In the ever-changing and increasingly digitized world we live in; cybersecurity is something that cannot be ignored. Incidentally, extensive security measures and sophisticated research in the cybersecurity space are needed to face the digital business era’s challenges that operate on a complex, dynamic, and hybrid framework of local and cloud infrastructures. However, despite advances and investments in the cybersecurity industry, there is still significant ground to cover how companies understand and manage cyber risk. Therefore, it’s essential that modern digital businesses must ensure the security of both business and the technological framework on which the business is operating.
The severity of Cyber Threats
Major security firms across the globe regularly analyze the extent of cyber threats and their impact on the global economy as well as businesses. And believe it or not, the numbers are scary. It’s estimated that every 40 seconds, a business falls victim to some kind of cyber attack, and in 2021, this is expected to go down to 10 seconds. This accounts for $6 trillion in monetary losses, which by 2025 will reach $10 trillion. Cyberattacks hit businesses of all sizes, but it’s small and medium-sized enterprises that are more at risk. Accenture’s Cost of Cybercrime Study estimates that nearly 43% of all cyber-attacks are aimed at small enterprises, mainly due to insufficient security measures.
Why do Digital Businesses need a solid cybersecurity roadmap?
Digital businesses have multiple avenues through which an attack can be directed towards them. It’s therefore essential to have a solid strategy and cybersecurity roadmap to defend against any kind of online attack effectively. Digital business relies heavily on the internet for efficient business operations, making them the most vulnerable to an online attack. The backbone of any digital business, which is an app or, in most cases, a website, is under constant threat of online attacks. Secondly, we live in an age dominated by centralized cloud-based infrastructure to store and process data. The information, in most cases, is traversing the public internet path, which provides hundreds of weak points to intercept and access it. That’s the reason why every digital business must protect the framework of related technologies that make up the modern-day online business infrastructure.
What approach is needed for impenetrable cyber defense?
For digital businesses, security has become a strategic lever, an element of differentiation in terms of services and customer satisfaction. It has become an essential element for gaining customers’ trust and protecting the brand’s name and identity. Therefore a digital business needs a new approach to defend itself against online threats effectively. To effectively manage cybersecurity, businesses should establish metrics to accurately and objectively measure the security protocols and ensure that they meet the needed safety requirements.
The online landscape is constantly changing, and more so with the advent of cloud computing. Cybersecurity Research should target the new avenues through which an attack can be initiated. At the same time, the digital business should be well aware of the risk cyber attacks pose both in terms of financial losses as well as tarnished reputation. In a constantly evolving cyber landscape full of malicious characters, only those with stringent and updated cybersecurity measures will survive.
