Why is Cybersecurity Essential for All Business Sectors?

Let’s face it In today's digital world our work, personal life, and finances all have begun to gravitate towards the world of the internet, mobile computing, and electronic media. But, this widespread situation makes us prone to more vulnerabilities and risks than ever to malicious attacks, fraud, invasions of privacy, and other such disruptions.

In recent times, new threats & risks have appeared every moment of the day. Linking your devices to the internet opens up the bridge for hackers to enter your organization's data environment and steal. Cybercrime is identified as a corpus of data that in turn is sold on the dark web, so the focus of organizations and government offices has shifted on Cyber Risk mitigation and Data protection.

Around 25 percent of ransomware attacks are targeted towards manufacturing organizations, followed by professional services and government organizations with 17 percent and 13 percent of attacks, award-winning threat analysis firm Security Intelligence claims in its research. The global research and advisory firm Gartner, Inc. forecasts that the worldwide cybersecurity market will reach 170.4 billion dollars by 2022.

What is Cybersecurity?Cybersecurity is putting up controls to make sure organizations’ data is in safe custody and has no risk of attacks from internal and external bad actors. It can confine an arena of technologies, processes, structures, and practices that are used to protect networks, computers, programs, and data from rogue access or damage. The ultimate goal of any cybersecurity strategy is to ensure confidentiality, integrity, and availability of organizational/personnel data.

There are multiple identified means by which a cybersecurity threat can affect (or even destroy) an enterprise and its reputation. Every time an employee is online there is the risk that a hacker might obtain sensitive information through his system. There are open markets for such information on the “dark web” that auction such sensitive data. If anybody else gets access to such sensitive information, the organization might find its banking or credit card facilities withdrawn or in breach of privacy laws. All high-profile security breaches impacting individual data are reported globally on a monthly basis. Recent e.g. is Air India faces the loss of 45 lakhs customers passport, credit card, and PII data.

A related issue with cyber risk is that when a hacker obtains sensitive information from an organization it may find its goodwill loss. Some Micro and small enterprises might survive the data loss, as such organizations lost data might not cause that much issue as they don't possess that many customers PII or PCI data. The damage to a company's image might be more crippling in the case of huge enterprises than the actual data loss itself. Loss of data might bring in legal or regulatory consequences against the organization. Even a third party might file a lawsuit against an enterprise as they may have also incurred a loss. Enterprise might also be subject to huge penalties and/or legal action arising due to breaches of the privacy laws in different parts of the world as many jurisdictions as they operate.

Why is Cybersecurity So Crucial?Cybercrimes have penalized organizations across the world with $2 trillion so far in 2019, as per recent research. Some reputed cybersecurity ventures predicted in 2017 that the cost of cybercrimes would hit $6 trillion by 2021, prompting global expenditure of roughly $10 billion for cybersecurity measures by 2027 to protect against these catastrophic losses.

But it’s not just the big corporate houses and enterprises that get hit. On average, general consumers encounter phishing schemes on a daily basis, ransomware attacks, identity theft, data breaches, and financial losses. For example, it will take a few minutes to hack your internet-connected host device, which means your Laptops, tab, smartphone, smartwatch, onboard automobile computer, smart television, and home control systems, according to a Netscout report.

This means the more we are dependent on the internet, the more we are in need of better cybersecurity control in all its forms. But first, let’s see what we’re up against.

What Are The Different Forms of Cybersecurity Threats?When it comes to the intrusion of IT systems, hackers have multiple entry points which they explore with a toolbox worth of tricks at their disposal. For instance:

Denial-of-service (DoS) AttacksHackers flood your network with multiple syn requests to exhaust your network bandwidth. Basically, DoS attacks are meant to be more of an annoying activity than anything else.

Man-in-the-middle (MitM) AttackThis type of attack happens when hackers put themselves in between a two-party communication. Once they’ve access, they can steal data.

Phishing AttacksHackers putting up Phishing attacks use fake emails and text messages of fake lottery, rewards, or cash back to get people to give hackers access to private information. It is one of the most common attacks, especially against the general people.

MalwareThis attack method is segregated into spyware, ransomware, worms, and viruses. This is sent to the system via Emails or downloads that deliver these attacks from suspicious sites.

SQL Injection AttackHackers push in malicious code in SQL servers, usually via a vulnerable website search box. Once completed successfully, the attack lets the hacker access the information otherwise kept off-limits.

Password AttackSimilar to what it pronounces like. Hackers try to crack a password via brute force, generally a poorly chosen one, and gain network entry to access the data.

Upscaling Is necessary to Cope With the Changing Threat Environment
To keep pace with the fast transforming business dynamics, enterprises require proficient cybersecurity solutions that are adaptive to new threats and efficient cybersecurity strategy to combat and eliminate potential threats, data breaches, and cyber-attacks. The biggest challenge, however, that most enterprises face in upscaling their cybersecurity solutions is with regards to budget for Information Technology and Security, lack of professionals, no clear strategy or solutions to protect data.

Conclusion
It doesn't matter what is the size of your organization, Cybersecurity strategy and controls are a must for your organization. Hackers don't look whether you're capable of implementing security controls or not, they are just bothered about their own profits. Don't leave your hard-earned Money & reputation at stake, connect with WeSecureApp and get yourself the best in market cybersecurity strategy and controls with minimal cost. WeSecureApp ensures that the latest technology is provided to their clients and they're far behind from getting attacked with strong security perimeters.