairing damaged systems
Reputational costs
Loss of consumer trust, end of the current and future customers to competitors, and poor media coverage
Regulatory costs
GDPR and other data breach laws imply that your organization could undergo regulatory fines or sanctions
Protect Your Organization From Cybercrime
Here are three simple steps to do it.
- Use technology to decrease costs like automatically sending out vendor assessment questionnaires as part of an overall cybersecurity risk assessment strategy.
- Then, invest in tools that restrict information loss. As a result, it can monitor your third-party risk and fourth-party vendor risk. Also, continuously scan for data exposure and leak credentials.
- Lastly, teach all levels about the risks of social engineering and common social engineering scams.
