In 2020, with businesses increasingly becoming more technologically advanced and conducting their transactions online, the rate of cybercrime is expected to increase. With lots of personal and confidential information being stored digitally, cybercriminals will make greater attempts to access this data, using more sophisticated as well as advanced tools and strategies.
One of the most important factors that business owners need to take into consideration in recent times is cybersecurity. With the internet now part of the daily fabric of society, people are increasingly conducting their business as well as financial transactions online and also share confidential and personal information. As a result of the increase in online activities, cybercriminals now expend a lot of time and resources looking for ways to compromise business networks and access their data.
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.
Human error isn't a rare occurrence. In 2017 Amazon experienced an outage of its S3 servers due to a typo by an Amazon employee. Also in 2017, a British Airways engineer caused a data center outage resulting in the cancellation of 400+ flights. The Uptime Institute claims that 70% of data center outages are caused by human error. In fact, it has become the leading cause of data breaches for companies worldwide. While human error is the most common culprit of data center downtime, it's also the most preventable.
There has been a steady increase in cyber attacks by malicious actors over the past several years as businesses increasingly conduct their activities online. Impacted businesses can experience severe and long-lasting consequences. In addition to a loss of reputation, these businesses may also experience a significant financial loss as a result of measures implemented to contain and manage the data breach. Businesses impacted by a data breach may also be subject to litigation by individuals whose personal information may have been compromised. In 2018, the average cost of a data breach was $3.86 million, up from $3.62 million in 2017, a 6.4 percent increase.
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 shift to the cloud has brought about several solutions that make doing business easier. Whether it be cost savings, added flexibility or ease of use, companies are offloading workflows to the cloud and maintaining a competitive advantage. Companies are also using the cloud for computing purposes to protect against cyber-attacks, like ransomware. Watch this On-Demand webinar on Ransomware Preparedness and Recovery.
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.