Importance of Cybersecurity in Business

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cybersecurity for business

In today’s digital world, there are millions of websites that combined reach billions of users. Many users enter sensitive information on websites such as payment information and ID details. Yet, many websites lack proper security measures against cybercriminals, which means that payment information could be stolen at any given moment.

If a website is breached and hackers are able to steal payment information of many users, the responsibility lies with the website owner. Furthermore, the website will lose plenty of customers that previously trusted the website. In total, these numbers exceed millions of dollars every year.

But what about the Internet of Things, big data, cryptocurrencies, and crypto exchanges? These are the up-and-coming areas where cybercriminals focus on.

Now the question is: is cybersecurity a worthwhile investment?

Let’s find out below.

Security & the Internet of Things

Cyber security is often referred to as a shorthand for any type of attack through an online network. Understandably so, cybersecurity is often linked to protecting PC’s, laptops, mobile devices, and company networks. However, the “Internet of Things” (IoT) is an entirely new aspect of cyber security.

Think about cars, smart locks, heathers, home equipment, gadgets, medical equipment, and so on. Although these areas are often neglected, it’s becoming more important as we move forward in our digital world.

In many instances, IoT devices are easy targets for cyber criminals because most IoT devices lack proper security measures. In addition, many experts voiced their concerns about the extremely poor security of IoT devices and what that means. For example, hackers could infiltrate your IoT device and use it in a botnet, which is used to attack major websites and agencies. Enough reason to invest more in the security of your IoT device against hackers.

Cyber Criminals and Big Data

The rapid rise of IoT devices and applications translates itself into generating vast amounts of data, structured and unstructured. Networks are generating more data than ever before and as a result data analysts have created methods to use this data create advertising tools.

Data analysts use the data to see how people reacted to certain stimulants to provide personally-tailored ads. In addition, big data is also used in healthcare. It’s used to scan for medical records, treatments, analysis of treatment history and allocation of high-risk groups.

It goes without saying that such data is extremely valuable and could cause serious damage once it ends up in the wrong hands. So, what would happen if cybercriminals obtain such large quantities of data?

Cybercriminals could steal thousands, if not millions, of sensitive patient documents, medical records, financial records and much, much more. If news breaks out that a major healthcare institution has been hit, it may have a destructive effect on the institution, as well as patients – think about blackmail and selling medical records.

Fortunately, big data can also be utilized by cybersecurity professionals in order to fight back. Security experts can use big data to predict and analyze cyber attacks, while also actively scanning for cybersecurity threats based on artificial intelligence-based algorithms, scanning in real-time threats.

Such investments are extremely useful and valuable to both companies and society because online criminal activity always leaves a trail behind, which can be identified by algorithms. I’m expecting a massive rise in investments in big data cybersecurity in the near future.

Cryptocurrencies & Crypto exchanges

While the general idea exists that cryptocurrencies are impenetrable, in reality, it’s incorrect. The blockchain technology itself is indeed quite secure and hard to breach for cybercriminals. The vulnerabilities lie within the applications that were used to build a cryptocurrency in the first place.

For example, the Bitcoin network is distributed over a decentralized network, requires network authentication in form of block hashes and the generation of new blocks is time-limited.

Yet, many new cryptocurrencies are brought to the market while security built into the software application is rather weak. The code isn’t reviewed on vulnerabilities and often ICOs don’t bring in any security professionals to test the code. That means that once it’s available on the market and people start buying, hackers might be able to breach the minimal security defenses of the software in no-time.

Another area in the crypto industry is crypto exchange markets. These markets enable people to buy and sell cryptocurrencies, using encryption methods to protect accounts which hold the private key of traders, crypto wallets and other online wallets that store their investments.

For example, a month before the time of writing this article, crypto exchange Zaif was hacked and  $60 million worth of bitcoin was stolen. If you’re interested in the biggest crypto hacks, check out this article published by BlockGeeks.

Thus, it’s imperative to invest in cybersecurity for the crypto industry. It’s like hacking an entire banking group. People would never put their assets in an insecure environment. So, I believe if the crypto market wants to survive, time is now to heavily invest into cybersecurity.

Author:

Bill here from PixelPrivacy.com. Whether it be one of our in-depth guides or our expertly crafted “how-to” articles, we’re here to show you how to stay safe online. We believe everyone has the power to keep their data secure, no matter what your level of tech expertise is and our site will show you how!