Why is cyber security important?

Based on research, cybercrime is the biggest threat to every company globally, and the biggest challenge that humanity will face in the coming decades. Looking at the voluminous increase in cybercrime, it is evident that cyber-security is paramount to computers, process and people. Research indicates that the estimated cost of cyber-security will reach $6 trillion annually by 2021. As per the annual cybercrime report, it is observed that cybercrime will have a huge impact, with hacking activities by organized crime gang by 2021. Cyber security on medical devices alone can cost $65 billion by 2021. Growing DDoS attacks, zero-day exploits, kill chains and ransomware are transforming last year’s prediction into reality.

Understanding the concept of cyber security

Cyber security is the course of recuperating and shielding a device, network or program from any type of cyber-attack which poses as a threat to organizations, employees as well as consumers. Cyber-attacks target sensitive information and misuse the same or destroy it thus impacting business. A robust cyber security system depends on a technology with multiple protection layers and users with smart cyber defense choices. A cybercrime cost includes the following:

  • Damage and destruction of data
  • Monetary loss
  • Productivity loss
  • Financial data theft
  • Intellectual property theft
  • Embezzlement

Cybercrimes affecting the world economy

  • The Yahoo hack heavily affected approximately 3 billion user accounts
  • The Equifax breach affected grossly 145.5 million customers
  • Average cost of data breach in US is $ 7.91 million annually

Areas of vulnerability

The new software codes produced each year are quite vulnerable to attacks. Research suggests, the global digital content will grow from 4 zettabytes in 2019 to 96 zettabytes by 2020, snowballing the probabilities of cyber-attacks. Deep web is 5000 times larger than a surface web; a portion of deep web is known as dark web which cannot be accessed by search engines. It is concealed to promote cybercrimes. It is predicted that every 14 seconds a business will fall victim to a ransomware attack by end of 2019. According to a leading IT company’s global incident response and recovery team, it is impossible to monitor such automated cybercrime like; ransomware manually, as cyber-security demands focus and dedication. Implantable medical devices (IMDs) like cardioverter defibrillators (ICD), deep brain neurostimulators, pacemakers, insulin pumps and so on are hackable. In the manufacturing industry, compromises like crypto locker have caused a lot of damage. Again, KRACK Attack has amplified the cyber risk of wireless routers. Education is another domain which lacks cyber security and remains vulnerable to attacks. Starting from online applications to endpoint security and patching cadence, hackers can easily take advantage of the vulnerabilities of educational institutions.

Need for cyber security plan

The transformation from a potential threat to an actual one leaves no choice for enterprises but to plan their cyber security. Cybercrime is no more a hobby, it’s a serious profession.

  • Perpetrators are not amateur hackers but, professionals with more experience than average IT employees.
  • The threat involved is no more a simple disruption, there is a complex strategy involved along with anti-national sentiments.
  • There is a need for proactive defense rather than reactive defense.
  • A cyber strategy offers accountability to business stakeholders.

Genuine need for cyber security

Cyber-attack happens in three major categories; confidentiality, availability and integrity. The first one deals with identity theft and misuse of bank account or credit card information. The second one aims at blocking access to one’s own data and information for a ransom. The third type of attack can be both, on an individual and an enterprise where sensitive information is intercepted to reduce credibility. In order to stay protected against cyber-attacks, files should be frequently backed up. People should be educated so that they don’t open links or attachments from unknown senders. Devices should be kept updated. Only https://URLs should be trusted.

Looking at the future – need for cyber security

It is no longer a question whether cyber security needs to be implemented or not, it is a mandate to protect customer’s data and fight cyber-crime. Infact, cybercrime is creating unparalleled damage to both, public and private organizations, demanding high(?) security budget. It is essential to understand that malware is easily accessible by anyone who plans to become a cyber attacker. Looking at the market predictions, global expense on cybersecurity is expected to exceed $1 trillion cumulatively over the next five years, so, we can anticipate a 12 to 15% increase in cyber security market by 2021. As per Palo Alto Networks Research Center, by the end of this year the demand for cyber-security professionals will increase to 6 million globally. Training employees to detect a threat and defend it is imperative, so, enterprises are expected to invest $10 billion by 2027. Infact, a study confirmed the fact that 90% of cybercrimes happen from phishing and emails luring their recipient. If employees are trained to deal with such emails, a secured environment can be created. A market research also forecasted that approximately 20 million connected cars will have built-in software-based security technology by 2020. The U.S. Bureau of Labor Statistics report suggests that by 2022, there will be an increase in information security analysts by 37%.