What is cybersecurity?
Cybersecurity is the practice of defending computers, servers, mobile devices, electronic systems, networks, and data from malicious attacks. It’s also known as information technology security or electronic information security.
Why is Cybersecurity important?
The importance of Cybersecurity is constantly rising. Our society has become more technologically reliant and there is no sign that this trend will slow. Data leaks are now publicly posted on social media accounts which can also lead to identity theft. A lot of sensitive information like credit card information, bank details are now stored in cloud storage services like dropbox or google drive.
The important thing is that all sorts of businesses rely on computers every day and with the rise in cloud services, poor cloud service security, smartphones, and the Internet of Things (IoT) and we have a myriad of cybersecurity threats that didn’t exist a few decades ago.
Why is cybercrime increasing?
Cybercrime is increasing rapidly since information theft is the most expensive and fastest-growing segment of cybercrime. This is large since the exposure of identity information to the web via cloud services is increasing. In addition, cybercriminals are becoming more sophisticated, and they are constantly changing what they target and the methods they use of attack for different security systems.
What is the impact of Cybercrime?
Economic costs
Theft of intellectual property, corporate information, disruption in trading and that cost of repairing damaged systems.
Reputational cost
Loss of consumer trust, loss of current and future customers to competitors and poor media coverage.
Regulatory costs
GDPR and other data breach laws mean that your company could face fines or sanctions as a result of cybercrime.
How to protect your organization against cybercrime?
Invest in tools that limit information loss, monitor your third-party risk and fourth-party vendor risk and continuously scan for data exposure and leak credentials.
Use technology to reduce costs like automatically sending out vendor assessment questionnaires as part of an overall cybersecurity risk assessment strategy.
Still you have any questions on your mind? Talk with IT Security experts from Techkuru!