Cyber security has never been a more relevant topic since the wake of the pandemic. As our entire lives moved towards the digital world, cyber criminals swooped down on the rising and highly lucrative opportunity for sabotage. An environment where most companies and individuals are still finding their bearings with technologies and security parameters further helped their agenda. The gravity of the situation can perhaps be underlined by the latest forecast that predicts global ransomware damage costs to reach $20 billion by 2021 — 57 times more than it was in 2015. Furthermore, Cyber security Ventures expects global cybercrime costs to grow by 15 percent per year over the next five years, reaching $10.5 trillion USD annually by 2025, up from $3 trillion USD in 2015. Needless to say, cyber security really is the need of the hour.
Why is cyber security so crucial?
In its essence, cyber security can be defined as the sum of all technologies and practices designed to keep computer systems and electronic data safe from unauthorized access and manipulation. As the everyday realities of each facet of our lives get digitized more and more, the potential of the field is virtually limitless. If you have doubts about your current security posture, consider reaching out to a local provider in IT Support Los Angeles for a thorough vulnerability assessment.
For businesses cyber security has emerged as an essential survival tool of late.
The consequences of getting hacked are growing more brutal by the day. It’s no longer just about the cost of the lost or compromised data. A hack can ruin trust from customers, business partners and shareholders – something that takes years and decades to build/ repair. Additionally, businesses can incur legal and financial censure from the government and concerned authorities. With data and technology becoming the prime drivers for business in almost any sector and emerging technologies like autonomous vehicles and IoT devices on the rise – the attack vectors are expanding along with a concomitant rise in security threats. Gartner Inc. predicts that global security spending will hit $170 billion by 2022. Other sources suggest that global spending on cyber security products and services for defensive purposes are projected to exceed $1 trillion overall counting from 2017 to 2021.
The importance of maintaining cyber security in your business
- Cyber attacks have a mass casualty in terms of impact – Cyber attacks are no longer a question of if, but when, especially with attacks occurring every 39 seconds in the US. Due to the sever interconnectedness of our digital lives now, there is no telling how a single attack can end up impacting people even beyond the immediate circle of customers and business partners. When cyber attacks are targeted at public properties or, offices or, government organizations, the impact could range from shutdown of educational institutions, power stations to other essential public services and utilities. In Iran, for instance, a malicious computer worm, Stuxnet, targeted one of its nuclear sites and destroyed one-fifth of Iran’s nuclear centrifuges through overheating. If you have been the victim of a cyber attack, or want to stop from being one, please get in touch with Managed IT Services Los Angeles for best in class cyber security consultation.
- As technology evolves faster; so will cyber attacks – Cisco recently reported that by 2023, there will be 3X more networked devices on Earth than humans. And by 2022, 1 trillion networked sensors will be embedded in the world around us, with up to 45 trillion in 20 years. 5G is expanding faster than anticipated and creating a redefined nature of technological ecosystem that our current cyber security capacities simply cannot manage and thus remains painfully vulnerable to threats. Moreover, the attacks themselves are getting more sophisticated than ever with criminals well on their way to using artificial intelligence and machine learning to trigger automated attacks that can be targeted globally and at a massive scale.
- Damage to businesses – With cyber attacks, damages don’t happen to businesses just in terms of loss of valuable data. That also comes bundled with loss of trust from customers and business partners that take years to build. Moreover, with governments refusing businesses the right to pay ransomware, attacks can also result in heavy penalties from the authorities. To survive, many companies choose to downsize after an attack resulting in job losses and further harm. For other companies, the damage can start even before an attack as they stretch their IT resources thin to put up exhaustive defensive measures often resulting in cyber security burnout.
- Cyber security threats extend to individuals as well – From identity theft to loss of sensitive personal information – individuals face a great number of risks from cyber attacks. This puts individuals and close family and friends in danger as well. Motivation behind identity theft can range from access to valuable login data to blackmail and extortion. This is a huge area of concern for HNI individuals as well as executives at large companies. IT Consulting Los Angeles can help you prepare for such attacks to minimize or nullify damages.
- Cyber Concerns May Result in Increased Regulations and Legislation – As cyber attacks rise in both numbers and severity and leave behind damages that can take years to put right – governments are clamping down hard on vulnerabilities by imposing new laws on businesses. Failure to comply with compliance and legal stipulations can result in heavy fines for businesses. Along with this, businesses also need to prepare to comply with a rising number of regulations and legislation. Apart from preparing the business for the eventualities and business continuance measures in the case of an attack – businesses also need to demand harsher penalties for perpetrators and work on increasing awareness among internal employees and business partners to stakeholders and of course, customers. All parties need to know exactly what to do when they spot a red flag or, in the case of an actual attack.
About Brent Whitfield:
Brent Whitfield is the CEO of DCG Technical Solutions LLC. DCG provides specialized advice and managed IT Services Los Angeles area businesses need to remain competitive and productive while being sensitive to limited IT budgets.
Brent has been featured in Fast Company, CNBC, Network Computing, Reuters, and Yahoo Business. He also leads SMBTN – Los Angeles, a MSP peer group that focuses on continuing education for MSP’s and IT professionals. DCG was recognized among the Top 10 Fastest Growing MSPs in North America by MSP mentor. Stay connected on LinkedIn.