Cybercrime has been projected to cost the world a big $10.5 trillion annually by the year 2025, mentions Forbes in their latest article. With various and highly terrifying cybersecurity challenges in the offing, enterprises should invest in securing their businesses with tailored cybersecurity solutions. That too, from falling prey to the developing plan of action used by fraudsters.
If you are still not sure or do not think that data breaches and hacks can occur in your organization or to you. We will tell you the reasons for why you cannot be more wrong in this blog. Read on to know why you should invest in growing your cybersecurity posture with tailored cybersecurity solutions.
Also read: Use of Artificial Intelligence in Cyber Security
What is Cybersecurity?
Cybersecurity can be defined as is the state or process of securing and recovering computer systems, devices, networks, and programs from any variety of cyber attack. Cyber attacks are an extremely sophisticated and developing danger to your sensitive data. Since attackers are integrating new strategies enabled by social engineering and artificial intelligence (AI) to circumvent conventional data security controls.
The fact of the matter is the world is highly dependent on technology and this dependence will go on as we present the next generation of new technology. That will be having access to our connected devices with the help of Bluetooth and Wi-Fi.
Therefore, for keeping customer data secured while adopting new technology, intelligent cloud security solutions should be mounted alongside strong password policies. Such as multi-factor authentication for minimizing unauthorized access.
Why is Cybercrime Increasing?
Since cybercrime is increasing day by day, there is a need for using tailored cybersecurity solutions. Information theft is the most expensive and highly -growing fraction of cybercrime. Moreover, it is mostly driven by the increasing vulnerability of identity data to the web via cloud services.
However, it is not the only objective. Industrial controls that are managing power grids and other infrastructure can be discontinuous or destroyed. And identity theft is not the only target. Cyber attacks tend to target to determine data integrity (destroy or change data) to breed distrust in a system or government.
On the other hand, cybercriminals are becoming more refined, transforming what they are aiming at, how they are impacting organizations, and their strategies of attack on several different security systems.
What is the Impact of Cybercrime?
There are several aspects that are contributing to the cost of cybercrime. Each of these factors can be are a lesser focus on best cybersecurity exercises.
Furthermore, a lack of concentration on cybersecurity will be damaging your organizations in a range of approaches. This include the following:
Reputational Cost
Loss of current and future customers to competitors, loss of client trust, and ineffective media coverage
Regulatory Costs
GDPR and other data breach laws implies that your business could endure from regulatory fines or sanctions as an outcome of cybercrimes or thefts.
All businesses, despite of their size, should make sure that all staff are understanding cybersecurity threats and how to reduce them. Furthermore, this should entail a daily training and a framework to operate. With that targets to decrease the risk of data leaks or data breaches.
Moreover, provided the quality of cybercrime and how challenging it can be to detect, it is hard to understand the direct and indirect costs of several security breaches. This does not imply that the representational damage of even a tiny data breach or other security event is not huge. If anything, clients anticipate highly sophisticated cybersecurity factors as time pass by.
How to Secure your Organization Against Cybercrime
There are some easy steps you can consider for augmenting security and decreasing the vulnerability of cybercrime:
Educating Staff
Manual error was the reason of 90% of data breaches in 2019. This issues is concerning statistic. Nonetheless, has a silver lining. If employees are taught how to recognize and rightly answer to cyber threats. Hence, preventing the major number of data breach accidents. Such educational programs could also boost the cost of several tailored cybersecurity solutions investments. The reason being that they would forbid employees from unknowingly bypassing costly security controls to allow cybercrime.
Protect Your Sensitive Data
Investing in tools that are reducing information loss, controlling your third-party risk and fourth-party vendor risk, and constantly scanning for data exposure and leaked credentials. Data leaks, if left unsupervised, could allow cybercriminals to gain approach to internal networks and breach sensitive resources. It is necessary to install a data leak identification solution potential of also controlling leaks throughout the entire third-party network.
Roughly 60% of data breaches are occurring through a compromised third-party providers. So, by closing down vendor data leaks, the vast majority of data breach incidents can be prevented.
Implement a Third-Party Risk Management (TPRM) Solution
Using technology for reducing costs like automatically transmitting out vendor assessment questionnaires as part of an all cyber security risk assessment approach.
Organizations should no longer be asking why is cybersecurity necessary, however, how one can ensure an organization’s cybersecurity practices are sufficient enough to comply with GDPR and other regulations. And for protecting the business against vulnerable cyber attacks.
Also, there are practical strategies that you can consider for minimizing the cybersecurity risk for your organization.
Also read: Why Companies Should Invest in Cybersecurity Services
Is Your Business at Risk of a Data Breach?
We can help you in securing your business from data breaches and strengthen network security by constantly controlling the security posture of all your vendors.
Contact us for tailored cybersecurity solutions for your business!
