As a business owner, one of the most important things to take into consideration when setting up your network infrastructure is the security of your network. This is because, over the past several years, cybercriminals have intensified their efforts to breach business networks and access their private data for nefarious purposes; with transactions being increasingly conducted online, there is a wealth of personal and proprietary information that can be accessed if a business network is successfully compromised.
One of the key issues that businesses in all industries and sizes had to contend with in 2019 was cybersecurity. With businesses increasingly conducting their activities online, there has been an increase in public awareness of the need to maintain the privacy as well as security of any information transmitted across the internet. As we head into 2020, here are some of the top cybersecurity threats that businesses and individuals are expected to encounter as well as how best they can be neutralized.
As businesses increasingly conduct transactions online, their confidential information is at constant risk of theft or corruption. Cybercriminals spend a lot of time and money looking for ways to access this information for a variety of reasons. Businesses that have their network successfully breached and their data accessed can suffer a number of adverse consequences such as financial loss, loss of customer confidence, and possible legal actions.
Cloud computing, once used primarily in technology and technology-related businesses, has been increasingly adopted by businesses in non-technology related fields. In fact,one of the sectors that has seen a huge growth in cloud computing adoption over the past several years is education. Educational institutions are rapidly ditching traditional classroom-based learning systems in favor of cloud-based systems and strategies. It is estimated that between 2017 and 2021, the cloud computing market in education will grow at a Compound Annual Growth Rate (CAGR) of at least 26%.
The prevalence of cybercrime has steadily increased over the past several years as people and businesses conduct their transactions over the internet. It is projected that the global cost of cybercrime will reach $6 trillion by 2021. As hackers and other malicious actors develop more sophisticated and advanced tools to conduct their cybercriminal activities, businesses have struggled to keep their networks protected, with varying degrees of success. One of the most recent victims of cybercrime is Capital One. A hacker was able to exploit an account misconfiguration and compromise the accounts of over 106 million individuals.
With the internet now an indispensable aspect of the lives of most people, cybersecurity can no longer be considered an afterthought. On a daily basis, people conduct financial transactions as well as exchange their private information over the internet. This trove of data exchanged has become a target for cybercriminals who devote their time and resources devising ways to access and exploit sensitive data. With recent reports revealing that the average cost of a cyber attack is over $1 million, it is essential to make sure that your business is fully protected from any form of cyber threat.
Due to increased public awareness about the importance of keeping online transactions and documents secure, cybercriminals have modified their network attack strategies. Technological advances over the past several years have enabled these cybercriminals to develop more innovative, as well as stealthy, ways to attack computer networks.
As businesses increasingly conduct more of their activities online, there has been a corresponding increase in the frequency as well as the number of cyber attacks; cybercriminals invest their time and resources seeking various ways to compromise business computer networks. Given the increased frequency and sophistication of cyber attacks, traditional cybersecurity strategies are no longer enough in keeping your computer network secure.
With this increase in medical data being stored electronically, it is essential to have a disaster recovery plan in place to ensure that your healthcare facility can still function if its data is lost or corrupted. An effective disaster recovery plan lets you restore your medical data and resume normal processes with minimal downtime following any type of data loss. Without a disaster recovery plan, your business may have a delayed recovery or even fail following any type of significant data loss.
Cybersecurity, once considered an afterthought, plays an important role in the ultimate success or failure of most organizations. This is especially the case for businesses that have a strong digital presence and conducts some, if not the majority, of their transactions online. With cybercriminals constantly looking for new and innovative ways to compromise business networks, it is essential to have an updated cybersecurity strategy to ensure that your network remains protected. Failing to have an effective cybersecurity strategy in place can be costly for impacted businesses; in 2018, the global average cost of a data breach was $3.86 million which was a 4.8 percent increase from the previous year.