Wednesday, July 17, 2024

What Is The Importance Of Cybersecurity?

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Cybersecurity is important because it prevents all types of data from being stolen and damaged. It includes sensitive data, personally identifiable information (PII), protected health information (PHI), personal information, intellectual property, and government and industry information systems.

Your organization cannot protect itself from data breach campaigns without a cybersecurity program, making it a prime target for cybercriminals.

Due to global connectivity and the use of cloud services, like Amazon Web Services, to store sensitive data and personal information, both inherent and residual risk is on the rise. The widespread use of poorly configured cloud services coupled with increasingly sophisticated cybercriminals has increased the chances of your organization suffering from a successful cyber-attack or data breach.

Cybercriminals are getting smarter and their tactics are becoming more resilient to conventional cyber defenses, so business leaders cannot rely on out-of-the-box Cyber Security Strategy solutions like antivirus software and firewalls.

Your organization can be attacked by cyber threats at any level. It is important that workplaces provide cybersecurity awareness training to educate employees about common threats like social engineering scams, phishing, and ransomware attacks (such as WannaCry).

Cybersecurity is no longer just relevant for industries with heavy regulations, such as healthcare, because of the proliferation of data breaches. Small businesses are also at risk of suffering irreparable reputational damage following a data breach.

You should be concerned about cybersecurity risks if you are not already.

What Is Cybersecurity?

The term “cybersecurity” refers to the process of protecting and recovering computer systems, networks, devices, and programs from cyber attacks. The threats posed by cyber-attacks are becoming increasingly complex and evolving, as attackers employ social engineering and machine learning to circumvent traditional data security controls.

The world is becoming increasingly reliant on technology, and this will continue as we introduce new technologies that will be able to access our devices via Bluetooth and Wi-Fi.

As businesses adopt new technology, intelligent cloud security solutions should be implemented alongside strong password policies such as multi-factor authentication in order to prevent unauthorized access to customer data.

The Importance of Cybersecurity

Cybersecurity has become increasingly important. In essence, our society has become more technologically reliant than ever before and there is no sign that this trend will slow. Social media accounts now post publicly about data leaks that could lead to identity theft. Cloud storage services such as Dropbox and Google Drive now store sensitive information such as social security numbers, credit card information, and bank account details.

We all rely on computer systems on a daily basis, whether we are individuals, small businesses or large corporations. We have a myriad of security vulnerabilities that didn’t exist a few decades ago due to the rise of cloud services, poor cloud security, smartphones, and the Internet of Things (IoT). There are differences between cybersecurity and information security, even though the two skill sets are becoming more similar.

Cybercrimes are gaining more attention from governments worldwide. The GDPR is an excellent example. It has increased the reputational damage caused by data breaches by requiring that all organizations operating in the EU:

  • Inform the public about data breaches
  • Designate a data protection officer
  • Process information with the consent of the user
  • To protect privacy, anonymize data

The trend towards public disclosure is not just confined to Europe. The United States does not have a federal law overseeing breach disclosure, but all 50 states have laws that govern it. Commonalities include:

  • As soon as possible, notify those affected
  • As soon as possible, notify the government
  • You must pay a fine

The first state to regulate data breach disclosures was California, which required persons or businesses to notify those affected as soon as they found out about the breach. Plaintiffs can sue for up to $750 and companies can be fined up to $7,500 per victim.

Standards boards like the National Institute of Standards and Technology (NIST) have released frameworks to help organizations assess their security risks, improve cybersecurity measures, and prevent cyber attacks.

How Does Cybercrime Increase?

Cybercrime involving the theft of information is the most costly and fastest-growing segment. This growth is largely due to the increasing exposure of identity information to the web via cloud services.

But it isn’t the only target. Controls used to manage power grids and other infrastructure can be damaged or destroyed. Cyber-attacks may also seek to compromise data integrity (destroy or alter data) to generate distrust in an organization or government.

Cybercriminals are becoming more sophisticated, changing who they target, how they impact organizations, and how they attack different security systems.

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