In the digital age, the ongoing problem of cyber security is no longer just a challenge for large corporations. Businesses are facing more threats than ever before, and a lack of cyber security knowledge can cause major data leaks. In fact, six out of every ten businesses that suffer a data breach will cease operations within six months. This problem not only affects companies but also consumers. One example is the Loan Company Wonga, which had its customer’s sensitive information compromised.
Today, cybersecurity is a critical concern for technology executives and business owners. The number of data breaches is constantly increasing. According to the RiskBased Security, in the first half of 2020, 36 billion records were exposed due to a data breach. Hackers have developed sophisticated methods for exploiting common vulnerabilities, which makes cybersecurity professionals more important than ever. As the access to cyberspace increases, so do the threats. Therefore, organizations must update their cybersecurity procedures to keep up with the newest threats.
While most of the challenges associated with Cyber Security are external, internal threats can also disrupt a company’s operations. For example, if a malicious employee steals confidential information, he or she could then use this information to attack competitors or individuals. In addition, by keeping tabs on data, an employee can potentially cause a data breach if their actions are not detected and prevented. In these cases, monitoring data can mitigate these risks.
Another ongoing problem of cyber security is that many organizations fail to treat it as a critical business threat. As technology advances and threats become more prevalent, it is difficult for organizations to stay ahead of the cybercrime. The costs of failure to protect information become more costly. Without top-notch cyber security teams, a company simply can’t afford to ignore the issue. The ongoing problem of cybersecurity can be very expensive.
Cyber crime is not limited to criminals. A malicious employee could export sensitive information to competitors or individuals. It is important to keep an eye on your employees to prevent this type of cyberattack from taking place. In the end, cyber security is about protecting your customers from malicious actors. The right security strategy will protect your organization from all types of threats, including insider attacks. There is no easy solution to the ongoing problem of cyber security, but it’s essential for businesses to remain compliant and protect their data.
Besides external threats, there are also insider threats. A malicious employee can use insider information to obtain financial data or disrupt a business’s operations. Those attacks are also dangerous for companies’ reputations. Even if these attacks are purely insider, they can still hurt the company. For this reason, it’s essential that organizations implement proper security measures for their systems. The problem of insiders is especially severe. They can compromise the integrity of their personal information.
Luckily, there are ways to fight insider threats. A third option is to hire a cybersecurity expert. These professionals can help protect your business by identifying the various types of threats facing your company. These people can be trained by a variety of methods and can even be a key asset for your business. In fact, they can even protect your employees from other threats. The ongoing problem of cyber security is a big concern for businesses, but not one that should be ignored.
Although insider attacks are a common type of cyberattack, they are often overlooked or underestimated by businesses. Insiders can steal personal information, such as credit card numbers and passwords, or even break into companies and steal confidential information. In addition, a phishing attack can result in a company’s reputation being destroyed. It’s crucial to have a strong cybersecurity strategy to protect the reputation of your organization.
The ongoing problem of cyber security is not limited to small businesses. The financial services industry has also been impacted by a number of breaches. The latest Verizon Data Breach Investigations Report found that 24% of all data breaches in the world were aimed at financial organizations. This makes the financial services sector the second-highest-risk industry behind defense, utilities, and energy sectors. The cost of a financial services breach was $16.5 million in 2013.