BY MARSHAD BARRY
In today’s context, security has become one of the biggest investments in the world. Amidst the various forms of security, “Cyber Security” has become one of the prominently utilized options.
What is “Cyber Security”? “Cyber Security” is defined as a process of safeguarding computer systems, networks, devices and sensitive data from cyberattacks, data breaches, and unauthorized access. Furthermore, it protects the data and integrity of computing assets belonging to or connecting to an organization’s assets.
Regardless of whether one’s business organization is a larger enterprise or just a start up, “cyber security” plays a major role in its functioning, as many people of today’s world have adapted to an online mode of sharing valuable information. Thus, it has become vital that all of us must ensure durable “cyber security” in order to engage in day-to-day business. During the recent past, organizations have started allocating higher budgets for Cyber Security and are spending abundantly on it.
Moreover, considering the factors determining security spending, one good reason it has become the good practice of an organization, is due to rising cyber-attacks and increasing cybercrime. If one is not that cautious about the organization’s security, it can vastly impact the business development of the organization negatively.
A lack of focus on cyber security can be harmful to a business as there will be direct economic costs such as cyber-attacks, theft of crucially important corporate information, disruption to trading or even having to repair affected systems, all resulting in financial loss. Correspondingly, another important factor, as per a study conducted by Phil Goldstein, the editor of Feed Teach and Biz Tech (Biz Tech, 2021) he clearly says physical security has become more expensive than cyber security and traditional businesses are spending a larger portion of their income on physical security.
Cyber-attacks are considered as one of the biggest national security threats to countries such as the United States of America.
The biggest threats of cyber security are mostly data leaks which cause extremely large damage to the business and perhaps individuals too. Some of the extremely sensitive information from the range of data held in a business leakage or breach can put the business on serious risk. Data breaches have become more prevalent in the present world. As per the information provided by IBM Security (2019) it clearly states that each year, the cost of data breached has not been less than $3.50 Million.
However, the following tips may help any organization to improve their cyber security strategies. Setting up an early threat detection system which is helpful to detect the threat prior and before it infects one’s network and Implementing an End point Threat Detection system which will protect end point devices, such as servers, laptops, and desktops, including setting up firewalls, antivirus solutions and email filters.
As we aware “Virtual Business” have become the most important, converting many traditional businesses to online ones and any aspiring business of this nature establishes a stringent security plan which will support such businesses to successfully survive and be recognized in the competitive market.
