Cyber security is the protection of computer systems and networks, ensuring data is kept private, it can help prevent cyber attacks, data breaches and identity theft and can aid in risk management.
It is estimated that by 2021 $6trillion will be spent just on cybersecurity, in response to the increasing concerns relating to online security.
The question for many business leaders is, are you keeping your business and customer safe?
The reality is that cyber security is not a nice to have it is a must have, any breaches, no matter how small, can impact your reputation and ultimately your bottom line negatively.
Four in ten businesses (39%) and a quarter of charities (26%) have reported cyber breaches in the last 12 months, this has increased from previous years. Damage costs were found to be a significant $20 billion caused by cyber incidents this year, furthermore, 40% of businesses lose out due to poor cybersecurity.
One of the biggest downfalls of technology is, it is still struggling to fight against hackers, so cybersecurity is constantly evolving to keep track of these new attacks.
The start of the pandemic in 2020 meant that more people have had to embrace technology daily due to the long-term lockdown measures. As consumer behaviour changes following the pandemic, to transacting more online, this presents a more imminent risk for businesses globally. The forced closure of retail meant more people had to transition online meaning the number of people using the internet drastically increased.
In addition to the pandemic, a further reason for the increase in the number of internet users is the new emerging technologies. The fast digital reality promised by 5G is viewed by some as providing cybercriminals with more access and opportunities to launch attacks targeting all devices connected to the new 5G network. As the numbers of connected IoT devices immensely expand, so also does the potential risk of being attacked, with the requirement for high-bandwidth, low-latency services, DDoS (distributed denial of service), posing a potential threat to 5G’s ability to deliver these services.
No matter how big or small no business is safe..
Some well known brands have been victims of cyber-crimes. With one online trading platform experiencing an attack where hackers accessed 233 million customers log in and contact information. Another well known organisation suffered significant loss where hackers breached their payment system and accessed 40million credit or debit card numbers.
Cyber-attacks cause financial loss for business, damage to company reputation and possibly legal consequences. Therefore, it is important to protect yourselves and your customers against any type of threat. Staying protected from cyber-attacks by becoming secure is vital to keep you and your organisation safe from this risk.
5 tips to keep on top of your cyber security:
-Use Multifactor Authentication
- Undertake regular security audits
- Keep ahead of the latest technology developments and be aware of the additional requirements and how this will interface with your current security infrastructure
- Learn to Recognize Phishing Scams
-Keep up-to-date with staff security training