Since the era of computers began, we have manifested an entire new universe with enormous benefits and cutting-edge technology that has made our lives a million times easier in comparison to that of our ancestors. It even seems fair to go as far and call computers our “super-power” but with every great power comes an even greater responsibility.
Computers may just be the cheat-code for our civilization to progress and advance at a lightning speed, but it is also tremendously vital to protect this asset like we protect our health, our house and our savings. Our responsibility lies in protecting our sensitive data and information that is stored electronically. With technology advancing by the day, the level of threat from cyber-attacks has also increased with time.
The digital world is a lot like the physical world where you are more at risk of getting attacked if you are not really on top of your survival game. That’s where Cyber Security steps in, it is an absolute crucial priority for businesses to protect information, save data and control privacy. Cyber-attacks have the potential to make an organisation’s information inaccessible, impacting businesses reputation leading to financial consequences.
Companies, corporations and businesses are especially vulnerable as most of the sensitive and confidential company information is stored online but individuals can succumb to such attacks too. That is what makes cyber security so indispensable because anyone can be exposed anywhere in this digital economy.
Sitting on a Virtual Land Mine
A PwC study last year revealed that about 62% of global CEOs worry that cyber threats will affect their company’s growth prospects. With the post pandemic era shifting gears to a totalitarian digital world, it is becoming apparent why organisations are rushing towards securing their Cloud and private assets. Even before the onset of the pandemic that transformed the global landscape of working, accelerating digital adoption, Cyber Security risks and dangers were considered one of the biggest safety issues for an organisation. However, the post-pandemic era hints towards Cyber Security being the single most important focus to secure a company’s future.
A business is fundamentally at risk 24×7 if it does not have Cyber Security appropriate security controls/ safeguards in place. Organisations are at a higher risk of exposing their critical information, impacting them adversely should it get leaked. With a plethora of newer cyber-attack tactics mushrooming daily, it is vital that businesses irrespective of size or geography treat Cyber Security as a high priority.
Human Error – Number One Cause of Cyber Security Breaches
According to a study done by IBM, human error is the main cause of 95% of Cyber Security breaches. In other words, if human error was somehow eliminated entirely, 19 out of 20 cyber breaches may not have taken place at all. Another research predicted that 94% of malware is delivered by email(CSO Online).
To make matters worse, many organisation don’t have sufficient resources to educate staff on the best way to manage their data. With this lack of awareness and resources, human error continues to be the driving force behind an overwhelming majority of Cyber Security compromises. Poor password hygiene is also a significant contributor towards compromises, with not enough individuals and corporations applying best practice and taking advantage of built-in mechanisms such as group policy enforcement, strong encryption and multi-factor authentication that could save the day from such threats.
Partner with a service provider with proper expertise and experience, helping the business construct a well-tailored Cyber Security strategy specific to business needs. With the number of complexities involved in protecting information, it is key to have a defense in depth multi-layered approach.
Perpetrators are coming up with newer and newer techniques to gather information through attacks causing punitive damages to the economy thereby sparking an urgent need for Cyber Security. The only real way to ensure that you are protected against cyber threats, frauds and attacks is to have a resilient cyber security framework in place.
Ignus de Villiers is the Group Head of Cybersecurity at Liquid Intelligent Technologies