Changing world of cyber security

In the past two decades there have been an immense growth in the number of computing and network services, this enabled transactions to take place all across the global market. At the same time there have been rapid growth of individuals who plan to exploit the vulnerabilities of such networks and applications. 

If we see how the technology world operated a decade ago as compared to 2019 then we will realize that everything has changed. Business activities, information technology, the communications environment and the threat landscape all are entirely different.  

In today’s era, the vendors and attackers have become heavily engaged in a cyber race, and users are the losers. We can see regular reports of government and business systems being infiltrated and data being breached in all sorts of organizations whether it be the private sector or the public sector.  

These fundamental shifts in technology have caused equally fundamental shifts in attitudes towards security. Information technology today has evolved from just a means of systems automation into an essential characteristic of society: cyberspace. In todays world we rely on cyber security much like we rely on kind of quality, reliability and availability that has traditionally been associated only with power and water utilities. 

Cybercrime has become a business which is exceeding over a trillion dollars a year in online fraud, identity theft, and lost intellectual property, this affects millions of people around the globe, as well as uncountable businesses and the Governments of every nation. 

A growing number of investors are also demanding that directors confirm they are proficient in the technology issues their companies could face. For many investors, the fact that a huge technology company such as Facebook could suffer a data breach has hit home how vulnerable smaller or less tech-savvy businesses could be.  

Now if we look at the emerging threats then the first threat that comes to mind is malware. Historically, malware required a user to click on a link, open an attachment, or take some other kind of action before it could spread. Today, newer forms of malware, like ransomware cryptoworms, are network-based, which obviates the need for humans to spread it. Self-propagating malware is much more difficult to find and can propagate at network speeds. Not to mention now we have a rise of APTs i.e.. Advance persistence threats that remain dormant in your systems until they find their target.In security circles, 2017 may well be remembered as the year of ransomware. It made headlines as it wreaked havoc on companies large and small.  

In short, your company doesn’t have to be in the business of handling financial information to take cyber threats seriously, this has become a dire need for all business no matter the size or nature. Companies with complex operations cannot afford to have a cybersecurity breach. The main goal for investing in cybersecurity is to protect customer data. However, it doesn’t stop there. Breaches affect the business both economically as business continuity is affected and in terms of reputation and no company wants to become a target for that.