Why Has The Need For Cybersecurity Increased?
If you are keen on finding the right answer to the question as to why there is a greater need for cybersecurity, you have many reasons to find quite a few things interesting and useful, as far as this article is concerned. Though the internet has been around for many years now, the world of cybersecurity is perhaps around two decades old at the most. Hence, many of us often wonder as to why there is a sudden need for increased cybersecurity. Let us therefore try and find answers for the same. It will perhaps be helpful in understanding cybersecurity from a new perspective and from a new way of thinking.
Threats Are Increasing
There is no denying the fact that cybercrime impacting businesses are on the upswing. According to some experts who offer cybersecurity solutions, the damages caused by cyber thefts and security lapses could be a whopping $400 billion. This is a steep increase compared to $250 billion around two years ago. Hence, it is quite obvious that organizations big, small, and the not-so-big are into overdrive to try and protect their businesses from e-criminals. Organizations are ready to invest big money to ramp up their security protocols and digital frontiers. But the increasing costs are still a big problem for many. Further, the world of cybersecurity is becoming quite complicated because of the increasing range of services and tools which are now in vogue. All said and done, there is a need for investing more on cybersecurity, and we are sharing a few of them over the next few lines.
The Rising Cost Of Security Breaches
There is no doubt that breaches and cyberattacks could cause extensive damages to businesses, and many small businesses have had to shut shop because of the losses caused. Any large firm could suffer a loss of around $20,000 for every security breach that it suffers. It is an understatement because it also does a lot of damage to the overall reputation and goodwill of the company. While large organizations may be able to regroup and overcome such losses, for small organizations this could be a body blow.
Hackers Are Becoming Smart And Sophisticated
There is no doubt that almost every business has a website and systems which are exposed externally fall easy prey to criminals. They are very smart in finding out entry points to internal networks where sensitive information and data is stored. Though the risk associated with hacking is quite big, hackers have reasons to try their luck in breaching the firewalls and get inside. Todayâs hackers are well-prepared and are also well-funded and this has resulted in some of the most coordinated hacking. It has not impacted even big names, and therefore, one can gauge how vulnerable small and medium organizations and businesses will be.
Advanced And Easily Available Hacking Tools
Added to unlimited resources being at the disposal of hackers, they also have some of the most advanced hacking tools available with them. These tools, combined with the skill sets of these hackers, do pose a serious challenge to small and medium enterprises, in particular. Even not-so-skilled hackers can find out ways and means to break into websites and eCommerce sites making use of these hacking tools.
Tighter Regulations
Finally, apart from the ever-growing risk of criminal attacks which could wipe out small and medium businesses, tighter regulations are also a problem for these small enterprises. They need to be compliant so that they are always on the right side of the law. Many new regulations and laws are in place. Hence, organizations, big and small, cannot afford to take security laxly and therefore, have to spend the resources required for being a complaint. In case they fail, they could end up paying very heavy and tough fines.