When it comes to the digital world, we are constantly in a race against time. More and more people are relying on the internet for their day-to-day needs, and as such, cyber criminals are cashing in big time. According to a recent study by Akamai, cyber crime inflicted $452 billion in damages in 2017 alone. That’s more than three times the damage inflicted by terrorism over the same period! Now, whether or not you believe that cyber security is worth it is up to you. But if you’re like most people, you want to make sure your online security is as strong as possible. In this article, we will discuss some of the pros and cons of cyber security and how you can protect yourself and your business from potential attacks.
What is Cyber Security?
Cyber Security is a term that refers to the protection of electronic information. Cyber security can encompass everything from protecting company data, to safeguarding personal information. Cybersecurity encompasses a variety of disciplines including network security, software engineering, and computer science. As technology advances, so does cyber security.
There are several ways companies protect their data from cyber attacks: using firewalls, installing anti-virus software, encrypting data, and restricting access to networks. Additionally, companies should consider hiring a cyber security consultant to help them devise an effective plan. Even with all of these precautions taken however, some attacks are still successful. In fact, according to Gartner “The average Fortune 500 company experiences a cyber attack every two weeks”(Gartner).
There are several reasons why businesses invest in cyber security: reducing the risk of financial losses due to data breaches; keeping customers happy and satisfied; deterring criminals from attacking systems; and maintaining public trust in the companies they do business with. Overall, cyber security is estimated to be worth $2 trillion by 2021 (Gartner). The benefits of investing in cyber security outweigh the costs by many factors; therefore it is well worth it for businesses to take action now!
What are the benefits of Cyber Security?
There are many benefits to cyber security, both for businesses and individuals. Here are just a few:
- Increased Security
Cyber security can help businesses to protect their data and intellectual property from theft or unauthorized access. It can also help organizations to prevent malicious attacks, which could compromise their systems and ultimately their customers’ data.
- Reduced Costs
Cyber security can often be cost-effective, as it can reduce the number of incidents that occur, as well as the time and resources required to respond to them. In addition, cyber security solutions can provide a measure of protection against future threats.
- Improved Customer Relationships
Cyber security solutions can help companies build trust with their customers by preventing malicious activity or unauthorized access that could result in financial loss or damage to information. They can also improve customer engagement by reducing the time needed to resolve issues or by preventing them from arising in the first place.
- Improved Employee Reliability and Productivity
Cybersecurity solutions can help organizations protect their employees’ credentials and personal information, as well as maintain compliance with regulations such as workplace privacy laws. They also allow employees to work more productively and efficiently by ensuring that they are not interrupted or hindered by cyberattacks.
What are the costs of Cyber Security?
The average cost of a data breach is now $5.86 million, and the expected total cost of all data breaches will reach $10.8 billion by 2021, according to the Ponemon Institute. The number of cyber attacks is increasing each year, with 1.2 billion attacks recorded in 2017 alone. In addition, the average cost of a data Breach has increased by 203% over the past 10 years while the global economy has only grown by 60%.
It’s clear that cyber security is an important investment for businesses and organizations of all sizes. However, just how much does it costs to protect your organization from cyber attacks? The table below provides an overview of some common cyber security costs:
- Hardware (e.g., firewalls, intrusion detection systems): $282 per device
- Software (e.g., antivirus software, antispyware software): $136 per device
- Contracts and services (e.g., forensic investigations, incident response): $1,500 to $10,000 per incident
- Data integrity monitoring services: $30 to $50 per month
- Cybersecurity consulting services: Varies depending on scope and scale but could range from $10 to $100 thousand
How do you protect yourself from cyber crime?
Cyber security is a rapidly growing industry, and with good reason. The threat of cybercrime continues to increase, and there are few protections more effective than those put in place by an experienced cyber security professional. Here are five tips for protecting yourself from online threats:
- Keep up-to-date on the latest security news: Regularly check your internet provider’s website and blog for updates on the most current cyber threats. This will help you stay ahead of the curve and protect yourself against even the newest attacks.
- Always use a strong password: A strong password is one of the most important aspects of cyber security. Make sure your password is at least 8 characters long, consists of at least 1 number and at least 1 symbol, and is unique to you.
- Don’t open suspicious emails: Never open unsolicited emails or attachments unless you are absolutely certain that you know who sent them and why they need you to open them immediately. Many phishing emails look like official communications from well-known companies, but be sure to examine any links in the email carefully before acting on them.
- Install antivirus software: Antivirus software can help detect spyware, viruses, and other malicious software before it can damage your computer or steal your personal information. Make sure to install the latest version of your antivirus software regularly to ensure optimal protection.
- Use firewalls: Windows computers come with a built-in firewall, but you may also want to install a firewall on your internet-enabled devices, such as your smartphone or tablet. A firewall protects your computer and other devices from unauthorized access by blocking incoming traffic.
The Different Types of Cyber Attacks
Cyber Security is a pressing issue for businesses of all sizes. Cybercrime has become a huge problem, with hackers targeting businesses in an attempt to steal data, invade networks, and even cripple operations.
The different types of cyber attacks are as follows:
- Spearphishing: This type of attack involves sending out emails that appear to be from a legitimate source, but inside the email is a link that takes users to a fake website designed to exploit their vulnerabilities.
- Password Cracking: Hackers try to access accounts by guessing passwords or using password cracking tools. This can be done through methods like dictionary attacks or brute force techniques.
- Denial of Service Attack (DoS): A DoS attack floods a target’s servers with traffic so they can’t function and customers lose revenue or may not be able to access their websites at all.
- Social Engineering: In this type of attack, attackers use personal information (like names, addresses, and phone numbers) gleaned from online sources or from victims themselves in order to trick people into giving away sensitive information or clicking on malicious links.
- Cyber Propaganda: Cyber propaganda is when attackers use doctored images and videos to sow discord and spread misinformation online in order to influence public opinion towards certain political causes or ideologies.
How to Protect Yourself from Cyber Attacks?
There is no one answer to this question as the cost of cyber security measures will vary depending on the size and scope of your business, the nature of your online activities, and whether or not you have experienced any incidents in the past. However, some general tips for protecting yourself from cyber attacks include:
- Establish a secure network: One of the most effective ways to protect yourself against cyber attacks is to establish a secure network. This means creating a barrier between your computer systems and the outside world, using firewalls and other security measures.
- Regularly update software: Make sure you are regularly updating your software so that it is equipped with updated security features. This will help protect you against potential cyber attacks.
- Harden passwords: Protecting your passwords is essential to maintaining security on your computer system. make sure that all passwords are at least eight characters long and difficult to guess (including both upper- and lowercase letters, numbers, and symbols). Also make sure that passwords are not easily accessible through electronic storage (such as email or online accounts) or through shared folders on networks.
- Be aware of phishing emails: Be careful when opening emails that appear to be from trusted sources (such as your bank or employer). Often times, phishing emails will attempt to trick you into revealing personal information such as your login credentials or bank account information. If you don’t recognize an email address or see anything suspicious about it, don’t open it. Instead, contact the sender directly to ask for clarification.
- Be skeptical of unsolicited offers: Never click on links in unsolicited emails or attachments from unknown sources. Instead, contact the sender directly to ask for clarification about the offer.
The Pros and Cons of Cyber Security
The pros and cons of cyber security are a complex issue. At its core, cyber security is the practice of protecting computer networks and systems from unauthorized access or use. However, various factors can influence whether cyber security measures are actually worth taking: the severity of the threat, the cost of implementing a solution, the availability of suitable solutions, and the impact on business operations.
On one hand, cyber security can help protect businesses from potentially devastating consequences such as data loss, financial losses, and even employee morale losses. On the other hand, implementing strong cyber security measures can be expensive and time-consuming, which may not be justified if there is no significant risk to the business. Additionally, some businesses may find that existing cybersecurity solutions are not suitable for their needs or environments, which could lead to unnecessary expense and frustration.
Cyber security is a hot topic these days, with companies and individuals alike feeling the need to take precautions in order to safeguard their data and IP. However, is cyber security really worth it? The short answer is that there is no one-size-fits-all answer to this question, as the cost of cyber security measures will vary depending on your organisation’s size and the severity of the threat. That said, if you are convinced that cyber security is an important part of your business strategy then by all means invest in the appropriate measures.