Summary: As per a Gartner report, the worldwide information security market is forecast to reach $170.4 billion in 2022. Let us analyze what this threat means for you individually and your business as a whole.
The online world is a digital extension of the real world. And, yes, it is real too. So, basically, it has everything from banking apps and websites to startups to Governmental organizations sorted and functional.
As the digital world and its developments (especially the technical nitty gritty!) are not very much known to the layman, they unintentionally step within loopholes created by hackers who are always on the lookout to take advantage of user’s digital vulnerabilities.
What does Cybersecurity mean?
Cybersecurity and its issues have existed from the time computers and their data came to be known as an asset that could be utilised to open up other user details.
In simple terms, Cybersecurity is the protection of computer systems, their networks, devices in itself, as well as their software from any cyber attack with malafide intentions. With the evolution of technology; hackers, their toolkits, and the prowess of their Cyber attacks are also evolving and are much more dangerous to a user’s sensitive data than it ever was. As attackers employ new methods, powered by social engineering and artificial intelligence to circumvent traditional security controls; the normal unacquainted laymen is also finding himself in the direct line of fire!
Reasons why you should too be investing in Cybersecurity
As per global reports, Data breaches exposed 36 billion records in the first half of 2020 (these were the found and reported ones only!). 86% of these breaches were financially motivated and 10% were motivated by espionage. So, for a hacker or a cyberattack criminal, it doesn’t matter who you are or how big or small your bank account is. You basically need cybersecurity because:
1. There is a mobile app for everything and anything
There are more than 5 billion smartphone users in the world with more than 30 mobile apps installed on each of them. A cyber vulnerability in any one of these apps or the base gadget or the networks connecting any of them could spell disaster for the other apps and the user in particular. These vulnerabilities are basically utilized to hack the user’s phone and then feature into the banking apps or other money transaction apps installed on the user’s phones. With the Government setting up policies to promote digital transfers, this aspect of cybersecurity is required to become effective for one and all.
2. Their effects can be quite far-reaching
Have you heard about the infamous Sam Sam ransomware attack on the city of Atlanta, wherein the hackers demanded a compensation of US $51,000 and halted several state-run online services for a period of 5 days? The recovery cost of systems amounted to $17 million. With Governments and their various organizations now taking the online route to make administration easy and several smart cities cropping up, it is now easier than ever for hackers to bring these far-reaching systems to a standstill.
3. Evolving Technologies
Users are always on the lookout for updated technologies that provide a better user experience. But, what they tend to forget herein is that these technologies are also being used by hackers, who tend to develop newer and more complex malware and cyberattack toolkits; much before their antiviruses (which again are mostly ignored by the users, owing to the cost and disk space they tend to take!). Entrepreneurs and mobile app developers should invest in technologies like blockchain for business, to ensure this risk gets minimized.
4. Plethora of IoT devices around us
All our gadgets are becoming smart, and so are the hackers and their attacks. It is touted that there will be more than 200 billion IoT devices by next year. Users tend to stock up on them without analyzing their systems and the cyberthreats they pose. Developers too tend to forgo the requisite security practices, in order to hit the markets sooner. It all stacks up in the favor of hackers and against cybersecurity guidelines. For instance: A smart camera, if hacked can provide access to visuals of a home to any outsider sitting remotely in any part of the world.
5. Businesses vying for digitalization
As more and more businesses the world over now rely on digital assets for marketing, sales, viewership and even work productivity flows; they are exposed to cyberthreats within all these facets. Do you know that recently, Yahoo, the web giant suffered a breach affecting every one of its 3 billion customer accounts? Direct costs of the hack ran to around $350 Million, not to mention the litigation and brand value losses. All digital business transformation strategies should thus include scope and inclusion of software tools that shall help keep the business network, its data, and users digitally safe.
6. The rise of ‘data’
Most digital assets track user data. Be it mobile apps, websites or web apps. This ‘data’ provides invaluable private and confidential information about the users, their life and whereabouts. Hackers understand the importance of data as well and are thus always on a lookout to hack servers for this data that can be later sold on the dark web.
7. Unawareness about these threats
Though everybody has heard about cyberattacks and their ill-effects, individuals seldom tend to take them into account when using smartphones and other technology-based gadgets. In fact, there have been several heard cases of Identity theft nowadays, wherein hackers steal an individual’s personal information and sell it for profit. The issue is that as laymen, people do not understand the repercussions that opening one wrong email or one wrong link could have.
8. Lack of Cyber Laws
As the people they govern, Governments too are mostly unaware of the complex cyberattacks being planned every second by unscrupulous hackers. Their detection and proving a link to the perpetrators is another issue. Though, cyber units have been developed and posted to catch hackers, lack of updated vigilant toolsets and strict cyber laws, help hackers to get off the hook; way too quickly and easily.
9. Contagious Virus
There are several contagious viruses out there that can be passed from one computer to another, owing to the connections and file and data transfers they share. Therefore, it is vital to keep computers and other technology gadgets as well as their antivirus software updated and upgraded with the latest cybersecurity features.
10. It shall make you trustworthy
A lot of people already know about the extent of damage that cyber-threats can cause. Thus, they are vigilant about the same. If your websites use cybersecurity practices, search engines, as well as the keen-eyed individuals, tend to visit and market your app and website, leading to an increase in your search ranks. Moreover, it shall protect your website from attacks that could make it inaccessible for some time or lead to data breaches, all-cause of concern for the visitors and your business.
Cybersecurity is Hyper Important
If you think that cyberthreat is for the world and not concerned with you, you are highly mistaken my friend. A cyberattack could happen to anyone, anytime and their effects are felt way after the damage is done. The recovery cost is pretty high too. So, we would hereby advise you to keep your eyes always open for malicious-looking links and emails. Do not open them at any cost and try avoiding unprotected sites as well. Ensure your antivirus updates are always in place and as a business always follow all security practices to ensure a safe digital environment for you and your customers.
Jason Camaya loves carrying his camera wherever he goes. When he doesn’t click pictures, Jason loves to write, play video games, and procrastinate. He has been writing for the technology vertical for quite some time now, and as talented as he gets, he is giving tough competition to his fellow writers. He has been featured on many websites and blogs.