Introduction
In this new age of digital transformation, individuals and organisations are more connected than ever before. The internet provides a safe place for entities to communicate and conduct businesses with an easy backdrop. While it’s a welcome development, it comes with several unpalatable consequences.
The importance of cybersecurity services comes in due to the huge target on organisations and persons by unethical people. In this article, I’ll take you through the exact reasons why cybersecurity is important in modern organisations.
What is cybersecurity?
Cybersecurity is the entire process by which organisations protect their systems (computers), storage devices, and important tools—sensitive data included—from external threats to their functionality. Often times it’s regarded as the same as data security, which isn’t exactly right. While cybersecurity focusses on the protection of sensitive data and all hardware and software in the organisation, data security simply means data protection from external threats.
Purpose of Cyberattacks
There would be no need for cybersecurity if there wasn’t an enemy to keep out. Cyberattacks are the enemies. The technological advancement of the world gives such attacks enough ammunition to strike at the heart of organizations. In the second quarter of 2024 alone, checkpoint research recorded a 30% increase in the occurrence of cyberattacks globally.
To better understand this statistic, just know that cyberattacks average 1636 hits per week for each organization. Now, to the worse fact, no industry is left out of the onslaught. So, imagine your little, medium, or large business taking wave after wave of attacks without a shield system in place.
Let’s do an overview of cyberattacks so you can understand what you’re up against.
5 Most Common Cyberattacks
Cybercrime is defined as any unauthorised activity that includes network, computer, and any other device. Now, cyber threats are classified into 3 categories:
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- computer-assisted
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- The ones that target the computer and
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- The crimes where the computer is incidental and not directly related.
These are the common cyberattacks below.
Malware: This threat takes the form of malicious software, hence the term malware. Malware is an umbrella term for viruses, worms, spyware, and ransomwares. These types of cyberattacks stop access to your computer and interrupt the entire system. In fact, malware can subtly transfer information from your storage.
Phishing: phishing is the most common form of cyberattacks. In 2022 alone, 84% of organisations were the target of at least one phishing attempt. Like the name suggests, cybercriminals “fish” for sensitive and personal data of victims with false emails that impersonate a trusted source. E.g., an email from a bank that asks for credit card details to correct one or more issues with the client’s account. Also, some also install malware.
Man-in-the-middle attack: here, cybercriminals, i.e., hackers, squeeze themselves into an online transaction between two people.
Denial of service: For this type of cyberattack, hackers overwhelm a computer and network with “handshake” processes. Eventually the network breaks down and users are unable to access it.
Trojan: This form of attack imitates the famous Trojan horse. Cybercriminals present malicious software under the guise of a “harmless” file. Afterwards, the malware establishes itself as a channel for them to attack the system.
So, what is the importance of cybersecurity services?
If you’re a business owner still contemplating the importance of cybersecurity, here are reasons to consider an investment in cybersecurity.
The Sheer Amount of Cyberattacks
On average, 30,000 websites are hacked daily; a company gets attacked every 39 seconds, and an estimate of 60% of organisations have experienced a data breach. With these statistics in mind, the chances that your organisation will be exempt are extremely low. As a matter of fact, the right question isn’t “if” but “when.”.
Now, the number of attacks as a problem can be solved with just any security measure. But their complexity makes it even worse. Cyber threats take various forms and require different types of cybersecurity measures to combat them.
Financial Implications
According to the bureau statistics, financial losses to cybercrimes come close to $12.5 billion in 2022. This proves the validity of cybersecurity in today’s world.
Apart from the money cybercriminals loot, organisations part ways with another massive amount of money to rectify whatever damage they—criminals—caused. For instance, data subjects might file a lawsuit against the company in accordance with data laws like the NDPA. Also, the fortification of the initial channels breached cuts a huge hole in the business’ pockets.
Reputational Damage.
Would you trust a partner who betrayed you? Would you place money in an investment known to constantly fail? And would you walk the path infested with bandits?. Most likely, you answered no to the questions.
The consequences of a successful data breach include loss of customer trust. As a matter of fact, some businesses never recover from the reputational damage of a cyberattack. Thus, the importance of cybersecurity services shines through.
As a business, the implementation of a strong cybersecurity system will prevent this situation in the first place.
In addition to the major importance of cybersecurity services, here are some other advantages of cybersecurity services.
Boosts productivity: A solid cybersecurity system reduces the downtime caused by data breaches. Therefore, productivity levels go up.
Encourages remote workspace: Many organisations shy away from remote work modes due to their vulnerable nature. But, with cybersecurity, the risks are minimal.
GDPR compliance: Cybersecurity encourages compliance with data protection laws like the GDPR, NDPA, etc. since it encompasses the protection of personal data.
Disadvantages of Cybersecurity Services
Cybersecurity also comes with downsides. Some of which are mentioned below:
Regular updates: The constant evolving nature of cyberthreats does not permit a stagnant cybersecurity system. As the threats evolve, so does cybersecurity, which needs regular updates—an outdated system = cyberattack channel.
Complex set-up: To set up cybersecurity, organisations need qualified personnel certified in cybersecurity.
Constant monitoring: Cybersecurity needs to be checked and enhanced regularly so as to discover chinks in the system.
Cost: Considering the shortage of talents and the cybersecurity tools required, the total cost of implementing cybersecurity is expensive. As a result, many organisations forgo it.
Conclusion
Prioritizing cybersecurity is no longer optional but a necessity for sustainable business operations. Implementing robust cybersecurity measures helps protect sensitive data, maintain operational continuity, prevent financial loss, and preserve the company’s reputation.
