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The world faces a serious problem with Cybersecurity today. Cyber security is becoming more important than ever due to the constant attacks on digital networks and the increasing prevalence of malware. It is becoming increasingly common to learn of hacking scandals.
Wanna know more about cyber security? Here we have a blog on Cybersecurity. So, let's continue reading this blog…
The point of discussion of this post is based on the following points:
What is Cybersecurity?
What is the need for Cybersecurity?
Why Is Cybersecurity More Critical Than Others?
Defending networks, programs, devices, and data from cyberattacks requires a set of processes, tools, and frameworks. Cybercriminals can use such attacks to gain unauthorized access to information systems, disrupt business operations, steal, manipulate or modify data, engage in corporate espionage, or extort victims' money.
Within the last decade, Cybersecurity has seen vast transposition. With most of the data available online, the prospects of vulnerability have increased. The main targets of cybercrime are financial organizations, regulatory authorities, IT industries, and government organizations.
It is predicted that a cyberattack takes place every 39 seconds. It has been observed that over 95% of breaches are caused by human error. (Cybint)
Have you ever wondered what the reasons for a cyber-attack are? The Only Reason: Non-secure username and passwords and weak security checkpoints.
With the advance in digital technologies, the number of devices and users increasing, global supply chains becoming more complex, and the importance of data increasing in the digital economy, the number of cyber-attacks will also increase.
So, what is the solution? – “A strong cybersecurity internal controls” system is essential to reduce the risk of an attack and secure systems and data.
Cybersecurity is more important than ever, so why is it challenging? Below we provide 10 reasons why cyber security is more important.
Any business cannot function without data. Hackers could use your data to steal identities, commit fraud, or sell it on the black market if they stole it from your systems. Creating value from data is another value it has. Correlations, trends, and predictions can be derived from data analysis. This value is almost as important as protecting data from hackers. Data is protected from theft, and data is protected from being misused by Cybersecurity. Data is the new oil, and we can't afford to lose it. It's a well-known reality. You can protect your data from cyber assaults and other security concerns via Cybersecurity. Data theft, which can harm an organization's brand, income, and bottom line, is also prevented by Cybersecurity.
Cybersecurity is crucial because it safeguards your company from cyberattacks. Hackers can use cyberattacks to steal data or interfere with systems, causing widespread problems for your company. Data breaches can potentially be prevented by using Cybersecurity. If someone gains unauthorized access to your network and steals data, the results might be disastrous. Cybersecurity is also necessary to defend your company from cybercriminals.
Cybersecurity is needed for the protection of the economy. The financial industry, insurance industry, and other sectors of the economy that rely on data for their marketable products and services are all protected by Cybersecurity. Cybersecurity protects the economy because it ensures that the crucial data that keeps our economy operating is safe from threats. This is especially critical in businesses like healthcare and financial services that deal with sensitive data. The size of the US economy is now projected to be over USD 23 trillion. As we've seen with previous ransomware attacks, it can have a significant economic impact if hackers compromise even a small percentage of that data.
Get into more details on Cybersecurity Basics For Accounting & Tax Community.
Our nation's infrastructure is protected by Cybersecurity, which includes electricity grids, water systems, transportation networks, and other critical infrastructures that we utilize daily, such as hospitals and airports. Cyber attacks on these key infrastructures can inflict massive harm, causing severe disruption in our daily lives and economy.
According to the National Security Agency, almost 80% of all data around the globe is stored in US government networks, implying that foreign countries have access to this data as well. This data might be utilized for various evil objectives, including spying on Americans and committing industrial espionage against our most essential industries, such as energy. Cybersecurity protects us by encrypting this information so that it can only be accessed by authorized government or corporate users who need it for their business operations.
Cybersecurity is critical because it safeguards our right to free speech both online and offline. Criminals can take our personal information, such as credit card details, stolen or hacked from a website or social media account to perform identity theft. As we've seen with the proliferation of fake news, something that appears to be a news piece can also be a bogus security concern, such as the widely circulated fictitious electrical grid breach. Awareness of Cybersecurity is particularly crucial since it safeguards our right to free speech. People have the freedom to communicate information and opinions and the right to receive them. Everyone can benefit from cybersecurity awareness by being aware of the potential repercussions of these threats.
When medical records are stolen or hacked, the information contained in them can be used to perpetrate identity theft, which can have major ramifications for both the individual and their family. Medical gadgets, such as pacemakers and insulin pumps, are likewise protected by Cybersecurity. Because medical technologies and therapies allow us to live better lives, Cybersecurity is an important part of modern medicine.
When our personal information is taken or hacked, it can be used to perpetrate fraud and identity theft, with major ramifications for both the individual and their family. Our computer systems, such as personal computers and cellphones, are also protected by Cybersecurity. We wouldn't be able to enjoy our freedoms today if we didn't have Cybersecurity. Cybersecurity is important whether it is the right to speak out against government policies without fear of punishment or the freedom to obtain information about how our government operates without fear of being watched by others.
Defense contractors or government agencies that steal personal information are vulnerable to fraud and identity theft, and the consequences for both the individuals and their families can be severe. Cybersecurity is integral to protecting our civil liberties under the Constitution. The United States Supreme Court has recognized, “There can be no doubt that the security of our Nation depends upon the maintenance of a free flow of information.”
Our liberties are no different. Freedom of speech, political expression, and seeking the information we want are also free from government surveillance.
Governments and other institutions cannot function without Cybersecurity. By protecting our computer systems from misuse, we can prevent foreign governments from taking advantage of our government websites to manipulate our policies. With Cybersecurity, we need to protect our critical infrastructure, such as our power, water, and transportation systems. Cyberattacks would result in catastrophic cyber-attacks if Cybersecurity were not in place. So, adopt essential steps to protect your firm from catastrophic cyber-attacks. Attend a live webinar at myCPE on catastrophic cyber-attacks!
Security does not happen by itself. There is a process to follow, and it must be planned and implemented. Security is critical for everyone, whether we are a small business or a large corporation. Our economy, society, and government are at risk from a critical cyber-attack and the hacking of our personal information. Cybersecurity is a necessity, and we all have a role to play in making it a reality.
Imtiaz Munshi, CPA
