Why Is Cyber Security Important?

Cyber security is important because the risk of suffering a data breach is increasing. The risk is being driven by the usage of cloud platforms, such as Amazon Webs Services, to store personal information and sensitive data, as well as more global connectivity. The widespread improper configuration of cloud services, along with the growing sophistication of cyber criminals, means that your organization’s chances of suffering from a successful data breach and cyber-attack are increasing.

The days of just using a simple antivirus software or firewall are gone. Business leaders can no longer leave security to amateurish measures.

Cyber threats can come from any level in your organization. You need to educate staff about simple scams, such as phishing, as well as more sophisticated attacks, such as ransomware and other attacks designed to steal personal data or intellectual property. Security incidents are regularly affecting businesses of every size and can often make the front page of the news, which means irreversible reputation damage for the company involved.

Why Is Cyber Crime Increasing?

Information theft is now the fastest growing and most expensive segment of cyber-crime. It’s largely driven by increasing exposure of identity information on cloud services. However, it’s not the only target. Cyber-attacks can also aim to just compromise data integrity in order to breed distrust in the government or organization. Cyber criminals are becoming more sophisticated and changing what they target.

Social engineering is also one of the easiest forms of cyber-attacks with phishing and ransomware being easy forms of entry. Third-party and fourth-party vendors that process your data can have poor security practices.

Data breaches can involve financial information, such as bank account details or credit card numbers, along with intellectual property, trade secrets, and other targets.

Other factors that increase the growth of cyber-crime include the ability for cyber criminals to target outside their jurisdictions and the increasing profitability of the dark web.

What Is the Impact of Cyber-Crime?

Without cyber security, you can have an increase in cyber-crime that can have many impacts on your business.

Economic Costs: Theft of corporate information or intellectual property can cost a lot to repair the damaged systems.

Reputation Costs: Your reputation suffers when consumers lose trust in your company.

Regulatory Costs: Data breach laws mean that you could suffer from sanctions or fines.

How to Protect Against Cyber Crime

There are different ways you can increase your security and reduce the risk of cyber-crime in your organization.

Be sure to educate every level of your organization about the risks. Invest in different tools that can limit information loss and monitor your third-party vendor risk. Be sure to continuously scan for leaked credentials and data exposure. Use technology to help reduce the cost of cyber security. Companies shouldn’t be asking why security is important but how to ensure that they have the right practices in place to comply with laws and other regulations that can protect the business against cyber-attacks.

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