Cyber Security Is a Business Risk, Not Just an IT Problem

When it comes to securing our assets, we look for the best security options available. If it is about house security, we hire security guards or install some security system or alarm. Likewise, when we talk about our data, we try to secure it as much as possible. As we all know, the worth of data is much more than the past now. It will not be wrong if we say it worths more than money right now. Data of any kind needs security, especially when we talk about the data stored online for any purpose. Our identity-related data, our financial data, our credit card credentials, all need security. Well, the practices and protocols that we apply to safeguard any kind of data, that by any means is connected to the internet, is called cybersecurity.

Cybersecurity is one of the most critical issues in the world right now. As we are living in a digitalized world, and the more things are getting digitalized, the more they are at the risk of cyberattacks. There are hackers especially trained for this. They attack the online systems and try to steal the data and important information. The purposes of these attacks are different. Sometimes it is done for money or revenge, and even for fun sometimes. To tackle these hackers, we have cybersecurity experts and ethical hackers. They design and install the security systems that can notify if there is a threat of an attack. And if an attack has taken place, these systems fight it and stop it from harming our systems.

Cyber Risks and their Evolution

As technology is getting evolved every day, like every other thing, cyber threats are also getting affected by this. Cyber threats are evolving as the latest technologies are being used to create these threats now. And, it will continue to evolve even more, as artificial intelligence and different algorithms are being used in business. Hackers will also use these technologies to make these attacks stronger. Unfortunately, hackers have become savvier enough that nothing looks enough to secure a network from them. Recognizing a threat before it takes place and even after taking place, has become much more complicated than it ever was. IT staff needs to be well equipped with security skills to work against these threats.

There used to be cyber threats that were common and we had solutions for those. But now, we are getting to see new and advanced attacks every other day. The common attacks that we used to encounter were Phishing, Malware attacks, Eavesdropping attack, Daniel of service attack, the man in the middle attack, and so on. But now, what we are facing is somewhat like AI-enhanced cyber threats, AI fizzing, Machine learning poisoning, smart contract hacking, and many more like this. We are still facing problems fighting against these AI-driven cyber threats. But eventually, we will be able to defend our systems from them.

Cybersecurity and Business

Whenever we talk about cybersecurity, there is only one thing that comes in mind that is the IT department. Any business we are in, we always think that the IT department is the only responsible to save us from viruses and attacks. Like they will go up there and write a code and kill the threat.

The world we are in is digitalized, and threats have evolved like never before. This is not an exclusive IT job anymore due to the complexity of threats. If we want to fight against these evolved threats, we will have to think and act smart. Every individual employee has to step up and play their part in this. Let's look into some factors on how it affects the business.

• A New Wave of Hacking

As we are well aware of the fact that technology is not the same as it used to be, it has advanced a lot. But one thing to keep in mind is that this is not the sole reason for hacking. Some hackers attack do it just for fun and some attack you because your competitors hire them. If you are the part of a market and you are doing well, you can be the victim of these attacks. One thing is for sure that advancement in technology has strengthened hackers and their attacking techniques a lot.

• Every Employee is Responsible

The days when we had to worry about malware attacks and DDOS attacks are gone. It is now the modern era with the modern type of attacks.  According to an expert, all the devices that are connected to your network can be the entry point for the hacker. It could be your employee's computer, their Smartphones, smart  watches, and tablets. You need to make sure that they have awareness about cybersecurity and they know they can be a potential help to the hacker. For this, you can get your employees’ cybersecurity certifications, in which they can learn how to be safe from attacks.

How Poor Implementation of Cybersecurity can Hurt a Business

We know one thing that cybersecurity is there to help us fight against the cyber threats and it is only for our betterment. But there are cases when this friend of yours can turn into an enemy. When the cybersecurity system we implement on our business is poor, it rather works against us. Let's look into the harm it can cause us.

• Losing Customers

The worst thing for an enterprise is to lose its customers. Constant data breaches due to the poor security system can make you lose your customers.

• Reduction in Resources

A cyber attack can cost you a lot of money and other resources. There are numbers of ransomware cases, where hackers hold on to your data until you pay them what they ask for. And, when you are out of the money you cannot grow your business.

• It could Shutter your Business

A cyber attack can leave you in the middle of nowhere. You will not even be able to access the customer data and other resources that could be the worst thing for any business.

Cybersecurity is an issue that cannot be ignored. Because losing their data is the worst nightmare for any business, and that is the only reason companies spend millions on building cybersecurity systems to prevent cyberattacks.