Not long ago, we had to undertake day-to-day activities conventionally. Consider shopping as an example. People had to roam around from store to store to buy desired items. Indeed, the process took a lot out of us both physically and mentally. But this seems to be the story of the bygone era. All thanks to the ever-increasing footprint of technology.
From the cheapest down to the most expensive products, you can order almost everything online in a flash. Various studies have shown that online shopping is more budget-friendly than traditional shopping. In the like manner, technology has changed our life for good on countless fronts. Nobody in his right mind can deny that. But these perks and privileges have come up with various drawbacks. Arguably, none of the technology’s offshoots is as threatening as cybersecurity breaches.
Unlike in the past, cybercrimes take place once in a while. They have virtually become unstoppable. Whether you read newspapers, visit social media feeds, or watch tv, every mainstream media outlet would say about the lackluster cybersecurity.
If you can’t figure out why cybersecurity have suddenly become a buzzword, you need to dive into the following reasons:
Soaring Economic Costs of Cybersecurity Breaches
Most of the public subscribes to the notion that cybercrimes only result in minor operational hazards. Well, it can’t get any further from reality. A data breach comes up with a hefty economic dent to a business. What is more, the average economic consequences of a data breach have been marking an uptick over time. In 2018, a single cyber violation cost was 7.91 dollars to an American company. Today, the amount has surged to a lucrative 8.64 dollars.
Many small businesses can’t withstand such whopping monetary repercussions. They come to a close forever after only one cyberattack. As for multinational companies, they may be able to cope up with the economic crisis. But customers will have a hard time trusting these brands again; the reputational damage will slash sales in the long run. We have seen this happening to several global entities in the recent past.
Of late, governments and private bodies have taken initiatives for online masters cybersecurity programs to beef up white-hat hackers. IT professionals have concluded that we can’t confront hackers solely with the help of high-end equipment. White-hat hackers’ contribution is mandatory to curb the menace.
Weak Cybersecurity Poses Life Threat
After the invention of nuclear weapons, we lagged behind computer capabilities. So the world leaders did not spare much attention to keeping nukes at a safe distance from cybercriminals. But the table has been turned now as nuclear power plants are on the hit list of cyber attackers. In a recent development, they even successfully dismantled Iran’s 20 percent nuclear capabilities.
If the Iran government had not taken prompt measures, the event could have triggered an explosion. It is a matter of grave concern. The reason being, a minor manipulation in nuclear plants’ digital system may potentially put millions of lives at stake. International watchdogs have formulated strict steps to ensure the protection of nuclear sites from hackers. But, unfortunately, numerous countries are incapable of implementing the standard safety measures.
Mobile Devices Are Everywhere
Currently, there are 14 billion active mobile devices in the world. The number is all set to cross a staggering 17 billionin the next four years. We can go on and on mentioning the benefits of these incredibly efficient and compact gadgets. That said, they are playing a critical role in compromising our cybersecurity because they are easy to steal.
Nearly 70 million mobiles go missing annually, and only 7 percent of them recovered. Suppose the missing devices somehow end up being in the hands of a hacker. In that case, he can steal confidential information in a breeze.
The good news is that we can utilize two-factor authentication, set a strong password, etc., to safeguard the data. That way, even when your mobile phone is in the custody of a cybercriminal, he can’t misuse the data.
Hackers Have Become Smarter
IT experts are working day in and day out to strengthen cybersecurity. Technologies like blockchain, AI, user-behavior analysis, machine learning, and cloud stand as a testimony to their sheer hard work and dedication. That said, cybercriminals are also catching up with them by improving the hacking game.
Whenever a hacker cracks a leading company’s system, the incident accumulates a lot of limelight. Experts show up on the tv channels and explain the loopholes in detail. Aspiring black-hat hackers follow all the reporting, which enables them to embrace critical insights down the road. Besides, cyber attackers have a wide variety of tools at their disposal that multiplies their evil power.
Lately, seasoned hackers have started to educate raw cybercriminals. The concept is called cybercrime-as-a-service. It is not only honing the expertise of hackers but also expanding their network worldwide.
Modern-day cyber criminals realize that the business world has become more competitive than ever before. So they get in touch with companies who can fund them to hack rival brands. If you remotely follow the news, you would have come across multiple suchlike instances. As time goes by, this malpractice is gaining traction among entrepreneurs.
Securing Online Data
Every industry has been running the rat-race of boosting its online presence for quite some time. The process further powered after the emergence of coronavirus. However, businesses require an abundance of customer information to jack up profitability. If you fall short of good consumer insights, you can’t craft personalized marketing campaigns to entice them. Scarcity of data also means a business can’t correctly anticipate the upcoming trends, identify changes in shopping patterns, or take an aerial view of the market.
That is where cybersecurity rolls into action. Until organizations convince customers that their data is in safe hands, people do not share their names, contact numbers, email addresses.
Expansion of IoT
From personal to professional domains, IoT (Internet of Things) has been serving us everywhere. It is one reason why the IoT market is steadily growing. Following a well-documented figure, IoT will cross the market share of 1386.06billion dollars by 2026. But hackers view these smart devices as a low-hanging-fruit because they prone to hacking.
The deployment of IoT seems inventible, and we need to make them foolproof in the face of hacking attempts.
The Takeaway Message
The internet has transformed our lives in so many ways. It has either eliminated or reduced a significant amount of mental and manual labor from our daily routine. But cyber attackers are also a byproduct of digitization. As the above write-up hints, it is about the time tech experts start addressing cybersecurity with a narrow focus.