Cyber security is important because it prevents all forms of data from being hacked or lost. Because of prevalent insufficient cloud service design and increasingly proficient cyber criminals, the chances of your company being the victim of a successful cyber assault or data breach are on the rise. Without a security plan, your organisation would be unable to protect itself against data breach operations, making it a convenient target for terrorists.
Cyber security
Cyber security is the state or process of defending computer systems, networks, devices, and programmes from cyber attacks of any kind. The world is becoming increasingly dependant on technology, and when we introduce the next generation of new technology, which will have access to our linked gadgets via Bluetooth and Wi-Fi, this reliance will only grow. To prevent unwanted access, intelligent cloud security solutions should be used in conjunction with strong password regulations such as multi-factor authentication.
Cyber security’s Importance
Our culture is more electronically dependent than ever before, and this trend shows no signs of slowing down. Security flaws that potentially lead to identification of fraud are now openly discussed on social media platforms. Social security numbers, credit card data, and bank account details are now stored in cloud storage services like Dropbox and Google Drive. The General Data Protection Regulation (GDPR) of the European Union (EU) has escalated the reputational harm caused by data breaches by requiring all firms operating in the EU to handle them. Companies must notify data breaches, designate a data protection officer, and obtain user consent before processing data, according to the rule.
In the United States, there are no national rules governing data breach disclosure, but there are data breach regulations in each of the 50 states. California was the first state to legislate data breach notifications in 2003, requiring that anybody affected be told “within a reasonable period” and “directly afterward detection.” Victim can sue for up to $700 in damages, with fines of up to $7,000 per victim imposed on companies.
Why is there a rise in cybercrime?
The average cost of cybercrime to a business has risen by $1.4 million to $13.0 million in the last year, while the average number of data breaches has increased by 11% to 145. Financial information such as credit card numbers or bank account numbers, protected health information (PHI), trade secrets, intellectual property, and other targets of industrial espionage are all possible targets of data breaches.
Cybercrime’s Impact
A inability to focus on cyber security can harm your company in a variety of ways, including intellectual property theft, corporate information theft, and reputational damage. The enormous cost of cybercrime is due to a variety of factors, many of which can be traced back to a lack of focus on best cybersecurity practises. All businesses, irrespective of size, must ensure that all employees are aware of cyber security risks and how to minimise them.