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Why You Should Invest in Cyber Security

It is no secret that cybercrimes are on an all-time high. It has evolved into a serious problem that is affecting all industries across the globe. 2020 broke all records with the highest number of data lost in breaches and cyberattacks on companies, government, and individuals— it can only get worse in 2021.

Threats are constantly increasing in number and sophistication, making it harder for users to detect. Cybercrime has evolved into an industry that is expected to cost the world $10.5 trillion by 2025 in damage. Cyber syndicates are growing in number and are continuously targeting companies of all sizes in various businesses. As the digital economy continues to grow, there is a dire need for companies to establish systems and processes that will keep their environment secure.

4 Popular Cybercrimes

  1. Phishing

This attack is arguably the most common type of cybercrime by criminals. Phishing is a social engineering attack that relies on a user’s misjudgment and emotions. Hackers impersonate legitimate brands and trick unsuspecting victims into revealing classified information or download malware into their devices. These attacks are usually carried out via emails and will enforce a sense of urgency and panic onto their victims. Hackers use this method to steal login credentials, sensitive information, and credit card details, which can lead to identity theft or stolen funds.

  1. Malware

Malware is a term to describe any malicious code or program designed to cause harm to devices. They are hostile and intrusive and seeks to damage or disable a system, network, or device. Its purpose is to interfere with the normal function of corporate devices. Malware can be motivated financially, politically, or for bragging rights. This attack is able to steal, encrypt and even delete data without knowledge or permission.

  1. Website Spoofing

This method uses deceit and trickery to mislead unsuspecting victims. Hackers design websites that look like real sites for their victims to believe it is a legitimate site. It is to gain the trust and confidence of the user for them to divulge sensitive information or gain access to a system to spread malware, steal money or data.

  1. Ransomware

Ransomware has been the talk of the town.  The recent influx of ransomware attacks has greatly affected how organizations see cybersecurity. It is a type of malware that encrypts sensitive data or limits user access and demands a ransom in exchange for the decryption code. It is a virus that can be spread by visiting malicious websites/links and opening phishing emails. It is a profit-driven attack that tries to exploit its victims as much as it can.

Why Cybersecurity is Crucial

The majority of businesses today rely on technology and the internet to store sensitive data and keep operations in motion. However, we live in a scary world that hackers are able to access a system if there are any vulnerabilities present. Having secure and advanced cybersecurity in place greatly reduces the likelihood of a breach.

Today, the majority of our devices are connected to the internet. From phones to kitchen appliances, we have adapted to the world of technology and smarter devices, heavily depending on it daily. It makes our lives easier but puts on a larger target on our backs in exchange. Experts say that our dependency on technology will only increase, meaning these devices will store more important personal data or business information.

Cybercriminals use confidential information for financial gain. Since businesses rely on the cloud and other applications, it is important to take the necessary steps to protect the data. With attacks becoming more pervasive, businesses are more exposed to them. Hackers are using more complex and sophisticated schemes to exploit unsuspecting victims. Also, hacking tools are becoming more readily available for skilled and amateur cybercriminals alike. Experts have seen a significant rise in cybercrimes in 2020 due to the pandemic but have carried over to 2021.

Cybersecurity has become a necessity in our modern age. Ensuring that your company has a secure and comprehensive cybersecurity platform should be a priority, especially with the substantial increase of cybercrimes across the globe. By investing in cybersecurity, you are securing your company and customer’s safety.

References:

The Santa Clarita Valley Signal. “7 Reasons Cyber Security Is Important.” Santa Clarita Valley Signal, 19 July 2021, signalscv.com/2021/07/7-reasons-cyber-security-is-important.

Axel, Irvine. “Why Investing in Cyber Security Makes Sense.” The Business Success Group, 29 June 2021, thebusinesssuccessgroup.com/2021/06/29/why-investing-in-cyber-security-makes-sense

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