Four Reasons to Value Cybersecurity

According to studies, the globe is more connected to and reliant on technology than ever before; in fact, there were more than 10 billion active IoT devices in 2021, which is expected to exceed 25.4 billion by 2030. The proliferation of connected devices, remote workforces, and the widening cybersecurity course skills gap are just a few of the significant issues confronting enterprises today, emphasizing the necessity of cybersecurity in business.

Without a comprehensive cyber security policy, SMBs and large enterprises may struggle to fully protect themselves against cyber thieves and the ever-increasing cyber danger that exists today.

The Value of Cybersecurity

Gartner defines cybersecurity as an enterprise’s use of people, policies, processes, and technologies to secure its cyber assets. And, in recent years, it has become an essential component of the success of any modern-day corporation.

If you’re a business leader who’s still debating why cybersecurity service in ghana is critical and how it fits into your IT strategy, we’ve compiled a list of some of the most common factors behind cybercrime for you to consider – and why you should implement a formal cybersecurity program with stringent controls and practices as soon as possible if you haven’t already.

Cyber Attacks’ Volume and Complexity

The sheer volume of cyber attacks is one of the most compelling arguments for corporate leaders to take an active approach to cybersecurity. Every day, an estimated 30,000 websites are hacked, a corporation is the victim of a cyberattack every 39 seconds, and more than 60% of enterprises worldwide have experienced at least one type of cybercrime.

With these figures in mind, it’s a matter of “when” rather than “if” a company will be impacted by a cyber attack. Not only is the number of attacks increasing, but so, too, is the sophistication of cyber criminals. They are altering who they target, what they want, and how they strike.

The type of cyber attack used by a threat actor — and the purpose behind it – is also becoming more difficult to predict. According to Verizon’s 2020 DBIR, 70% of breaches were committed by outsiders, 45% by hacking, 86% by financial motivation, 17% by malware, and 22% by phishing or social engineering.

Assailants will increasingly target unsuspecting victims by conducting attacks and obtaining personal information through mainstream channels such as social media.

Innovation in Technology

While the importance of technology cannot be overstated in today’s changing economic world, it also highlights why cyber security is crucial for contemporary society. Businesses must ensure that their portfolio of tools and technologies, as well as the sensitive data they generate, are sufficiently safeguarded from new-age cyber risks, such as those arising from developing technologies such as machine learning and artificial intelligence.

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While new technologies continue to change the way businesses operate, they are also altering the already volatile cyber threat landscape. Cybercriminals, for example, can utilize AI to plan and execute attacks. By studying email and social media communications, these crooks can learn the intricacies of a trusted user’s behavior.

AI assaults are more potent, continuously changing, and can be launched on a wider scale. Making it incredibly difficult for businesses to proactively fight against them.

Transformation of the Cloud

Another reason for the importance of cyber security is the ongoing migration to cloud services. Most businesses today use the cloud in some way. Whether to streamline company processes, store customer data, support their remote workforce plan, or for another reason completely.

While there are numerous security benefits to cloud deployment, there are. As with anything technical and complicated, security dangers – particularly if a cloud system is not properly secured.

A quarter of firms (27%) have suffered a public cloud security incident, according to a poll of 775 cybersecurity professionals. What else? Cloud misconfigurations surpassed exposed data by user and account compromise as the number one security-related incident last year.

As cloud computing solutions become more popular. It is vital to ensure that all cloud instances and workloads are properly configured and that the necessary security controls. They are in place to secure critical business data and applications stored in the cloud.

The Effect on Business Operations

Cybercrime can be costly to a company, with the average cost of a data breach. Exceeding $4 million, according to IBM.

Long-term costs of a data breach include lost data or intellectual property, company disruption, financial losses due to system unavailability, legal liabilities, identity theft, reputation harm, or even business closure.

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