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Why Cyber Security is important?

Well, Securing networks, hardening systems, and protecting data from cyber threats has become more significant than ever, as cyber incidents are on the rise. Here take a look at the reasons why cybersecurity is important:

1. The rising cost of breaches

Firstly, the fact is that cyberattacks can be extremely expensive for businesses to endure. In recent statistics have suggested that the regular cost of a data breach at a larger firm. However, this, in reality, underestimates the real expense of an attack against a company. And, it is not just the financial damage suffered by the business or the cost of remediation; a data breach can also inflict untold reputational damage.

Moreover, suffering a cyber attack can cause customers to lose trust in a business and spend their money elsewhere. In addition to this, having a reputation for poor security can also lead to a failure to win new contracts.

2. Progressively more sophisticated hackers

Next, almost every business has a website and externally exposed systems that could provide criminals with entry points into internal networks. Also, Hackers have a lot to gain from successful data breaches, and there are countless examples of well-funded and coordinated cyber-attacks against some of the largest companies in the UK. Paradoxically, even Deloitte, the globe’s largest cybersecurity consultant, was itself rocked by an attack in October last year.

Further, with highly sophisticated attacks now ordinary, businesses need to assume that they will be breached at some point and apply to controls that help them to notice and respond to malicious movement before it causes damage and interruption.

3. Widely available hacking tools

Whilst well-funded and extremely experienced hackers pose a significant risk to your business, the huge availability of hacking tools and programs on the internet also means there is also a growing risk from less-skilled individuals. And, the commercialization of cybercrime has made it easy for anyone to get the resources they need to launch destructive attacks, such as ransomware and crypto mining.

4. A proliferation of IoT devices

Further, more smart devices than ever are connected to the internet. And, these are known as the Internet of Things, or IoT, devices, and are increasingly ordinary in homes and offices. Also, on the surface, these devices can make simpler and speed up tasks, as well as offer greater levels of control and accessibility. Besides, their proliferation, however, presents a problem.

However, if not managed properly, each IoT device that is connected to the internet could provide cybercriminals with a way into a business. And, IT services giant Cisco estimates there will be 27.1 billion connected devices globally by 2021 — so these issues will only worsen with time. In addition, with the use of IoT devices potentially introducing a wide range of security weaknesses, it is intelligent to conduct regular vulnerability assessments to identify and address risks presented by these assets.

5. Tighter regulations

Lastly, it is not just criminal attacks that mean businesses need to be more invested in cybersecurity than ever before. Moreover, the introduction of regulations such as the GDPR means that organizations need to take safety more seriously than ever or face heavy fines.

More significantly, the GDPR has been introduced by the EU to force organizations into taking better care of the personal data they hold. And, among the necessities of the GDPR is the need for organizations to execute appropriate technical and organizational measures to protect personal data, regularly review controls, plus detect, investigate and report breaches.