Why Must Organizations Up Their Cybersecurity Game?

Jun 22, 2022
4 min read

The entire world has become dependent on technology. As technology's progress has positively impacted human life, it has also caused the rise in cyber criminal activities. If you utilize a smart device for any purpose, you're most certainly vulnerable to a cyber attack.

Sensitive data, personally identifiable information (PII), protected health information (PHI), personal information, intellectual belongings, data, and governmental and enterprise data systems – all fall under the "sensitive information" category. Without a cybersecurity program, organizations can not protect against data breach operations, making them an easy target for cybercriminals.

That's why cybersecurity has become more crucial for organizations, especially recently.

What Is Cybersecurity?

In layman's terms, preventing and safeguarding network devices and systems could be termed cybersecurity. The technical line of defence against cyberattacks incorporates various IT and information system control domains, which we shall discuss below:

IT System Control Domains For Cyber Security

Let's discuss some IT and Information system control domains for defence against cyber attacks.

Application Security

Application security is an exercise to develop, add, and test applications' security features to prevent vulnerabilities against threats such as unauthorized access. It protects data and code in cloud-based and standard applications before and after deployment.

Network Perimeter Security

Network perimeter comprises intrusion detection and prevention systems; firewalls, and routers configured to monitor the network traffic. Perimeter security implies practical devices set up, mechanisms, and procedures around the periphery of a network to secure its data and resources.

Data Protection

It includes the strategies and instruments safeguarding sensitive data assets in transit or at rest. Encryption methods are used to ensure sensitive data is secured and backed up regularly.

Endpoint Protection

Laptops, mobile phones, and servers are examples of endpoints that are network-connected devices. Endpoint security safeguards these assets from harmful players or crusades, including any data, information, or linked assets.

Identity Access Management (IAM)

IAM ensures controlled and specified access to services and resources under allowed conditions, along with managing workforce and systems permissions to ensure the least privilege permissions.

Zero Trust Strategy

The zero-trust strategy means no devices or users should be trusted by default, even on trusted networks that secure organizations' local and on-cloud data by providing context-based least-privileged access with policy checks at each step.

Reason Behind the Rise of Cybercrimes

Personal information theft is the fastest-growing cybercrime, and the consequences can be devastating for the victim. Cyber-attacks may also undermine data integrity (delete or modify data) to instill distrust in a company or government.

Cybercriminals are becoming more adept, shifting their targets, methods of attack, and tactics against various security systems.

Financial data, including bank account or credit card details, trade secrets, intellectual property, and other industrial espionage, can be primary targets by cybercriminals.

Other causes of the rise in cybercriminal activities include:

  • The internet's global disposition
  • Cybercriminals' potential to attack targets outside their jurisdiction makes law enforcement incredibly challenging.
  • User anonymity, simple interface, and high profitability on the dark web.
  • Evolution of mobile devices and IoT
  • Negligence in ensuring the security of your system
  • storing an enormous amount of data in a compact space
  • Loops in complex coding of operating systems
  • Data evident to the crime can be easily destroyed, making the cyber-crime investigation nearly impossible
  • Ease of access and evolving cybercrime technologies

Impact of Cybercrime on Organizations

The impact and various costs of a cyberattack on an organization can result from a lack of focus on the appropriate cybersecurity measures.

A lack of attention to cybersecurity will be harmful for your organization in terms of:

Monetary Costs

Intellectual property theft, company information loss, and trading disruptions will put a sufficient financial burden on the organization.

Reputational Outlay

Consumer trust can be eroded, potential customers may be lost to competitors, and unfavourable news can spread.

Credibility Outlay

Because of the GDPR and other data breaches, the organization could encounter regulatory penalties or sanctions due to cybercrime.

Why is Cybersecurity Crucial to Your Company?

Cybercrime is increasing for several factors, including a lack of focus on cybersecurity that can hurt your company – from financial and reputational costs to regulatory costs.

Let's check out some of the major reasons for implementing and maintaining hyper-advanced cybersecurity.

Increased Cybercrimes

The rapid advancement of technology has increased the number of linked gadgets (IoT devices). With the enhanced usage of technological devices and the rise of the dark web, cybercriminals get more opportunities to perform malicious activities.

High Reliance On Technology

With the evolving technology worldwide, cloud computing, serverless computing, edge computing, and API services are expanding with time and demand. Processes are becoming more efficient, agile, and dynamically adaptable to changing conditions, combined with container orchestration systems like Kubernetes. Attackers keep attempting to sabotage this hyper-automation by targeting APIs to stop or control a company's business processes.

Increasing IoT Devices

The latest IoT (Internet of Things) technology has facilitated and revived our assignments, but it has also opened a backdoor for hackers to intrude. Cybercriminals are one step ahead of us in committing cyber crimes, no matter how advanced our security systems are. If these internet-connected devices are not properly managed, they always serve as a golden opportunity for hackers or cyber criminals!

Dark Web Threat

The dark web (or the deep web) consists of hidden websites that aren't indexed on search engines. Criminals can conduct illegal activities, including software distribution and personal information sharing on the dark web anonymously. This makes your business more vulnerable and demands extra protection.

Ransomware Threat

Ransomware is malware that encrypts files, data, or systems and threatens to delete, destroy, or make the contents public unless the attacker is paid a ransom. All environments, including virtual systems, cloud, and OT/IoT, have been compromised by ransomware.

Vulnerable Cloud Data

We now keep sensitive data online or on cloud storage, such as banking information, passwords, and other personal information. This puts our information at high risk of theft. In addition, the enhanced popularity of social media also led to the increased chances of identity theft.

Cyberattack Costs

The cost of cyberattacks is rising, as are the expenses of damage. Attacks can be incredibly costly for any company to suffer. Cybercrime costs will reach $10.5 trillion annually by 2025 as the global business infrastructure becomes more connected. Aside from the financial consequences, the firm's brand and consumer trust are in danger.

Wrapping it up

Cybersecurity is critical for protecting and safeguarding an organization against cyber threats. With advancing technology and hyper-connectivity, data has become more vulnerable to cybercriminals for hacking, data theft and damage, and spying.

For this very reason, cybercrime is on the rise, and organizations may lose critical information, face financial damage, and lose their reputation if they don't protect themselves and implement adequate cybersecurity measures.