With the onset of globalization and the increase in the number of devices that are interconnected these days, the importance of cybersecurity in 2019 has grown more than ever. In this technology era, access to information is on your fingertips. While this can be a good thing in today’s digitally connected world, it elevates the risk even further of a privacy breach with cyberattacks. Below, we take a look at why it is important more than ever before for organizations to safeguard their valuable data and ensure business continuity.
Growth in sophisticated cybercrimes
Cyber threats have been on the rise lately with many high-profile corporations such as Target and Home Depot becoming victims to innovative cyberattacks. No organization, big or small is completely shielded from cyber attacks. Cybercrimes are increasing in number and only getting sophisticated. There have been several cases of well-funded organized cyber criminals coordinating attacks on large corporations. As cybercrimes get more structured, it’s critical for organizations to invest heavily in Cybersecurity.
Widely and Easily available hacking tools
While experienced and organized hackers pose a significant threat to your privacy, easy access to hacking tools empower inexperienced hackers to break into your sensitive information. The commercialization of cybercrime has made it easier than ever before for anyone to get the resources they need to launch destructive attacks such as ransomware and crypto mining. Hackers can now easily break into your smart devices and know everything they need to know to steal your prized information.
A proliferation of IoT (Internet of Things) devices
Undeniably, IoT has offered greater levels of control and accessibility to speed up tasks and make our lives easier. Who doesn’t like to control their lights, TV and other devices with a single touch? It is no surprise that more and more smart devices in homes and offices are connected to the internet and are so popular these days. However, if these devices are not protected, each could be a gateway to your personal information for cybercriminals. Technology giant Cisco estimates there will be over 27 billion connected devices globally by 2021 making hacking an attractive profession.
The rising cost of breaches
Cyberattacks have brought businesses to a halt creating severe dents in profitability. Besides tangible costs of data breaches, companies have suffered a myriad of intangible damages such as loss in consumer confidence and loyalty. Reputation damage due to lack of cybersecurity can impact businesses long-term and breaking out of it can take innumerable years. Sourcing new business can also be a challenge when cybersecurity issues tarnish prestige associated with an organization.
Keeping in mind the growing number of cyber attacks, several State and Federal regulations are now in effect. Federal regulations are more industry specific such as the 1996 Health Insurance Portability and Accountability Act (HIPAA), the 1999 Gramm-Leach-Bliley Act, and the 2002 Homeland Security Act. These regulations mandate their industries to protect their systems and consumer information. Several State governments followed California’s lead when it passed the Notice of Security Breach Act in 2003. Security breach regulations punish organizations for non-compliance and businesses should be cognizant of what regulations apply to their industry. There are several other government initiatives that require companies to execute appropriate technical and organizational measures to protect personal data, regularly conduct vulnerability assessments as well as detect, investigate and report breaches.
As is evident, Cybersecurity is not an option anymore. Unprotected information on public networks with no encryption or firewall is an invitation to cybercrime. One minor breach of an unsecured device on a public network can expose millions of sensitive data bringing huge consequences. Everyone is susceptible to attacks given the open nature of the internet making the importance of cybersecurity in 2019 an essential strategic initiative. Cybersecurity affects everyone and is everyone’s responsibility. Due diligence should be exercised along with a robust cybersecurity team and protocols in place.
Cyber Chasse is a leading cybersecurity consulting firm with expertise in Splunk and can help you with all your cybersecurity needs. For more information please visit Cyber Chasse today.