Five Reasons Why Cyber Security is Vital

Cyber securities have drastically evolved since it was first invented. People often associate cyber security with computer applications, but it has much use than this. The first instance of cyber threat happened in 1903 when Nevil Maskelyne disrupted John Ambrose projection by sending insulting Morse code messages that were projected onto auditorium screen.

Over the years, hackers have improved and upgraded their skills in breaking down cyber security systems. Tools and hacking procedures have also increased with the rapid advancement in technology, making it much easier to attack any business or individual private and confidential data.

Adequate cyber security is not necessarily about protecting a network only, as most hackers have upgraded their target sites focusing on websites and servers. Attacking a system is difficult for hackers to attack business or an individual as most networks are protected with firewall making it hard for hackers to penetrate.

According to reports, cyber crime threats has been rising very fast. It is estimated that the damages caused by cyber-attacks stand at $450 billion, up from $200 billion from the past two years. In an attempt to avert the rising damages caused by cyber-attacks, many businesses are investing considerable resources in tightening their security protocols. However, a lot of companies are still struggling due to high maintenance cost as well as a bewildering variety of tools and systems available. Below are five reasons why investing in cyber-security is sensible for your business and personal good.

1. Increasing costs of breaches

The truth is that cyber-attack can be costly for a business to endure. Recent reports suggest the average amount from a data breach in large corporations to be about $18,000, but this amount is lower to the real loss most of the companies’ experience.

Suffering from regular cyber-attacks can make your customer lose faith in the business and opt for other alternatives. Also, having a reputation for weak security measures can hinder your ability to attract new contracts.

2. Increasingly sophisticated hacking means

Almost all businesses have websites and other external systems that are often exposed to cyber threats serving as entry points for hackers. With new skills and sophisticated hacking applications now in familiar places, businesses should be optimistic that at one point they will be breached. This will help them implement controls, which will help them to recognize and act against malicious activities before they cause imperative damage.

3. Widely available hacking systems

While highly-funded and experienced hackers are a considerable threat to your business, the broad availability of hacking devices and programming applications on the market is also a clear indication of the growing threat from less-skilled individuals. The commercialization of cyber security products such as ransomware has made it simple for anyone with ill intentions to access resources they can use to launch cyber-attacks.

4. Insure your systems

The market of cyber-security insurances has boomed in the last couple of years, and it should be something that all kind of business should think about. The coverage doesn’t only insure financial damages. If the data breach hits your company, you may need experts and specialists to protect your systems. Many cyber-security insurance agents provide mdr service to ensure your systems are well protected.

5. Introduction of tighter rules

It is not just criminal reasons that businesses should be protected from cyber attackers now than before. The introduction of new regulations such as GDPR means that business and individuals should take cyber-security more seriously, or face hefty fines.