As businesses move more and more towards cloud practices, cybersecurity is essential for them to share important information in a highly secure manner. Although the online way has made it a lot easier to share data, this has threatened private information that could be easily breached if no security measure is adopted. According to a survey of the EU’s cybersecurity agency ENISA, there are 230,000 new malware infections reported every day.
The proliferation of digital platforms from cloud technology, social media, and mobility to the IoT creates new security threats and unique risk management challenges as business shifts towards digitally-enabled enterprises. Companies can go bankrupt by paying the price to act against a cyber-attack in case of a cyber-attack. The latest report from McAfee and CSIS reveals that the estimated costs of cybercrime beyond economic impact are over $1 trillion.
The Risks of Cyberattacks
There are several significant means by which cybersecurity issues can destroy an organization and its status. There is the possibility that hackers might obtain confidential information such as bank accounts or credit card details. In the “dark web” world, there is an open market for such information. If the attacker gains access to this information, the organization might find its financial facilities withdrawn. Each month high profile security breaches disrupting individual data are reported globally.
Another issue that when a hacker accesses sensitive business information and ruins its reputation. The damage to reputation sometimes is more destructive than the data loss. Leakage of customer data may result in regulatory or legal action against the organization. A partner or third party can also file a suit against an organization due to their loss in such a case. Businesses might also be subject to legal actions or significant penalties due to the breaches of privacy laws in many jurisdictions.
The most advanced and alarming issue of cybersecurity that causes major troubles for an organization is ransomware. In ransomware practices, a piece of malware is masked and embedded within a simple file such as ‘a a document’ only waiting to be executed by the target user. As the user is unaware of the hidden threat, it encrypts the organization’s data and makes it inaccessible for the other actual users. The organization is then instructed to pay the ransom to gain access to the data or face data loss. Even if organizations have data backups, it does not eliminate the risk of ransomware and retrieves its impacts on business operations. Uber’s data was breached in October 2016, and instead of disclosing the incident, Uber paid hackers $100,000 to delete the data. The company disclosed the breach a year later in 2017 and faced lots of consequences, including fines, sanctioned security protocols, and loss of customer trust.
EFFECTIVE MEASURES AGAINST CYBERSECURITY ATTACKS
Hackers are evolving more and more and adopting new techniques to steal personal information. Despite having all effective measures and investing in the best security software, a single email attachment containing a virus can affect the entire LAN. To prevent such attacks, the only way is to stay one step ahead with an updated security mechanism. The best way to avoid cybersecurity attacks is to stay proactive and defensive as much as possible. To keep data safe and secure, regularly update Antivirus software, firewalls, and other security measures.
Advanced cybersecurity measures are the only effective way to cope up with these issues. The business which doesn’t take this issue seriously might have to deal with dire consequences in the future. Therefore, it is necessary to make the most proactive investment to protect a business from any cyber threat. Modern organizations are confidently addressing the new cyber risks through cybersecurity investment and risk management methods designed to drive business growth, boost customer trust and generate new competitive advantage.
Kidan is helping businesses in every sector analyze the vulnerabilities, build detailed security and management strategies and implement reliable security and response protocols. The research insight of our cybersecurity experts and guidance equipped with key technologies from our partners inspire business leaders to fearlessly move into the digital future while still ahead of ever-changing cyber threats.
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