The worldwide spending on cybersecurity has been growing at an astonishingly high rate. Organizations all around the world are spending a substantial amount of their capital on developing security protocols. A survey of 2017 shows that 88% of tech executives have spent more than $1 million on developing security protocols.
The massive amount spent by modern day firms on cybersecurity depicts its significance. Organizations have started to realize that malware is a publicly available product which makes it quite easy for anyone to become a cyber attacker.
In the modern world, the employee stays connected to the internet on a daily basis. Their communication channels are well attached to a broad base of staff. These channels of communication are spread all over the globe, which makes the reliance on cybersecurity a paramount prerequisite. Any mistake in these patterns of interaction can severely impact the organization and their brand identity. Furthermore, when a breach occurs the businesses reputation will also be at stake. Clients will not feel safe investing in a breached business, and this could result in substantial losses.
In a recent report from AT&T, 62% of businesses acknowledge that they experienced some form of cyber-attack. As per the 2016 estimation, almost 80% of US companies had suffered some cyber-attacks, with 47% experiencing a ransomware incident. In today’s date, it’s very crucial to plan for the worst in advance as hacks, data breaches and ransomware are considered quite normal. The gurus of market segment emphasize on firms to make cybersecurity training mandatory for employees and recommend different solutions to minimize risks.
Ongoing trends of cybercrime give a strong indication that a firm’s size is not an essential factor. All online entities can become a target of a hacker. However, SMEs (Small and Medium Exchange) are often less prepared for massive security threats, and they are easy targets than their larger counterparts. Furthermore, the main reason why SMEs are not adequately ready to fight back different types of threats is that they have limited resources.
Types of Cyber Threats
1. Attacks on Confidentiality
2. Attacks on Integrity
3. Attacks on Availability
Advanced Persistent Threats (APTs)