The information age has brought many benefits, including a new avenue for criminal activity. Information theft has been around since ancient times, but it has only become a big problem in the 21st century. With the invention of computers and the internet, people have started relying on the cyberworld to store information. Furthermore, the discovery of AI and robotics has further enhanced the use of stored digital data to directly influence the real world.
Therefore, unauthorized access and use of these can cause significant damage to society. And this makes security against cyberthreats of utmost importance.
What is Cyber Security?
Cybersecurity refers to protecting digital space and information. It employs various tactics and software to monitor, detect, isolate, and eradicate threats. The three principles of cyber security are:
- Confidentiality: Data is accessible to authorized personnel only.
- Integrity: Data is authentic, and no one has tampered with it.
- Availability: Data is available when required.
These three principles are the CIA triads: confidentiality, integrity, and availability. You can form cybersecurity strategies keeping in mind these three ideas.
Cybersecurity strategies involve using various software to keep data confidential and available with integrity. These include firewalls, whitelists, antivirus programs, network monitoring software, etc.
Cyber Security Market
The rapid market growth shows the importance of cyber security. Presently, the estimated cyber security market value is 173.5 billion USD, which may grow to around 266 billion USD by 2027.
The main reason for this growth is that cybercrime costs less money to do, which has led to more targeted attacks and data breaches. And to protect themselves from these attacks, industries invest more every year. These investments range from using advanced technologies like AI and the cloud to hiring more cybersecurity professionals.
The pandemic also increased cyber security attacks by about 37 percent; moreover, industries started providing online cybersecurity training. These factors have also influenced the market’s growth.
Trends in CyberSecurity
Several industry trends have been set by the need to improve cyber security, which is unavoidable.
- Industries are pursuing cybersecurity mesh architecture, or CSMA, focusing on modularity, scalability, and collaboration. It aims to address the changing cybersecurity concerns involving increased use of the cloud and shift to 5G infrastructure; the CSMA strategy also uses fewer resources but a more integrated environment.
- Connected IoT devices will play a significant role in the future of cybersecurity. These devices may improve monitoring and reduce response time during security breaches.
- Hardware-based cybersecurity solutions have been increasing because of their higher reliability. These solutions include encryption, authentication, firewall hardware, and NAC hardware.
- Industries are more focused on the security of on-premise systems. Securing on-premise infrastructure is more flexible because in-house IT staff can deploy custom solutions.
- Health Care is becoming increasingly digital with remote diagnosis, surgery, and patient care possibilities. Therefore, the healthcare industry is investing most in protecting its digital information.
Damages due to Cyber Attacks
Cyber attacks can be costly to the industry, resulting in a loss for consumers involved in the industry. The damage can take many forms, including monetary or reputational.
Industries can lose money because information theft may reduce their competitive advantage. Moreover, the information on the authenticity of the data after a cyber attack can be called into question. That means they must restart the procedures to collect the information, costing both time and money.
After a cyberattack, consumers may view the company as untrustworthy. As a result, they may want to avoid taking chances with their valuable private information and shift to another service provider.
Consumers may suffer a direct monetary loss if it is the finance industry, as companies don’t insure their entire sum.
Cyber Security Best Practices
As a result, cyber security is critical for keeping your business running smoothly and avoiding damage from a cyber attack. But how can you protect your company? Here are a few practices you should follow:
- Educate Your Employee: Most cyberattacks become successful because of the human factor. Your employees may write down passwords or misplace devices that let them access secure areas. However, you can solve these problems by educating your employees. It would be best if you created an environment in your company that reminds them to be always alert.
- Use Zero Trust Systems: These systems assume any unidentified network traffic is malicious. That means it will not harm your company, even if it is a never-before-seen attack.
- Use Third-Party Security Services: Cybersecurity is complex, requiring skilled professionals and technologies appropriate to your network. Identifying such technologies or hiring and training professionals is time-consuming. Moreover, your security solutions may be inefficient if you don’t have expertise. Third-party security service providers keep their staff well-trained and use advanced technologies. They can be more efficient in managing the cybersecurity posture of your company.
Cybersecurity is essential for protecting the confidential data stored by your company. And as technologies become more accessible, cyber security threats also increase. As a result, investing in the security of your digital infrastructure would protect your company from harm and impede its growth.