How cyber security works and the cost of cyber security.

How cyber security works and the cost of cyber security.

It is important to know that for the past decade, people have been facing issues with cyber security. This problem is growing day by day. After lockdown people get used to working from home and some people prefer doing work from home but it needs cyber security because at home it's hard to monitor security in their network. 

Criminals now understand that Cyber attacks and breaches have become more profitable than other crimes. If we look country-wise Netherlands has the lowest cyber crime rate and Russia has the highest cyber crime rate.

Companies should understand that 95% of the time data breaches happen because of human errors. We make mistakes but these mistakes can easily prevented.

Worldwide cyber attack is conducted every 39 seconds. You can understand, that it is very common to face cybercrime but having cyber security is a must.

Why cyber security is important to implement.

It is important to have cyber security because if your data gets leaked or your company's data gets leaked, the reputation of the company goes to dust. Many small and medium-sized businesses get shut down even before they take a big step in the industry because of its security issues.

So it's important to be aware of cyber security and its applications. In 2023, it is estimated that cyber crimes are more active on email than other sources. Social media is another thing we should be aware of because, on LinkedIn, many fake accounts act as companies and try to scam other people. It doesn’t mean we should not use social media but use it with care. You must do a background check and interact with only authorized persons or companies.

Read More:- BM Infotrade’s next-gen Security Operations Center (SOC) offers SOC Managed 24/7.

There are many ways of cyber breaches that you should know about

Email phishing attack

In this scammers send Emails and try to gain sensitive information from you. They impersonate some authorized persons or companies to gain the trust of users.

Many hackers or scammers use this method to gain access to accounts and sensitive data. They also try to steal the identity of users to scam other people.

Pop-up attack

Pop-up attacks use deceptive pop-ups to make users fill in information about themselves online and they make them click suspicious links. Use this information against them. So you should avoid filling in information online.

Whaling

To target influential people or higher authority people this type of cyber attack is used. In this haker try to get secrets and data about an influential person by any means necessary.

How much does a Cyber breach cost and security cost?

47% of victims lose their money in cybercrime. (Norton, 2021). It is estimated that over 20 billion cost is reached by damages of Global ransomware damages. (Cybersecurity Ventures, 2019).

These estimations show the need for cyber security. To avoid cyber attacks and breaches one should heavily invest in its security.

But how much can you invest solely depends on you and the cost can't be determined because the cost can vary from time to time. The cost of cyber security is affected by factors like industry, number of employees, hardware, and software technologies but a company should invest at least 300$ if its annual income is 10000$.

If you think your company has sensitive data and if it gets leaked then your company image can get cursed then you should invest more in its security.

Read More:- Next-Gen Security Solutions

Can Cyber Breaches be prevented?

Can cyber security attacks be prevented? The answer is no because you can not stop an attack but you can defend against this attack. You should know if the attack becomes successful then it tarnishes the company's image and reputation in the industry.

You can avoid many attacks if you follow these points.

1. Make limited access to your sensitive data.

Companies should avoid giving sensitive data and information to regular employees or other employees who do not actively work on that data.

Always permit the people who work on that data and get regular updates from employees about its security.

2. Know who are the people you are doing business with.

Always work with the best to grow. This is the motto of all big companies but sometimes they make mistakes because of their arrogance and allow companies that are not fully authorized or reputed to work with them.

You should not allow unauthorized companies to work with you. Do a background check on third-party vendors before doing business with them.

3. Companies should conduct cyber security awareness training.

Small and mid-cap companies don’t care about their employees as much as big companies and they avoid employees awareness about cyber security. As we mentioned before 95% of the time cyber security breaches happen because of human errors. Employees must know about cyber security and its application. Awareness about cyber security will help them and the company in the future.

4. keep your software and hardware updated

Regularly check and ensure updates of new software. Big companies like Microsoft, Apple, and Google update their software and hardware. These updates were done to avoid malware and bugs which will eventually be found out. If we keep up with these updates we can avoid potential cyber attacks.

5. Making a business continuity plan

If you ever talk to a cyber security expert, he will always suggest you have backups and a business continuity plan. This means that even if your hardware or software gets corrupted, you can still have your data in a safe place and your business continuity does not get affected by this. When your company gets into a disaster or cybercrime. its data can be recovered.

Conclusion

In conclusion, you should understand How cybersecurity works and the cost of cybersecurity. You can prevent the majority of cyber attacks just by following the above-given points. Don’t forget to invest in cyber security because Once your customer loses faith in your business, it will go to dust.