Over the past several decades, the world has become increasingly dependent on technology. The advent of technology has brought with it several advantages, including increased accessibility to information, innovation across many different fields, time and cost efficiencies, and better communication. However, it has also opened up the door to some serious problems — one of the most common being cyber criminals and attacks.
Cyber criminals use a variety of different methods (i.e. malware, phishing, ransomware) to infiltrate organizations’ IT systems and disable computers, disrupt operations, and steal or destroy data. They have become increasingly malicious over time, and cyber attacks are currently at an all time high. According to ID Theft Resource Center, between January 1, 2005, and May 31, 2020, there have been 11,762 recorded breaches. Cyber crime has increased by 600% (PurpleSec) over the past couple of years due to the COVID-19 pandemic, which has contributed to an influx in remote work.
The impact of a cyber attack or breach can be detrimental to a business, affecting employee productivity, customer trust, brand reputation, and often revenue. According to Risk IQ, cyber crime costs organizations $2.9 million every minute, and major businesses lose $25 per minute as a result of data breaches. In order to combat cyber attacks, organizations must implement proper cybersecurity technologies, tools, processes, and strategies.
Cybersecurity is incredibly important for businesses that are regularly producing, storing, and sharing massive amounts of sensitive information. However, many organizations are still failing to recognize its significance, and aren’t taking the proper steps to protect their data and customers. In fact, a survey conducted by Insights Enterprises found that 78% of organizations lack confidence in their company’s IT security posture and believe improvements are needed. Cybersecurity Ventures predicts that cybercrime will cost the world $10.5 trillion annually by 2025.
So, what can be done? What changes need to be made to prevent cyber attacks and defend businesses from cyber criminals?
One of the most important steps is spreading public awareness about cyber threats, which is something the Cybersecurity & Infrastructure Security Agency (CISA) aims to accomplish through its annual Cybersecurity Awareness Month. According to a study by IBM, human error is the main cause of 95% of cybersecurity breaches. With that said, it’s critical that individuals understand their role in protecting their organizations and themselves, and that they have the resources they need to be safer and more secure online. Visit the CISA website for additional information about Cybersecurity Awareness Month and the steps you can take to “Do Your Part” and be “#CyberSmart.”
StorMagic understands the importance of cybersecurity and is dedicated to helping organizations keep their data safe and secure. Check out our Cybersecurity Beginner’s Guide to learn more about cybersecurity, the benefits it provides, and how our SvKMS encryption key management solution can help your business safeguard its sensitive data.
