Need of Cybersecurity in Your Organization

Cybersecurity in a nutshell

With the rise of online business and the increasing reliance on computer systems, cases of cyberattacks have grown exponentially. Thus, cybersecurity has become a big concern for companies and individuals alike. Cybersecurity protects your computer systems from unauthorized access or theft of data. It includes both hardware and software security measures.

There could be different cyber-attacks, including viruses, malware, phishing attacks, and denial-of-service attacks. Viruses are malicious software that can infect a computer system and spread to other computers. Malware is also malicious software designed to damage or disable a computer system. Phishing attacks trick online users into gaining access to sensitive information, such as passwords or bank details. Denial-of-service attacks are attempts to make a computer system unavailable to its users by overwhelming it with traffic or requests for data.

There are several steps that businesses and individuals can take to protect themselves from cybersecurity threats. These steps include installing antivirus and anti-malware software, using strong passwords, and avoiding phishing emails. Additionally, businesses should have a firewall to block unauthorized access to their network.

But to acknowledge the need for cybersecurity measures for your organization, you must know how growing cyber crimes in the world can impact your business.

Let’s dive deeper.

Potential Impact of Cybercrime

Cybercrime is a genuine and present danger to businesses of all sizes. Even something as seemingly innocuous as a data breach can have a significant impact on your bottom line. You have to pay fines for the direct costs associated with the recovery and indirect costs, such as lost productivity and customers.

Data breaches will also hold your company liable for regulatory fines. Depending on the level of breach, companies can be subject to heavy penalties from regulators; in some cases, these fines can amount to millions of dollars.

In addition, cybercrime can also hurt your business reputation. If customers don't feel that their personal and financial information is safe with you, they're likely to take their business elsewhere. It can be challenging to recover from and can do lasting damage to your brand.

All of this highlights the importance of strong cyber security measures. By taking steps to protect your business, you can help reduce the risk of becoming a victim of cybercrime.

Most Significant Cyber Attacks in the History

Equifax

The Equifax cybercrime identity theft event could be quoted as one of the most damaging data breaches in history. The personal information of over 140 million people was exposed, including names, Social Security numbers, birth dates, addresses, driver's licenses, and more. Additionally, hackers also accessed the credit card numbers of approximately 209,000 people. This breach has resulted in a great deal of financial hardship and inconvenience for the victims.

Equifax has been heavily criticized for its handling of the situation. The company notified the affected individuals several weeks after the breach occurred. Furthermore, it has been difficult for people to obtain information from Equifax about whether or not hackers exposed their data. The Equifax website that provides this information has been plagued with technical difficulties. In 2019, the company had to go through a settlement for a 575 million dollar fine in terms of victim compensation.

eBay

In 2014, eBay suffered a data breach that compromised the personal information of 145 million users. The hacker gained access to Ebay's user database through a third-party company that had access to Ebay's systems. Once inside, the hacker could obtain names, addresses, dates of birth, and other sensitive information.

The company took several months to discover the breach and notify its users. In the meantime, the hacker had access to all of Ebay's systems and could have continued to collect data. However, it needs to be clarified what the hacker did with the information they gathered.

eBay has since implemented new security measures to prevent such a breach from happening again. However, this incident highlights the importance of companies protecting their user data. Users entrust companies with their personal information and expect them to take steps to protect it, and when companies fail to do so, it can have serious consequences.

Yahoo

The Yahoo data breach was a security breach that occurred in 2014, in which hackers gained access to 500 million Yahoo user accounts. The hackers could obtain user names, birthdates, answers to security questions, and passwords. Hackers could use this information to access other online accounts, such as email or banking accounts. In 2016, it was revealed that the data of over 1 billion Yahoo users had been compromised in the 2014 breach.

Yahoo has since taken steps to improve its security and prevent future breaches. However, the damage caused by this incident is significant and will likely have long-lasting effects on those affected.

Necessary Cybersecurity Measures to Follow for Your Organisation

Businesses and individuals should follow several essential cybersecurity measures to protect themselves from attacks. Firstly, it is vital to have strong passwords that are difficult to guess and change regularly. Secondly, it is necessary to have up-to-date antivirus software installed on all devices used for business purposes. Thirdly, businesses should have a firewall to protect their network from external threats. Finally, it is essential to educate employees about good cyber security practices and ensure they know the risks of accessing information from suspicious sources. By following these simple measures, businesses and individuals can significantly reduce their chances of becoming victims of a cyber attack.

Conclusion

The classic cybercrime cases discussed above are an important reminder of the need to maintain cybersecurity for anyone doing business online, as it can cause extreme damage to a company's reputation and personal user information. If you're running a business online, you should take this event seriously and learn from it by implementing more robust security measures that protect your data and customers’ confidential information. By strengthening your cyber defenses now, you can help prevent future breaches like this one from occurring in the future.