Is Cyber Security Important?



Cybersecurity is essential because it safeguards all types of data against theft and loss. Sensitive data, personally identifiable information (PII), protected health information (PHI), personal information, intellectual property, data, and governmental and industry information systems all fall under this category.

How Is Cybersecurity Defined?

Cybersecurity is the activity of defending networks, systems, and other forms of digital infrastructure against hostile attacks. With cybercrime damages expected to exceed $6 trillion by 2021, it’s unsurprising that banks, technology companies, hospitals, and government agencies, among others, are investing in cybersecurity infrastructure to safeguard their business practices and the millions of customers who entrust them with their data.

Which cybersecurity strategy is the most effective?

A robust security infrastructure consists of numerous layers of protection distributed across a business’s computers, programmes, and networks. With cyber attacks occuring every 14 seconds, firewalls, antivirus software, anti-spyware software, and password management systems must all operate in unison to outwit surprisingly resourceful crooks. With so much at stake, it is not exaggerated to believe that cybersecurity technologies and specialists serve as the final line of defence between our most sensitive data and digital anarchy.

Is Cyber Security Important

How Cyber Security is Important?

The importance of cybersecurity is increasing. Fundamentally, our society is more electronically dependent than ever before, and this tendency shows no signs of abating. Data leaks that may result in identity theft are increasingly being publicly announced on social media sites. Sensitive data such as social security numbers, credit card numbers, and bank account information is now being saved in cloud storage services such as Dropbox or Google Drive.

The reality is that whether you are an individual, a small firm, or a major global corporation, you rely on computer systems on a daily basis. Combine this with the growth of cloud services, inadequate cloud service security, smartphones, and the Internet of Things (IoT), and we have a slew of new security risks that did not exist a few decades ago. We must distinguish cybersecurity from information security, despite the fact that the two skill sets are growing increasingly similar.

Governments the world over are paying increased attention to cybercrime. GDPR is an excellent illustration. It has exacerbated the reputational harm caused by data breaches by requiring all businesses operating in the EU to:

  1. Notify individuals about data breaches
  2. Create a position for a data protection officer.
  3. Require user consent for data processing
  4. To ensure privacy, anonymize data.

Types of Cyber Attacks

Cyberattacks come in a wide variety of kinds and sizes. Some are overt ransomware assaults (hijacking critical company products or tools in exchange for money to unlock them), while others are covert operations in which thieves infiltrate a system in order to steal vital data, only to be detected months later, if at all. Criminals are becoming more devious in their activities, and the following are some of the most common sorts of cyber attacks that harm thousands of individuals each day.



Malware

Malware is a generic term that refers to malicious software such as spyware, ransomware, and viruses. It typically infiltrates networks via a weakness, such as clicking on suspicious email links or installing a potentially dangerous application. Once within a network, malware can collect sensitive data, distribute further malicious software throughout the system, and even prevent access to critical business network components (ransomware).

Phishing

Phishing is the act of sending harmful communications (often emails) that appear to originate from well-known, respectable sources. These emails employ the same names, logos, and verbiage as a CEO or firm in order to assuage suspicions and entice recipients to click on malicious links. After clicking on a phishing link, cyber criminals gain access to sensitive data such as credit cards, social security numbers, or login credentials.

Social Engineering

Social engineering is a technique used to psychologically coerce someone into disclosing personal information. Phishing is a type of social engineering in which thieves exploit people’s inherent curiosity or trust. A more sophisticated kind of social engineering is voice manipulation. In this instance, cyber criminals modify an individual’s voice (from sources such as a voicemail or a social media post) to contact friends or relatives and request credit card or other personal information.

Man-in-the-Middle Attack

Man-in-the-Middle (MitM) assaults occur when criminals intercede between two parties in a transaction. For instance, fraudsters can infiltrate a public Wi-Fi network and an individual’s device. Without a secured Wi-Fi connection, cyber attackers can frequently examine all of a victim’s data without being detected.

Zero-day attack

Zero-day assaults are becoming increasingly prevalent. In essence, these attacks occur between the announcement of a network vulnerability and the release of a patch solution. While most businesses would announce that they have discovered a vulnerability in their network security in the interest of transparency and security, some criminals may use this chance to launch attacks before the firm can provide a security fix.

How Can Your Organization Ensure Cybersecurity in 2022?

Are you here to determine the most effective protective solution for your organization’s defence against cyber attacks? In 2021, the only thing that matters is that your organisation has a strong cyber security system in place, together with the finest cyber defence tactics, in order to mitigate your firm’s cyber threat posture.

Reliance on anti-virus software alone will not prevent cyber criminals from gaining access to your organisation. However, teaching staff on how to make prudent cyber protective choices can significantly lower the likelihood of cyber dangers!

Additionally, it is not necessary to hire a specialist to educate personnel about cyber protection and security awareness. Today, sophisticated technology-based solutions are available to assist and train staff in identifying and eliminating cyber risks before they penetrate networks and systems.

Today, web and network attackers are continually attempting to compromise the security system of a company’s information technology infrastructure with the goal of obtaining confidential data. As a result, it becomes increasingly difficult for enterprises to maintain cyber security.

Organizations must arm themselves with the necessary resources to prepare for stringent security measures and the best cyber security solutions, such as security risk assessment tools, anti-phishing tools, and fraud monitoring tools, to identify weaknesses and track your brand online. Remind yourself constantly that an ounce of prevention is worth a pound of cure!



How can firms protect the security of their employees’, customers’, and other data?

Businesses possess a wealth of important data, including company insights and financial information, as well as information about their customers and workers. Businesses must ensure that both their own and their customers’ data is protected and adheres to current rules. This also applies to the company’s suppliers and partners.

A security breach that results in the exposure of client data might result in financial damage. However, it may result in a decline in client loyalty, trust, and brand reputation. All businesses should be upfront about the data they gather, utilise, and disclose about their customers. Additionally, they must have in place the necessary security technology, security policies, risk management, and cyber security to safeguard data.

How can I improve my personal data protection?

As a customer, you are accountable for making educated choices about how your personal information is shared. Each piece of information about you, such as your age and gender, your location, and your purchasing history, is extremely valuable. Likewise, the digital footprints you leave behind while browsing the internet accomplish the same thing.

It’s not just about the information you give up; it’s also about the access you grant companies and applications. This could occur, for example, during the app download process. Before you can begin using an application, you are frequently needed to grant the application’s owner access to some information about you.

This may include access to your microphone, contact list, location, photographs, and health information. Often, this information is irrelevant to the app you’re downloading—and you may be uncomfortable sharing it as well.

Almost everything about you is a data point—which is why you should always maintain complete control over the information you share. Examine the terms of the applications you’re downloading and take control of your privacy settings. Always be mindful of the type of information you provide and with whom.

Examples of the Losses Sustained by Businesses as a Result of Cyber Attacks and Data Breach

In recent years, the number of cyber attacks and data breaches has been startling, and it’s easy to compile a laundry list of household names that have been impacted.

Listed below are a few examples. For a complete list, visit our section on the world’s largest data breaches.

Equifax

Equifax’s cybercrime identity theft incident affected roughly 145.5 million individuals in the United States, as well as between 400,000 and 44 million British people and 19,000 Canadian residents. Equifax shares fell 13% in early trading the day after the breach, and multiple lawsuits were launched against the company. Not to mention the damage to Equifax’s reputation. Equifax consented to a deal with the FTC on July 22, 2019 that included a $300 million fund for victim compensation, $175 million for states and territories, and $100 million in fines.

eBay

Between February and March 2014, eBay suffered a compromise of encrypted passwords, prompting the company to request password resets for all of its 145 million users. To gain access to this treasure trove of user data, attackers compromised a tiny number of employee credentials. Encrypted passwords and other personally identifiable information were stolen, including names, e-mail addresses, physical addresses, phone numbers, and dates of birth. eBay announced the incident in May 2014, following a month-long investigation.

Adult Friend Search

In October 2016, hackers compromised six databases containing 20 years’ worth of data for The FriendFinder Network, including user names, email addresses, and passwords. Adult Friend Finder, Penthouse.com, Cams.com, iCams.com, and Stripshow.com are all part of the FriendFinder Network. The majority of passwords were protected simply by the insecure SHA-1 hashing algorithm, which meant that 99 percent of them had been cracked by November 14, when LeakedSource.com published its study of the whole data set.

Yahoo

Yahoo reported in August 2013 that a breach by a group of hackers compromised 1 billion accounts. Additionally, security questions and answers were compromised in this instance, posing an increased risk of identity theft. Yahoo first revealed the incident on December 14, 2016, and required all impacted users to update their passwords and resubmit any unencrypted security questions and answers in order to ensure their future encryption. Yahoo revised its estimate to 3 billion user accounts in October 2017. Users’ clear text passwords, payment card data, and bank information were not stolen, according to an investigation. Despite this, this is one of the largest data breaches of its kind in history.

While these are only a few examples of high-profile data breaches, it’s crucial to keep in mind that there are many more that went unnoticed.

Cyber security guidelines – how to defend oneself against cyberattacks

How can organizations and individuals protect themselves from cyber-threats? Here are some of our most important cyber safety recommendations:

1. Keep your software and operating system up to date: This ensures that you have access to the most recent security fixes.

Utilize virus protection software: Security solutions such as Kaspersky Total Security will identify and eliminate threats. Maintaining the most up-to-date version of your software is essential for maximum safety.

3. Make use of strong passwords: Make certain that your passwords are not easily guessable.

4. Do not open email attachments from unfamiliar senders since they may contain malicious software.

5. Do not click on links in emails from unknown senders or on links in unfamiliar websites: This is a popular method for malware to be delivered through emails.

6. Do not connect to insecure WiFi networks in public places: Insecure networks leave you vulnerable to man-in-the-middle assaults, which are becoming increasingly common.



Jennifer Thomas
Jennifer Thomas is the Co-founder and Chief Business Development Officer at Cybers Guards. Prior to that, She was responsible for leading its Cyber Security Practice and Cyber Security Operations Center, which provided managed security services.