New technologies have paved the way for digital transformations in the workplace, opening more opportunities for business growth and innovation. However, advanced technology also meant that companies are now more exposed to cybersecurity risks.
Digitalization across the majority of industries contributes to the growth of the global information security market, which is expected to be worth about USD170.4 billion in 2022. Meanwhile, Steve Morgan and Cybersecurity Ventures indicated that cybercrime-related damages could reach USD6 trillion annually by 2021 while cybercrime prevention costs could rise USD10.5 trillion annually by 2025.
With the alarming increase of cyber attacks worldwide, cybersecurity has now become an integral part of every company’s strategic plan. According to various market reports, 88% of organizations have experienced phishing attempts in 2019 while data breaches leaked over 36 billion records in the first half of 2020 alone. This makes cybersecurity a top priority to protect businesses’ data, financial and physical assets.
Although larger organizations are likely to be targeted by cyberattacks given the scope of their market reach, small and medium-sized firms still remain at risk. Data showed that companies with over 250 employees are twice more vulnerable to cybercrimes than companies with less than 50 employees.
Companies and government agencies that have an online presence should invest in a sound cybersecurity plan to establish preventive and emergency measures in case of a cyber attack. This includes firewalls, encrypted connections, ransomware, and data protection. A cybersecurity plan should also have data backup to protect confidential files. This is especially important when a company handles sensitive customer data. For example, healthcare companies keep medical records of their clients and they must ensure that this data is secure and backed up.
In this day and age, an information technology (IT) department is not the only key player in safeguarding an organization’s data. Realistically speaking, employees should be trained to identify cybersecurity threats to reduce the risks of falling victim to cyber-attacks such as ransomware and phishing.
There are many things to consider when preventing cybersecurity risks, including the costs, user experience, downtime, monitoring, and maintenance. To be able to execute an effective cybersecurity plan, an organization first needs to determine its goals and priorities.
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