Cybersecurity is a system of technologies developed to guard necessary computing resources, electronic networks and sensitive information against malicious attacks. Cybersecurity’s application is relatively universal in the current era of digitalization.
Data encryption, password authentication, and network parameters are just some of the examples illustrating standard protective mechanism against offensive threats and malware technology that users encounter daily.
Here, we discuss the top eight reasons why cybersecurity is important for organizations in 2022.
1) Attacks do not discriminate – There is a huge misconception in the world that cyber attackers only target mega-corporations or financial institutions and not personal computer users. However, after the evolution of computer and internet networks, cybercrimes have become a common word among organizations and individuals.
On an average, in every 39 seconds, hackers attempt to breach computers with internet access. The media often portrays dramatic scenes of cybercrimes whereas the reality is that an automated script runs searching rigorously for computer vulnerabilities, causing harm and stealing information.
2) Digitized Sensitive Data- There is an increase in data collection and analyzation post digitalization in economic and social life sectors. Because of this, the way people interact through social media and how organizations communicate with their clients have changed significantly.
Instead of using pen and paper documents, technology offers the ease of convenience for information sharing and storage on a cloud system. This enhanced connectivity increased the regularity of compromised, stolen, and leaked sensitive information like personal data, trade secrets, and bank account details.
3) E-commerce in Parallel with Cyber Threats- Post COVID-19, a series of changes took place in the manner of business processes. During state-level lockdowns and social distancing protocols, customers turned to online shopping. Businesses hold access to sensitive information such as customer’s communication details, address, credit card information, supply chain storage and analytics of customer’s behavior when it comes to an e-commerce transaction.
Any security breach related to the above-mentioned information can have severe effect on a brand’s marketing. However, these problems are avoidable by taking necessary installation of cyber security.
4) Financial Burden on Organizations- Cybercrimes are costly to both business and economy. Expenses that follow a cyber-attack or to say more particularly after a data breach, includes hiring forensic specialists to investigate the point of breach, overhauling the remediation process of a company’s network and system, credit monitoring, penalties, and fines.
Hence, to prevent such financial loss due to data breach, cybersecurity should be on the topmost priority in an organization.
5) Harms Business Reputations- Organizations suffer damage of brand reputation and image after a cyber-attack. Brands rely on customer’s trust and if a brand fails to protect its customer’s data and its operating system then it harms brand’s reputation.
Companies also experience a downfall in stock value and sales as its existing loyal customers turn to other reliable brands. Therefore, in the era of digitalized information, a company’s reputation is largely dependent on how it prevents and mitigates cyber threats.
6) Invasive Personal Cyber Attack- Cyber-attacks are not just limited to virtual harm but they may intrude privacy of individuals. An individual who shops, plays games or communicates on a digital platform is vulnerable to cyber threats like virus, identity theft, phishing, ransomware attacks, and fraud. A large number of malicious emails generally expose internet users to data risks on their personal information. Cybercrimes that are more intricate involve data ransoming and blackmailing, where criminals pressurize victims in sacrificing something to stop the harassment.
7) Resisting Cybercrime is Difficult – Businesses affected by cybercrime often face expensive litigation process despite of them being on the victim side. Many enterprises are under a fixed contract to compensate shareholders for a reduction in stock value due to the company’s failure to operate responsibly and play role of being accountable for the consequences.
Unfortunately, a breach in security could still fall under this clause and force businesses to reach large settlement in order to resolve the issue.
8) A National Security Threat- It is not at all surprising that cyber security is the topmost priority of a country because today the entire world is connected through internet.
Databases and network systems risk violations by foreign nations and terrorists who can take advantage of a country’s security weaknesses can successfully access its sensitive information. Cyber criminals may use this information to harm individuals or organization’s infrastructure, damage economic functions, steal state secrets, and instill terror among the people.
9) Business Interruption- A cyber-attack can have severe effects on businesses’ operational system since most of the functions are dependent on computers and networks to function. If a company suspects data breach, it has to limit access to networks and cloud storage in order to prevent information spillage or malware threats. Such level of threats requires time to fix the prevailing issue that may result in decreased productivity, loss of profit and interruption in day-to-day business activities causing severe damage to emerging enterprises.
10) Dark Web Challenges Security- Dark web is a collection of internet sites accessible from a specific web browser. Dark web is often known for its anonymity, allowing users anonymous venture into unindexed web content and conduct illegal activities.
An increasing interest in dark web has overpowered the importance of cyber security for internet users by involving safe practices and secure software services to defend users against malicious web segments.
Today, the entire world is connected because of the internet services. By using interconnected devices, we are at risk of data loss from global cybercriminals, who are efficient at gaining access to sensitive information from our various gadgets. Therefore, a deep understanding of cybersecurity is the need of an hour to gain best kind of defense against cyberattacks.
In Time Tec hacked their client’s application with an effort to try to break or compromise it and share vulnerabilities with client. In this act, we were able to bypass a lot of their defense and showed them the existing gaps available for exploitations. Hence, were able to provide more security by finding gaps to make the application more secure.
At In Time Tec, the engineers are committed to keep your data protected so that you can focus on achieving your core business goals.