Annually, cyberattacks become more advanced, and businesses become more vulnerable. Unless one stays vigilant and informed, it’s only a matter of time before one’s organization falls victim of those cyberattacks. According to a report from Juniper Research, a leading analyst firm in the technology sector, cybercrime business losses will likely reach $5 trillion by the year 2024.
Cybersecurity refers to the body of practices, technologies, and processes designed to protect devices, networks, data, and programs from damage, unauthorized access, or attack. Cybersecurity may also be defined as information technology security.
Cybersecurity is critical because military, government, financial, medical, and corporate organizations collect, process, and store vast amounts of data on computers and other devices. A substantial portion of that data can be sensitive information, whether that be financial data, personal information, intellectual property, or other types of data for which exposure or unauthorized access could have negative consequences.
Here are a few of the main cybersecurity threats every organization needs to know about:
Most of these attacks can be prevented through educating one’s team on cybersecurity best practices, implementing common sense IT solutions, and implementing password security guidelines. However, as cybersecurity threats become more complicated, businesses will need to take more critical proactive measures.
Here are four steps every member of a company should begin taking immediately:
A robust cybersecurity protection strategy demands a substantial investment of energy, and technical know-how, and time that businesses frequently feel they don’t have. Often, the costs linked with these efforts prevent organizations from prioritizing security. But the potential loss far outweighs any investment in protection.
For instance, globally, the average cost of a single data breach is $3.92 million, according to data from IBM. Also, small- to medium-sized businesses spend an average of $1.43 million on stolen or damaged IT assets following an incident, according to data from the Ponemon Institute, the pre-eminent research center dedicated to data protection, privacy and information security policy. For many companies, this level of financial loss could be ruinous.
By taking preventive measures, every company can reinforce their information system security and avoid a catastrophic disaster.
About the Author
Mayur Rele is a cybersecurity expert and cloud automation leader that has extensive experience in overseeing global technology, security, and cloud infrastructure in healthcare, e-commerce, and technology companies. Mayur graduated with an M.S. in Computer and Telecommunications Engineering from Stevens Institute of Technology and is an active IEEE researcher and contributor.
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