Business

Why Your Company Needs Cyber Security

The conceptualization of cybersecurity began with the authors and the poets. You might be wondering as to why the topic of arts is being used here when the concept of cybersecurity is conceived by science. Well, as stated in the first line, it has strong relations to the arts. In ancient times, the works of several writers were stolen, burnt down, and subjected to harsh climatic conditions, thereby leading those works to perish from the face of human history.

Had the great writers known how to preserve the data from the external damages, we could have possibly acquired more precious literature pieces. In today’s world, however, the poems and proses have all undergone a transformation to acquire the all-encompassing term “data”.

Currently, as the world has moved a step closure to create life with artificial intelligence, our data have been moved to cloud storage. However, the threat to the data has not changed from the ancient age. It is still vulnerable to external threats like the poems or pieces of literature were in ancient times. In the modern lingo, this threat is called a cyber-attack.

When an individual/organization tries to destroy or steal information from another individual or maliciously controls the computer infrastructure of the other person, it is called a cyber-attack. But the only difference between the ancient age and the current era is that now we have a solution to the problem—cybersecurity.

The term cybersecurity is self-explanatory. It protects data from damage and theft. And this data is not restricted to prose or poetry. It has expanded to personal information, confidential health info, and other sensitive reports. While all of us can be the victim of a cyberattack, there are a few industries that are particularly in need of cybersecurity. Let’s check out this article to understand why they have been given a special place on the list.

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Can financial institutions be hacked?

How would you feel if one day you got to know that all your hard money vanished from the financial institution that put your faith on? Agitating, right? The mere mention of this makes the blood boil. In order to prevent such unwanted situations, the financial service industry needs cybersecurity. The prime motive of the attackers here could be to acquire money.

According to a report by Business Insider, financial institutions are susceptible to such threats 300 more times than any other institution. Despite the confidence of 78% of financial institutions in their cybersecurity strategies, Accenture, in its 2016 survey, found 1 out of every three financial institutions is successfully attacked every year. On average, they face 85 breaches annually. Financial institutions and banks must protect customer information, put measures in place to prevent unauthorized access to information, and properly dispose of customer and consumer information.

What could happen if the healthcare systems are compromised?

Healthcare providers and medical organizations have access to electronic healthcare records, which contain extensive personal and financial information. This makes the industry a frequent target for attackers. Millions of Health records are hacked in a year and sold on the dark web for hundreds of dollars apiece. A variety of purposes, like espionage and identity theft, can be accomplished through the sale of the data in the black market.

Despite an increase in cyberattacks on government agencies by 1,300% since 2006, government cybersecurity is not as effective as it should be. Healthcare entities must secure their networks and systems to comply with HIPAA and to protect protected health information (ePHI). Despite the industry’s strict compliance standards, the industry needs to detect exploitable vulnerabilities.

How badly is the education industry impacted by cyberattacks?

Schools store a wealth of information, such as credit card numbers, government-issued identification numbers, and contact information. Moreover, educational records can be sold on the dark web to people attempting to obtain better employment opportunities or even to change their identity. In contrast, some people hack to delete particular types of information or change their results. A large amount of online activity occurs at schools, making it an easy target for hackers. Over the past decade, higher education has been one of the worst-hit sections, with a total of 539 breaches impacting nearly 13 million records.

A user-friendly multi-factor authentication (MFA) tool is an effective way to protect your institution’s students and users. An additional security step will prevent unauthorized access to the network for users who log in.

Is our government capable of handling attacks on confidential information?

Social security numbers, fingerprints, and commercial contracts are all among the data kept by the government. Researchers studied 552 local, state, and federal organizations for a Security Scorecard report, which discovered several significant vulnerabilities in government security.

There is an abundance of personal information in federal, state, and local databases that are targeted by:

Foreign powers looking for ways to eavesdrop on or undermine a global competitor.
Hacktivists are eager to make a political statement.
Cybercriminals trying to monetize this information.

Measures government can ensure to safeguard data:

Plan every step of your strategy with cyber resilience – Make state networks capable of adapting to attacks, recovering, and continuing to function if they occur.
Protect state assets by obtaining cyber liability insurance – By providing financial protection against risks that cannot be entirely mitigated, cyber risk liability insurance can contribute to the state’s cyber risk management process.
Adopting solid procurement policies and ensuring compliance are essential – State compliance and procurement policies ought to be examined closely. Vendors should consider demonstrating that, through their tools and services, they will enable compliance.

Marketing & Media firms – are they safe?

Marketers and media are at a higher risk for cyberattacks because they are more visible. This is especially true of cyber terrorists who are spreading messages. As demand for digital media content increases, there are many illegal download sites that promise ‘free’ access. Of course, there is a price, as end users’ devices can be vulnerable to malware.

In marketing, many online tools are used to launch campaigns. If one of these tools is insecure, it can result in a domino effect throughout the organization. Worst case scenario, it can affect customers and vendors as well.

How can the Energy industry be vulnerable to the threats?

Imagine the chaos that would ensue if hackers took over the power grids. This is an ongoing concern for many, not just in government. There are plenty of opportunities for hackers to exploit the energy sector, even though it is highly regulated. If the energy sector were to suffer widespread power outages, it would not only create chaos but could also put millions of citizens at risk. In addition to being a large national security priority, the telecommunications network is at risk of malware infections from mobile connections (web, mobile, and network security are all critical). Thus, energy cyber security needs to be a priority, with effective restoration services as a must.

Conclusion

The biggest mistake businesses can make regarding cybersecurity is thinking that it will not happen to them. Every organization is vulnerable to system hacks, ransomware attacks, data breaches, malware, or the possibility of cybercriminals accessing their networks. Today, it is more important than ever for businesses, governments, and consumers to be adequately protected.

The best first steps to maintaining your business’ security are:

Back up your data regularly
Regularly update your software
Create strong passwords
Enable two-factor authentication
Make sure your antivirus software is up to date.

However, the necessary talent is woefully lacking. The cybersecurity niche understanding shortage is having an impact on virtually every sector and industry as cybercriminals continue to target critical infrastructure and governments. Cybersecurity should be everyone’s responsibility in the digital age. With so many daily threats, everyone needs to play a role in ensuring cyber security.

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