Data in today’s world is a powerful tool which when used correctly can boost businesses to reach new heights. While data offers competitive advantage to organizations, cyber crime has slowly evolved into a worthy antagonist – shaping up as a significant threat to companies, across the globe.
The emergence of cyber crime is more of a prophecy that has been holding true in 2017 with media and vendors forecasting massive economic implications. Moreover, economists are predicting enormous damage costs of up to $6 trillion by the end of 2021. That said, cyber threats are no longer restricted to endpoints and networks.
If the top 27 global economies are considered, cybercrime shows up in the list of five major threats. Moreover, at least 8 countries have reported cyber crime as the top most abomination stalling their entrepreneurial crusades. The risks are far from over as every other business process is slowly going online with digitization being at the crux of these advancements.
Let us look at how cybercrime has evolved into a global threat and what are the safety options that companies have.
Identifying Associated Risks
The new face of industrial revolution concerns online interface, digitized economies and connected devices. With most legacy tools being the brainchild of obsolete computing rules, it becomes difficult for them to hold fort against the hyper-connected realities. Further, with more and more endpoints accessing systems and networks from various channels, the door for attackers is always open thereby increasing the cyber threat, multi-folds.
For overall safety and sustainability of the businesses, it is important to keep the cyber threats at bay. Moreover, the macro level functioning of a business requires companies to connect with customers in a trusted manner which in turn, calls for improved cyber security measures.
Securing against cyber crimes:
1. Safeguarding endpoints
With a steep rise in multi-location working, work from home models and bring your device concept, organizations are constantly exposed to cyber threat from all endpoints. Securing these endpoints is the first and foremost step towards cyber security. As the nature and frequency of cyber attacks increase, safeguarding endpoints becomes crucial for companies across the world. Endpoints can be secured using specialized security products like Seqrite End Point Security solution to mitigate the cyber risks that organizations are constantly exposed to.
2. Checking the vulnerability quotient
Most companies usually lose the plot when it comes to identifying the IT assets thereby welcoming the cyber threats. It is therefore advisable to gauge the risks and protect the IT frameworks in the long run. Checking the vulnerability quotient is easy if the companies are willing to discover and catalogue the concerned assets. The existing cyber threats can then be prioritized and eventually remedied. Checking on the risks and mitigating them is a continuous process which determines and ensures organizational safety.
3. Out witting the data thieves
Cyber crime includes sabotaging information streams and interrupting organizational workflow. Data thieves readily break into endpoint devices and networks, create havoc with a ransomware attack and cripple existing systems using DDoS attacks. However, there are certain ways to outwit these cyber criminals. “Being Proactive” tops this list. Be it by way of ensuring regular data backups or by upgrading to the latest software, being proactive in your cybersecurity approach is an excellent way to outwit data thieves. Every small safety implementation that can tackle vulnerabilities of the system can improve an organization’s protection against cyber crime.
Much like Darwin’s theory of evolution, companies will eventually adapt to this entrepreneurial metamorphosis. However, organizations failing to keep up with the existing trends will slowly disappear into oblivion. The future holds a lot of promise for centralized IT security which will require higher levels of cohesion between security teams, IT framework and the cloud-based fabric.
In simpler words, security by design is the only concept that works against cyber criminals, rendering them ineffective. Cyber crime is looming large as a potential threat, and the best way to handle the same is by being proactive.