The good news is- We are living in an era of a hyperconnected digital ecosystem. Our mobile phones, laptops, desktops, and various gadgets are interconnected and we can transfer photos, messages, videos, or business data in any corner of the world in a blink of an eye. Because of this, it has become possible for us to stay connected with people around the world, work remotely with clients, without geographical barriers.
The bad news is- We are living in an era of a hyperconnected digital ecosystem. Our data, if not protected is vulnerable to cyberattack, and it can fall into wrong hands very easily. Even one of your gadgets is poorly protected, it can cause a security breach and your valuable data can get stolen or misused.
A hyperconnected digital ecosystem is both boon and bane for us. To protect your data from theft and damage, cybersecurity is of paramount importance. Your data may include sensitive data, personally identifiable information (PII), protected health information (PHI), banking details, intellectual property, industry information etc. If targeted by cybercriminals, it can do more harm than good to your life and business. Therefore, you must add layers of security to your digital data and the gadgets you are accessing.
What is cybersecurity?
Cybersecurity is a self-explanatory term. It means protecting and recovering devices, computer systems, networks from cyberattacks so that you can keep using new technology solutions without any fear. Our reliance on technology is increasing, so does the fear of cyberattacks. A robust cybersecurity platform can protect you from even sophisticated and advanced cyberattacks.
Why cybercrime is on the rise?
A study by Accenture and Ponemon Institute suggests that cybercrime costs heavily to organizations. In 2020, organizations paid heftily around $13 million after the average number of data breaches rose by 11% to 145. It has made information theft a lucrative segment for cybercriminals. Information theft and tempering can put an organization or government’s reputation at stake.
How can cybercrime impact your business?
In 2014, eBay suffered badly due to a cyberattack. Their encrypted passwords were breached by cybercriminals. Apart from encrypted passwords, they got access to users’ personal information such as names, e-mail addresses, delivery addresses, contact numbers, dates of birth etc. As a result, eBay had to ask their 145 million users to reset their passwords. It took eBay an entire one month to investigate the breach and disclose it to their users.
Isn’t this a frightening scenario in a mercilessly competitive business world? The company may have to bear economic costs, reputational costs or regulatory costs if its cybersecurity is breached.
What can you do?
You can take the necessary steps to add layers of security to your digital ecosystem and mitigate the risk of cybercrime. Some of the measures are mentioned below:
Conduct training for your staff:
International digital security company Gemalto’s study suggests that 96% of the data breach was caused due to human errors and misuse of encryption. In most cases, human errors lead attackers to encrypted channels and reveal sensitive information unknowingly.
Apart from investing in security operations platforms, it is important to conduct cyber threat awareness training at the workplace. It would educate the staff members about security protocols and prevent them from bypassing security controls. Through such programs, you can educate them about what is a cyber threat, phishing attack, data breach, social engineering, threat intelligence etc.
Monitor third-party risk:
It is observed that compromised third-party providers are the reason for 60% of data breaches. It is important to monitor third-party risk to ensure that your sensitive data is not exposed or leaked. Constant data monitoring is crucial. If you do not give enough attention to small data leaks, it can open doors for cybercriminals to do further damage.
Install a powerful data security platform:
You can add layers of security and protect your business from data breaches through platforms like NewEvol — The Trained Dragon. It can:
- Detect abnormal activities
- Provide real-time visibility
- Enables quick response to security incidents
- Remediate
- Safeguard sensitive data
Security platforms like NewEvol- The Trained Dragon enables you to monitor your data meticulously, assess, measure and remediate security vulnerabilities with great precision. This next-gen cybersecurity tool is built with data analytics, automation and response platform powered by advanced technologies such as Machine Learning (ML) and Artificial Intelligence (AI).
Read More: NewEvol- The Trained Dragon: Ultimate Security Solution for your IT Environment
