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.
The Tech Industry is growing at a break neck pace and shows no sign of stopping. New waves of innovation keep hitting the market, and IT and Software Development jobs are growing at 2x the rate of national job growth.
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.
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.
If your business is concerned about cybersecurity and you haven’t heard about crypto-jacking, you’ll need to catch up quickly. You may have heard about ransomware, but crypto-jacking has now become the more popular technique for cyber-criminals to attack and profit off your business. In 2018, occurrences of crypto-jacking increased by 450%. According to a study, Youtube, the Los Angeles Times, and even Showtime have fallen victim to crypto-jacking. Here’s how crypto-jacking can harm your business and what you can do to stop it.
High profile data leaks and security breaches have been commonplace in the past few years, with instances of high-profile breaches of large tech companies often making the news. However, it’s not just tech giants who are at risk of having their business’ or their customers’ data accessed by outside entities; small and medium-size organizations across all industries can be at risk as well. Recently, such an example manifested at Georgia Tech University, where an unauthorized user of a university web application exposed information like names, birth dates, and social security numbers for up to 1.3 million people. The implications of these leaks can range from an outside actor simply viewing the data to find anything of use, to using the information they extract to discover perceived weaknesses at your firm, or even demanding a ransom for disposing of the data.
Chief Information Security Officers (CISOs) may have one of the most stressful jobs in business. According to a Forbes report, 1 in 6 CISOs medicate or use alcohol to combat workplace stress. That same report uncovered that less than a third of CISOs are in their job for more than three years. Additionally, 91% of the CISO report respondents say they suffer moderate or high stress.
There has been a significant rise in the number of data breaches as well as other forms of cybercrime over the past several years as businesses increasingly conduct their transactions online. This jump has been more marked with the increase in popularity of cloud computing and cloud services. The cloud offers more access points for cyber criminals and other malicious actors to breach private networks. As such, businesses spend lots of time and money devising strategies to secure their network and protect their data.
As humans, we are constantly weighing the odds of particular events happening, more specifically we identify the likelihood of negative events happening to us as lesser than them happening to someone else. This “that won’t happen to me” attitude is the main reason why we so often take a reactive approach to security. For example, your house gets broken into. From a reactive standpoint, you call the police, go out and buy a security camera, change the locks on your doors, etc. The proactive approach would suggest that you do all of this before the break-in occurs so that you've implemented the cameras, get that guard dog, and change the locks before an incident even occurs. For security issues that pertain to your business and its data, a reactive approach won’t cut it, and will often result in prolonged downtime and unexpected data loss. With security breaches on the rise, the important thing to realize is that it is no longer a matter of IF you will be affected, but when.