Digitization has opened up a world of opportunities for businesses and enterprises. With new technologies come new vulnerabilities and challenges. A study by the ID Theft Resource Center states that between January 1, 2005, and May 31, 2020, there have been 11,762 recorded breaches. It has become imperative to have tight security to protect your sensitive information.  Cyber security is the body of technology processes and practices designed to protect networks, computer systems, and programs from frivolous attackers.

Here are some compelling reasons why cyber security is critical for businesses:

Rise in cybercrimes

Hackers and cybercriminals are on the lookout for ways to exploit data and profit from businesses. According to the new Cost of Cyber Crime study by Accenture and the Ponemon Institute, the average cost of cybercrime for a company has climbed 23 percent over the previous year, reaching US$11.7 million. The survey also indicates that the average cost of a security breach has climbed dramatically, to $3.86 million. The likelihood of cyber dangers and risks is continually increasing as new technologies are introduced.

IoT Devices are Increasing in Number

Our reliance on connecting everything to the internet has grown as a part of the drive to develop smart cities with smart devices. The emergence of IoT (Internet of Things) technology has not only simplified and accelerated our chores, but has also created a hole of new weaknesses for hackers to attack. If these internet-connected gadgets are not properly controlled, they can serve as a commercial entryway for hackers and cybercriminals!

Overcoming the Security Gap

The most crucial parts of any firm are human resources and information technology. Despite their interdependence, there has always been a security gap between the two components. It is critical to provide the personnel working in a business with the appropriate cyber security awareness training to close this gap. This goes a long way in developing a cyber-resilient working culture in the firm.

Cyber Risks Are Expensive

Today’s cyber-attacks are not only increasing in quantity, but also in the seriousness of the harm they do. If suitable security precautions are not followed, these cyberattacks can prove to be incredibly costly for any firm. According to the estimate, cybercrime will cost the world $10.5 trillion yearly by 2025 as more commercial infrastructures link. Furthermore, it is not only the money loss that could be incurred but also the firm’s reputation and a loss of client confidence in the company.

Types of Cyber security

Network security

This form of security refers to the safeguarding of your computer network from both internal and external threats. It employs a variety of approaches to keep dangerous malware and other data breaches at bay. To prevent assaults, network security employs a variety of protocols while allowing authorized users to access a secure network. A firewall, which functions as a protective barrier between your network and external, untrusted network connections, is one of the most critical levels for network security. Based on security settings, a firewall can block or allow traffic into a network.