Cybersecurity is one of the persistent and ever-rising concerns that many large businesses are trying to solve today. As our reliance on technology increases, the threat of falling into the trap of a hacker becomes inevitable. Last year was considered a significant digital transformation period where businesses shift their operations online. The ongoing latest COVID-19 wreaked havoc worldwide, which led to authorities shutting down every sector to curb the spread of the deadly disease. With in-person trade vanishing, the businesses had no other choice but to adjust to the digital landscape to survive. This sudden digital transformation adds more threats to cyber-attacks that can leave small and large businesses in a devastating condition.
The main reason behind this is the prevalence and our dependency on technology. It has added a blindfold, making the real threat difficult to detect and mitigate. It gives rise to significant cyber attacks that include phishing, data breaches, identity thefts, and network attacks. On the other side, many experts believe that 2021 will experience sudden growth in these attacks. It adds a clear reminder for taking the right cybersecurity measures to mitigate the inevitable risk that is always waiting to happen. With that said, let’s discuss the importance of cybersecurity in 2021 and beyond.
- New Cyber Crimes Challenges
One of the top aspects that support cybersecurity is the new challenges imposed by hackers on the world. Since all sectors employ technology to streamline their operations, it also exposes them to uncertain cyber attacks. Whether you own a small or large business, hackers are always lurking around to target and steal important information. Tiny business owners have the concept of “nothing much to steal” because of the limited resources. However, almost half of the cyber crimes were involved with small businesses because they always lack digital defense.
As the technological landscape continues to evolve, it adds new challenges to deal with the security at each level. The lack of technical knowledge is also the reason why many businesses fall prey to cybercriminals. For that instance, professionals recommend business owners pursue a professional education in cybersecurity to learn protective measures against cyber threats. However, most people never like the idea of continuing education along with their business. For that instance, you can pursue a masters in cyber security online to learn technical specialties to ensure your business’s best security. Not just that, but these degree programs will also qualify you for skilled jobs and advance your career as cybersecurity professionals. The key to fill the technical knowledge gaps and incorporating cybersecurity measures to protect both businesses and individuals.
- Sudden Boom of IoT
The technological revolution is paving the way for operations and strategies across all sectors. Today, this technology plays a vital role in everyone’s life. With this revolution, we see a sudden IoT boom that will increase cybersecurity’s importance even further. The main concept of the IoT is “anywhere computing” to access the information anytime, anywhere. Internet is broadening its reach from computers and mobile phones to autonomous cars, refrigerators, and TV, which lets you enjoy Netflix.
This technology innovation is a double-edged sword, meaning it also involves risk for a cyber attack that can impact your business or individual’s life. According to a study by Cisco, IoT devices are all set to expand with 27.1 billion devices by the end of 2021. It means these figures are the hackers’ entry points to breach privacy and conduct phishing or identify thefts. There is a dire need for cybersecurity awareness to keep a safe side from these lurking hackers. For that instance, organizations must ensure to train the employees to establish the security measures against cyber attacks.
- Ever Rising Price of Cyber Attacks
As discussed earlier, hackers are always lurking on the internet to find a vulnerability and target ransomware and data breaches. Even with all the security measures in place, they are highly adaptive to stay ahead to attack both individuals and businesses. The research explains that cyber crime cost over $1 trillion in 2020, marking it as one percent of global GDP. On the other side, the spending to curb the cyber attacks’ loss remained at $145 billion only.
Meanwhile, with the increasing cyber-crimes worldwide, the rising cost of cyber attacks will not rest either. The hackers do not stop at borders or comply with the jurisdiction. Access to the internet removes all boundaries making it easier for hackers to target anytime, anywhere around the globe. These attacks negatively impact businesses by hurting the reputation of the consumer market. No customer would like to engage with a business that is vulnerable to hackers and may expose their data. The government authorities and regulations are also striving to establish data and privacy protection measures. However, they also lead to fragmented and high-cost conflicts for businesses. In this case, policymakers must encourage businesses to defend themselves against these specific attacks to save them and their business from potential digital threats.
- Individual Damage of Cyber Attacks
Apart from the corporate losses, cyber attacks also cause considerable damages to individual victims. No one can imagine having personal information stolen by hackers. The data breaches from hackers can easily expose your information on the internet, which can use illegally.
There are numerous notable events of attacks that signify cybersecurity for the current year and beyond. The major cyber attacks of 2018 targeted 144 universities. The hackers stole personal data of 31 terabytes and intellectual property worth $3 billion. Meanwhile, in 2016, a hospital in Los Angeles suffered a ransomware attack where hackers forced the authorities to pay $17,000 in bitcoin. These examples of real-life incidents give clear insights into how inevitable these cyber-attacks are and how much damage they can do across every sector.
- Complexities to Tracking Cyber Criminals
Apart from the business and individual impact of cyber attacks, the main factor that makes it terrifying is tracking criminals’ complexity. The prosecution of cyber criminals is extremely low because of their strong skills and sophistication of tools. Hackers are always getting smarter to take advantage of the vulnerabilities and stole confidential information. Moreover, the growing business model on the darknet is also making them more difficult to track. Cybersecurity remains the only choice to improve information security and ensure individuals’ safety on the digital landscape.
Ransomeware, data breaches, and identity thefts continuously rise, which risks all sectors falling into hackers’ trap. These threats can tarnish the business reputation with huge losses that can set you back in the competition. However, taking the right cybersecurity measures can protect these threats and fight against digital terrorism.