Top 5 reasons why cybersecurity is important for your organization

Cybersecurity is crucial for your organization because it safeguards all types of data against loss and destruction. Sensitive data, Personal Identifiable Information (PII), personal information, intellectual property data, Protected Health Information (PHI), and information systems used by the government and businesses are all included in this. Your business lacks the ability to protect itself from data breach campaigns without a cybersecurity program, making it an easy target for hackers. 

According to an IBM estimate from 2021, cybercrimes cost businesses an average of $4.24 million. By 2025, cybercrime is predicted to cost $10.5 trillion annually.

The digital transformation of companies in today’s times has led to a rapid increase in the demand for talented cybersecurity professionals to keep their systems and data secure. Business executives cannot exclusively rely on standard cybersecurity tools like firewalls and antivirus software because hackers are growing more cunning and their strategies are becoming more resistant to traditional cyber defenses. To keep secure, it’s crucial to cover all aspects of cybersecurity and to understand why cybersecurity is important. 

Let’s explore the top five reasons why cybersecurity is important for your organization. 

Rapidly Growing Cybercrimes

According to Statista, worldwide internet users experienced 52 million data breaches in the second quarter of 2022, which is a 56 percent decrease from the same period last year. The fourth quarter of 2020 saw approximately 125 million occurrences of data breaches, which was the greatest number recorded throughout the measurement period.

A cyber-attack can have a negative impact on your business, no matter how big or small it is. This is due to the fact that every business has numerous valuable assets that hackers might exploit. Occasionally, it relates to the private data of clients or clients of enterprises. Other times, it can be a monetary loss. Cybercrimes are on the rise every year and robust cybersecurity can mitigate the risks. 

Expanding Technology Utilization

Technology has become an integral part of our everyday lives. Given this fact, cybercriminals have access to a wealth of opportunities. Serverless computing, edge computing, and API services are all experiencing rapid growth, just like cloud services. According to estimates, there is a cyberattack every 44 seconds throughout the day. Verizon 2022 Data Breach Investigations Report states that Phishing is one of the top causes of data breaches, followed by the use of stolen credentials and ransomware in the US. Attackers continuously attempt to get hold of sensitive data and use it to affect business operations.

Enhanced Usage of IoT devices

Our tasks may have been made simpler because of the development of Internet of Things (IoT) technology, but it has also made us vulnerable to hackers. IoT devices offer more potential entry points for data breaches because they are furnished with a variety of sensors and employ cutting-edge technologies for constant communication and data exchange. No matter how sophisticated your security procedures are, if you manage these internet-connected gadgets improperly, they will give you an opening. This is where the cybersecurity specialist’s role becomes prominent.  

Cryptocurrency and the Dark Web 

The dark web is a collection of websites that are hidden behind passwords or other security mechanisms and are unreachable by search engines. Because only certain web browsers can access these websites or pages, users’ identities are protected. 

The dark web is similar to a secret room where criminal activity can be carried out, including the distribution of software, the sale of personal information, the trafficking of people and drugs, the sale of illicit weapons, and many other unimaginable crimes.

Additionally, attackers now prefer cryptocurrency. Attacks have increased as a result of threat actors looking to profit as the price of bitcoin reaches an all-time high. For a long time, end users have battled phishing scams, information thieves, and malware that switches wallet addresses in memory. The programs at the core of cryptocurrencies, smart contracts, are increasingly the target of direct attacks.
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The emergence of these new marketplaces presents attackers with new avenues for sophisticated operations (such as the flash loan attack), which might give them access to cryptocurrency liquidity pools worth millions of dollars. Cybersecurity is becoming much more crucial as a result of these vulnerabilities. 

Transformative Ransomware Tactics

The most lucrative hacks right now include ransomware. Due to law enforcement’s intense scrutiny and the millions of dollars in potential earnings at stake, ransomware techniques in particular are changing significantly. Cloud computing, virtualized systems, and OT/IoT are just a few of the areas that ransomware has attacked. A prospective target is anything that is linked to a network that can be reached. In the near future, data theft for double extortion and security tool disabling will become the new standard; however, insider threats and personal data will make it more intimate.

Therefore, it’s critical that we take cybersecurity seriously if we want to protect our computers from malware.

Protect Your Business with Cybersecurity

Increasing cases of cyberattacks have made it mandatory for all businesses to put an active secure cybersecurity system in place. Some precautions that you can take are: 

Installing Anti-malware and antivirus protections in your systems to prevent them from malicious factors that make them vulnerable to cyber threats. Cybercriminals can attack businesses, whether big or small and ask for huge sums of ransomware to release their hacked systems. You may get real-time protection from all types of anti-malware, antivirus, and anti-ransomware threats with the help of advanced cyber protection solutions that use AI and ML technology.

You must have a backup and disaster recovery plan if you want to protect your company against unanticipated cybersecurity incidents. Acronis is a dependable backup program that automatically backs up all of the images and files on your computer, not just a subset of them. It offers a strong backup and guarantees that your files are accessible when you require them. 

Conclusion

The ever-evolving technology has put us all in danger of being attacked by cybercriminals. This leads to making cybersecurity an integral part of every business for growth. 

Cybersecurity professionals are in high demand due to the fact that businesses are looking for such people to protect their systems from hackers. 

ABM College offers a cybersecurity diploma program at both its Toronto and Calgary campuses. 

Thinking of advancing your career in cybersecurity?

Contact us now. 

You can gain more industry insights on our blog page. 

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