The world we live in today is a highly globalized one. Everything in the world is now being connected, from cars to planes, homes, to cities, and even animals. The level of global networking is increasing every day at a fast pace. This common connection affects how we live, how we behave and how we interact with the world around us. Technology is becoming more and more involved in our lives, and with each passing day, we grow more dependent on it. However, this dependence on technology also makes us vulnerable to it.
Cybercrime poses a real threat to the beauty of technology. The rate of cybercrime all around the world is multiplying at an alarming rate. Cyber risk is now considered as a danger to the global economy due to the level of high profile breaches, hack attacks, and security failures. Statistics show that cybercrime costs the world economy up to US $450 billion every year, according to the Center for Strategic and International Studies. Also, the World Economic Forum (WEF) Global Risks 2015 report show that 90% of businesses worldwide know they are inadequately prepared to protect themselves against cyber attacks.
The threats posed by cyber attacks are real, and you and your valuable data are vulnerable – unless you have a form of cybersecurity to protect you.
Recognizing the risk of cyber attack is the first step in curbing it. No longer can organizations underestimate their threat of cyber attacks. Denial — the public thinking that bad things happen only to other companies — merely postpones the inevitable. But fully accepting the adverse effects of a cyber attack is an excellent motivator for businesses to take action before it’s too late.
Here are three reasons why you need cybersecurity in your business.
- Cyber Crime is Everywhere
Cybercriminals can hack almost all technology. We see examples of this every day: from the hacking of cars, to plane systems and even implantable medical devices like pacemakers.
A recent report found that cyber attacks have been proliferating over the last couple of years, and they are likely to keep increasing.
Every year, thousands of potential cyber attacks are identified in technologies from even the most popular producers and in the most remote places. Without a proper form of managed detection and response services, we become increasingly exposed to these dangerous cyber attacks.
- The Economic Effect of Cyberattack is High
The Ponemon Institute reported that the average annual cost of cyber attacks to global companies is estimated to be over $9.5 million. A single cyber attack or hack can cause significant losses to a business regardless of the company’s size.
Aside from the financial losses, companies and businesses also suffer damage to their reputation which can cause a reduction of their stock value and drops in profit as a result of such attacks.
- There Are Several Types of Cyber Threat
Some people with no valuable transactions online may believe that they have nothing to lose if attacked by cybercriminals, but they couldn’t be more wrong. Not all cybercriminals are after your money. Some may just want to harm your business. The different forms of cyber threats are listed here:
- Cybercriminals: They hit systems and steal information for profit.
- Hackers: While some are beneficial (if they work for you), others can just hack your system to plant malicious viruses or software that could harm your business.
- Hacktivists: These set people are usually politically or socially motivated.
- Cyber terrorists: These set of people are gradually becoming very common. They take your sensitive personal or company information and threaten you with exposing them to the public, for example, Ransomware.
All these set of people are real and can target individuals, companies or governments. Other than causing adverse economic impact, they can also affect our daily lives negatively.
As our dependence on technology continues to grow, nobody is safe from cyber attack without cybersecurity.