The digital transformation of society has brought considerable improvements in the way we do business, learn, interact and transact online. Everywhere you look around you there are massive quantities of data. But alongside these advancements, we are also seeing an increase in malicious and criminal activity targeting both user and enterprise data. What’s even more – with the advent of new technologies such as Big Data, AI (Artificial Intelligence), IoT (Internet of Things), analytics, cloud infrastructure and technology to connect many silos, we’re seeing new entry points for cyber criminals to exploit.
Today`s world is overrun by malware, lack of enforcement of standards, hacks and fraud. Cybersecurity is the fastestgrowing domain in the IT industry. It is based on a model that has remained static for 35 years, while hackers innovate and accelerate ahead, projectedto cause up to $6 trillion in annual damage by 2021, up from $3 trillion in 2015.
The Current State of Cyberspace and Cybersecurity
At the end of the day, increasing and more sophisticated hacking attacks have compromised both user security, and privacy. By exploiting vulnerabilities in existing authentication methods, hackers gain access to user inboxes and receive information on deposits, withdrawals and wallet balances on their registered exchanges.
When we know that each new connection makes a network weaker, and only 51% of the world population is connected, it is only a small leap to see what the impact to the world economy will be in the near future. To compound this, the traditional approach to cybersecurity is a centralized one that often acts as a single point of failure. Every device, every end-point is a potential point of penetration to the network.
The year 2017 was the year where incidents in the cyber threat arena resulted in the definitive recognition of some universal truths. There was unwavering evidence regarding monetization procedures, attacks to democracies, cyberwar, transformation and abuse of malicious infrastructures, along with the dynamics contained in threat agent groups.
There is a definite trend factor surrounding cybersecurity. Between all the analysts, developers and programmers hyping it up, it has caught the attention even of small and medium businesses.
But just because everyone is talking about it doesn’t mean that they understand what it is. So let’s start with the basics.
What is Cybersecurity?
You can think of Cybersecurity as a subsection of the technology industry that focuses on protecting the safety of “computers, networks, electronic devices and digital information from cyberattacks”. But that is way too technical and complicated for most people. So let’s break it down to see what the purpose of cybersecurity is.
We already know that cyber attacks are serious business that affects millions of people and thousands of businesses annually. In an increasingly connected and digital world, the most valuable assets for companies and individuals are electronic devices, networks and data. But all of these can be compromised by cyber criminals who try to intercept data for financial gain, sabotage, espionage or even just for fun.
No company is safe from cyber attacks. Hackers target everyone from large corporations to individual users, exploiting system vulnerabilities or the human factor. The evolving nature of threats, viruses and malware makes it difficult for companies to fight this cyber war against multiple unknown assailants. And when the enterprise has limited resources, this makes it all the more daunting.
This is where one of the most crucial components of Cybersecurity comes into play. Most people picture complex infrastructure and huge data centres when they think of cybersecurity. But that’s not entirely true. Cybersecurity is, above all, about information and understanding of current threats and best practices to avoid them. It comprises a range of duties, from deploying specialized software to preventing cyberattacks to educating users on safer ways to behave online.
How does Cybersecurity Fit into the Digital Domain and the Coming Web 3
Our society as a whole has become so dependent on web services, cloud technologies, and mobile devices bring countless that we’ve laid the groundwork for an increase in the number of services and solutions that need monitoring. A single weakness amidst a sea of connections is all a piece of malware needs to take a hold of to spread across your entire network. The key to addressing these types of threats starts with a strong perimeter security framework that controls access to critical applications, services, and data, while denying known threats and monitoring suspicious activity.
One thing is for sure about this dynamic sector: Cybersecurity have been evolving since the very beginning of the field. As we see the Internet and users’ technology habits changing, so does cybersecurity to keep up with evolving tools and strategies used by cybercriminals.
The Cybersecurity landscape has changed in response to the increase in cybercriminal activities. Today, it’s not just the military and the intelligence agencies in governments across the world that invest heavily in cybersecurity services, personnel and equipment. The private sector with large enterprises, SMBs and start-ups follow suit to keep their systems, data and users safe from cyberattacks.
The evolving nature of cyber threats makes it increasingly difficult for organizations to protect their data. This becomes ever more complicated when they have to collect and store data from customers as a potential data breach could have catastrophic. For this reason, it’s important to have the right security controls in place to guard against cyber attacks.
So how did we go from harmless computer worms of the ’80s to the phishing and ransomware of today?
In the 1990s and early 2000s, most users felt that antivirus software was enough to keep them safe. But in 2007, users on both sides of the Atlantic witnessed firsthand how insecure their data was when TJ Maxx and its overseas subsidiaries admitted hackers had compromised its database, which contained at least 94 million credit cards. Almost overnight, computer hacking transformed from a malicious pastime into a multimillion dollar industry.
Since then, we’ve seen new data breaches and high-profile cases of information leaks affect companies like T-Mobile, EasyJet and Zoom as well as interfere with elections in the US and abroad.
A Closing Word
The first step on this journey of responding to evolving threats is acknowledging the severity of the problem. The second is about arming yourself with the information you need to understand what methods cybercriminals use to trick even the most careful users, and how to defend against it.
While there are many things are outside of our control, keeping your data safe starts with you. You are the one using the internet and connected devices. The responsibility is on you to make sure you’re protected and practicing safe online behaviour. So, I want to emphasize once again that the safety and security of personal data of individual users, private companies, and government organizations depends on the awareness and preparedness of the people themselves. Be safe, be smart.
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