Asking why cybersecurity is important is like asking why home security is important. You lock your doors because your house contains information and property that belongs to you. To keep intruders out of your home, you might use different layers of security like an alarm and a smart doorbell.
Approaching cybersecurity is similar. In our modern age, technology “houses” personal information and sensitive data. While you cannot stop a hacker from trying to access your system, you can layer different security services. This approach makes it more difficult for hackers to intrude.
While the topic of cybersecurity can be complicated, the reason why it is important is simple. Your organization’s data requires proactive protection because cybercriminals are actively trying to intrude.
This blog post aims to underscore why cybersecurity is quickly becoming the single most pressing issue facing modern businesses. In our modern age, cybersecurity has transformed from a buzzword to an International security crisis.
There are various types of cyberthreats. The most common form is called ransomware. A ransomware attack occurs when a hacker gains access to your system, locks you out, and demands a ransom to regain access. According to one of the world leaders in cybersecurity, the average cost of a digital ransom is a staggering $761,106.
Many businesses cannot keep their doors open after a ransomware attack. Not only is it expensive to pay the ransom but there is also no guarantee that the hacker will restore your access. On top of the crippling ransom amount, businesses also hemorrhage money from downtime.
Financial loss is only one of the reasons that businesses are vulnerable to ransomware. Even if they can get back on their feet, customer loyalty and brand reputation are usually tarnished. Some businesses also might have to deal with liability and compliance issues. For these reasons, ransomware is a powerful method for crippling any organization.
Our particular place in history makes ransomware a modern Trojan horse that could upend our country.
Considering the high pay-outs for ransomware attacks, it should come as no surprise that Ransomware as a Service (RaaS) has carved out its own economy. The world’s leading researcher on the global cyber economy predicts that cybercrime will be a $10.5 trillion annual industry by 2025.
Ransomware is readily available to any cybercriminal who wants to take on a new venture. The RaaS model is similar to the way the mafia works. There are masterminds at the top who create a pyramid of people under them willing to deploy the ransomware. Everyone profits by getting a cut of the ransom.
Like any industry, RaaS benefits from different people using different skills. As Forbes points out, “some Russian-speaking hackers may have the skills to write [ransomware] but aren’t able to communicate it effectively in English … English-speaking ransomware creators help fill that gap”. RaaS is now functioning like any age-old criminal model and it’s only gaining momentum.
Ransomware has been around since the late 1980’s. Because of this fact, many people incorrectly assume that it is not a big deal. However, our particular place in history makes ransomware a modern Trojan horse that could upend our country.
Consider the impacts of COVID-19. The global pandemic forced organizations to urgently switch to remote work. As employees moved to unsecure devices, network vulnerabilities became ubiquitous. Cybercriminals wasted no time in taking advantage of the new landscape.
The FBI reported a 300% increase in reported cybercrimes within the first few months of the pandemic. Soon after, The Department of Justice launched a new task force specializing in combating ransomware attacks. Despite our best efforts to allocate resources toward increasing security measures, there have still been recent devastating attacks.
When considering the impact of cyberthreats at a national level, infrastructure security is top of mind. In 2021, we have witnessed attacks on the biggest petroleum pipeline in the country and the world’s largest U.S.-based meat packing companies.
President Biden is calling ransomware a critical national security threat. He even raised the issue in his meeting with Vladimir Putin. It is widely believed that Russian cybercriminals are to blame for recent attacks.
NOYNIM IT Solutions
At NOYNIM IT Solutions, we provide affordable cybersecurity solutions and IT services to small and mid-sized businesses across the United States. NOYNIM was founded on the belief that all businesses deserve affordable enterprise-grade IT Solutions.
Cybersecurity is a core component of our business. We offer security services that vary in scope depending on client requirements. We help you identify which services are necessary. Then, we implement and manage a cybersecurity solution that protects sensitive information and keeps your network safe.
Our goal is to perpetuate the growth of your business. We help you avoid the large overhead costs often associated with employing in-house IT staff. Contact us here to learn more about how we can fuel your business through targeted IT solutions.Date Published: July 20, 2021