The world is more interconnected now than ever with the rapid advancement of technology. However, the exponential rise in cybercrimes reveals that it is not all rainbows and unicorns. According to Security Magazine, 2022 saw 2,200 cyber attacks daily, equalling one attack every 39 seconds. No wonder why cybersecurity is a pressing need for companies of different sizes! 

These statistics make us question the state of cyber security across the globe. Why does it matter? To help you understand better, we have put together this blog, discussing all aspects of cyber security in today’s digital era. 

What Is Cybersecurity?

Cybersecurity protects digital data from cyberattacks, criminals, hackers, or unauthorized access using different tools, methods, and efforts. It protects data, networks, devices, and other confidential information stored on your company’s cloud. 

3 Main Causes of Cybercrime Growth

• Flaws & Vulnerabilities

In a State of Software Security Report by Veracode, it has been revealed that 76% of cyber victims had at least one vulnerability. System vulnerabilities are common targets for hackers or cyber criminals, leading to massive data and security breaches. It is easier to break into target networks or devices with vulnerabilities. A software vulnerability is a glitch, defect, or flaw found in software that allows hackers or attackers to break into the system quickly. 

• Complacency 

Complacency and lack of awareness are two other common causes of growing cyberattacks. 1 in 5 organizations does not keep their system security health in check regularly, compromising their entire organization’s network security. In addition, an IBM study shows that 95% of security breaches are caused by human error. The following are some other causes of cyberattacks: 

• Lack of training for employees about cyber attacks to prevent them from falling prey to these attacks. 
• Not updating cyber security tools regularly
• Not complying with data governance standards 

• Profitability of Dark Web

Hackers or cyber attackers usually demand hefty ransoms in exchange for company data. Some standard practices are trading confidential data on the dark web or to third-party companies. Data breaches and ransomware are easy money-making choices for cybercriminals. With the increasing significance of and reliance on data, the profitability of cyber crimes has increased immensely, adding impetus to the crime growth rate. 

8 Types of Cyber Threats

• Malware

Malware, also called malicious software, is any code or file that infects the recipient network, device, or system. The infected system is corrupted and enables the attacker to hijack or steal data from the system. It includes viruses, spyware, worms, ransomware, or trojan horses. 

• Hacking

The act of tracking and exploiting system vulnerabilities to gain unauthorized access to confidential data is called hacking. Hacking doesn’t necessarily have to be a corrupt practice. For example, ethical hackers utilize their skills to identify original culprits. 

• Trojans 

A Trojan or Trojan horse is malware or malicious code disguised as genuine software to trick or mislead users into downloading it on their system. Attackers use concealed codes, files, or software to trick them into installing it. Once downloaded, it sits in the user’s system and allows the attacker to access it without the admin’s knowledge. The attackers can also export, delete, or clone data and alter system settings without any permissions.

• Phishing

Phishing is a cyber technique used by hackers to deceive people into voluntarily disclosing their personal information. It includes fraudulent messages that appear to be coming from legitimate sources or cloning websites or web forms of legitimate sources like Internet banking systems. It is difficult to distinguish between phishing websites or sources from their genuine counterparts. 

• Cyberterrorism

Cyberterrorism is a collective term that defines a group of cybercrime activities intended to propagate violence or hatred with political or sectarian intent. It includes hacking communication systems of reputable or government institutions, making terror threats, and data theft. 

• Botnets

A botnet hijacks a network of systems of single or multiple institutions by a single attacker. Botnets are used to hijack networks of institutions, steal data, or gain unauthorized access to these networks. 

• Adware 

Adware, also called advertising-supported software, by generating unauthorized or unpermitted ads on websites or computers. Although adware is not as dangerous as other viruses, hackers use this technique to generate revenue online. 

• Advanced Persistent Threat

The advanced persistent threat is a chain of sustained software attacks used by hackers to install unidentifiable malicious code in the victim’s system. The code is difficult to detect. Hence, it allows the attackers to gain uninterrupted control over the system to steal data or alter any information over a prolonged time period. 

7 Impacts of Cyber Attacks

The impact of security breaches differs from organization to organization based on the magnitude of the breach. Regardless of the extent of the breach, the following are some common aftermaths of a cyberattack: 

• Financial Loss

The size of the attack influences the scale of financial loss endured by the company. However, organizations experience significant financial losses irrespective of the size of the attack. The data breach report by IBM reports that the cost of security breaches has been increasing 10% year-on-year consistently. These costs include:

• Lost business
• Post-breach response 
• Legal expenditures
• Regulatory fines etc. 

• Reputation Damage 

Compromised data security impacts customer and partner trust negatively. For example, 94% of surveyed respondents mentioned cybersecurity as a top priority for their organization. Loss of trust from customers and prospects can quickly escalate into loss of business, further leading to the company’s devaluation. Although the impact is not as far-fetched all the time, it does have a significant impact on the reputation of the brand. The relationship with existing customers is immediately affected due to recovery challenges, which affects the brand’s confidence. 

• Legal Consequences

Robust data governance is an inevitable part of every organization. It is both legally and ethically binding. Lack of appropriate data governance policy and non-compliance with mandatory regulations 

• Damage to Intellectual Property

Tech know-how, tools, go-to-market strategies, product development plans, and customer data are the most valuable assets of any company. This data is stored in the company’s cloud and shared across different departments and stakeholders. Any kind of compromise, negligence, or complacency doesn’t just cost your revenue but pushes all of this confidential data into the hands of unauthorized users. As per statistics, over 30% of the USA companies lost most of their intellectual property to cyber attacks in the past decade. 

• Operational Disruption 

Uncertain and unpredictable events like cyberattacks hinder the day-to-day operations of businesses. The operational disruption might sometimes push businesses to a halt. Recovering lost data, debugging affected systems, addressing customer concerns, and ensuring that the day-to-day operations are not impacted take a lot of effort, time, and resources. In addition to recovery costs, businesses experience unpleasant jerks in their operational activities. 

• Recovery Time

Time is of the essence in business. Time is valuable. Time is money. Every minute lost due to operational inefficiencies, or other uncertainties is lost business. Regardless of the magnitude of the cyberattack, it takes a decent amount of time to return to normalcy. This recovery time usually costs companies dearly. It usually takes two to four weeks to recover completely from a ransomware attack.

• Privacy 

The damages to the company’s tangible assets are pretty apparent, but beyond-the-surface losses are somewhat indefinite. For example, instances like stolen customer data sold on the dark web often receive many uproars. According to CPO Magazine, over 25 million Fortune 500 companies’ business data was compromised in 2020 alone. In addition, the employee credentials of 543 people were found on the dark web. Hence, data theft and privacy concerns are equally damaging, leading to companies losing their crucial business data, R&D, copyrighted data, and other trade secrets. 

4 Major Importance of Cybersecurity

The alarming rate at which cyberattacks have been increasing triggered the massive growth of the cybersecurity market. The cost of cyberattacks touched $6 trillion in 2022 alone. The cybersecurity market is projected to hit the $300 billion mark in the upcoming year, 2024. Here are a few more reasons why cyber security is essential. 

• Resilience

Even in exceptional circumstances, you can build a resilient system to offer strong resistance against persistent attacks or threats. In today’s digitally empowered market, building resilient systems to tackle these technical challenges is essential. 

• Privacy

The privacy of both businesses and their customers are equally compromised. Hackers and attackers exploit this private information in innumerable ways, from trading it in the dark web to selling it to third-party companies in private markets. Devising stringent data security mechanisms is the only way to fight this menace. 

• Increasing Cybercrimes

The magnitude or intensity of cyberattacks is considered disproportionate across varying industry verticals and businesses. But, regardless of your business size and industry, it affects you equally severely. Data is foundational to the survival of any business. Hence, it is confidential. Any threat or attack compromising its confidentiality, regardless of how big or small,  is dangerous and destructive. 

As data suggests, the number of cybercrimes has increased consistently and exponentially each day. As we advance, robust cybersecurity is the only solution and primary weapon to tackle this menace. 

• Economic & Business Costs

Studies estimate that the business costs of cyber threats yearly are $1 trillion. Although the figures are staggering, it is only expected to go up but not down. The impact of cyber attacks is immediately seen in the company’s financials. In addition, with increasing intensity, they can push businesses into bankruptcy. 

7 Tips for Efficient Cybersecurity

• Stay Updated

There is a new update in cybersecurity practices and tools each day. The same is the case with cyber attackers. Hackers and ransomware attackers actively formulate new ways to evade cybersecurity tools and practices. In this scenario, installing cybersecurity tools is the bare minimum you can do. Staying updated about industry trends and cyberattack news is essential to shield your business against data threats. 

• Be Vigilant

“Better be safe than be sorry.” Quite literally. Staying vigilant or a bit extra care doesn’t hurt, right? Deactivate inactive employee accounts, set up multi-factor authentication for all confidential data, and update your system passwords regularly. It is better to prioritize permits for confidential data. 

• Robust Data Governance

Complying with mandatory data governance policies is vital. It helps you devise data safeguard policies and intelligent strategies to avoid data and security threats. In addition, you have to stay updated with data governance regulatory practices to ensure maximum security. 

• Backup Regularly

Data backup is often a neglected factor of data governance practices. Resilience is as crucial as safeguarding. Regular and efficient backups help you deal with exceptional situations with confidence. 

• Multi-factor Authentication 

Despite giving access only to concerned stakeholders, it is better to have a multi-factor authentication system set up in place. Most of the time, hackers and attackers steal employee credentials to gain access to your company’s systems. Multi-factor authentication helps you deal with these kinds of situations. 

• Cyber Security Review Meetings

Regular meetings to assess the state of cyber security of your organization can help your teams understand the strengths and weaknesses efficiently. Most organizations find periodical meetings unnecessary. But these meetings help you identify flaws, bugs, red flags, and threats upfront and equip you to handle them in the early stages. 

• Employee Awareness

Lack of employee awareness regarding cyberattack practices or techniques is often the leading cause of data theft. Regular employee awareness campaigns, seminars, webinars, and even industry white paper reports help your teams develop a keen understanding of the industry. Besides, it also equips them to understand potential attacks and take necessary measures to prevent breaches. 

Conclusion

It is not an exaggeration to say that companies of all sizes have experienced a data breach at least once in their lifespan. No business or company is resistant to cyberattacks, from social media giants like Facebook to small media houses or manufacturing factories. 

Rapid and continuous technological advancement has left everyone empowered and vulnerable simultaneously. With rising cybercrime rates, efficient cyber security appears to be a logical and efficient solution.