Need to be cyber ready!

Rarely do we stop and think to realize the transformation that happened from a physical to a digital world. Strange but true, today the World Wide Web hosts around 2 billion websites, which indicates the pace at which the world is technologically progressing. Such technological advances come with cybercrimes. This forced companies to consider their cybersecurity seriously and invest accordingly along with training employees to avoid cyber traps. According to secondary research by 2027, organizations are expected to spend approximately $10 billion on cybersecurity.

Facts that cannot be ignored

The vulnerability of small enterprises: Mostly organizations that are comparatively smaller in size pay less attention to cybersecurity. This makes them vulnerable and a perfect fit for cyber-attack.

Easy deception: Based on a research report by Forbes, by 2021 approximately $6 trillion worth damage can be witnessed due to cyber-attack. With the availability of secure VPN services, it is difficult to track cybercriminals. This makes them almost invisible and even more perilous.

Unaccounted transactions: Although the technology of bitcoins has ensured quick, safe and anonymous money transfer. Yet, it has bred illegal monetary activities over the years.

Registered cybercrimes: Market research suggests that only (10 to 12) % of cybercrimes get reported the rest is difficult to even trace and identify leave alone proving it. The pace at which cybercrime is increasing it is predicted that by 2024 the cybersecurity market will become $300 billion industry.

Becoming a hacker: When we look at the statistics, we can find that the hacking instances are increasing with each passing day because a hacking tool costs only $1. Hence when hacking can be that inexpensive, hackers will increase in number.

Strategizing security

Strategy encompassing enterprise security consulting and planning is essential to identify the threat and save the business from cybercriminals and design a risk mitigation strategy as a part of the solution. The thought behind strategizing security is to conduct a risk assessment and transform the security protocols of the organization to make it robust so that it can prevent cyber-attacks.

In the midst of digitization, we should not forget to upgrade both ourselves and our tools and software so that we can stay aware and prepared to meet with contingencies. Another key factor that most companies forget is the human factor. Although machines can be updated, yet a workforce unaware of dealing with cyber-attack and cyber traps will not only cause harm to himself but also to the organization. Thus, educating the workforce is the initial key to protect one’s organization. An apt security strategy, updated tools, and an aware workforce can prevent enterprises from falling prey to cybercriminals.

- Kathakali Basu
Content Writer
Infoholic Research