Top 10 Reasons why Cybersecurity is Critical to a Digital Future

Decades ago, rumours falsely reassured PC users that only mega-corporations and financial institutions could become targeted by cybercriminal activity. The unfortunate reality is far different, however. As computers and internet networks have evolved from a privilege into a daily necessity, the number of individuals and SMEs hit by cyber-attacks has increased tenfold over the past few years. AAG recently found that in February 2023 an average of 97 people fall victim to cybercrime every hour, meaning there is a victim of cybercrime every 37 seconds. 

Today, cybercrime can affect anyone and any organisation. As long as an organisation has stored data, working devices, active accounts or presence on the cloud, it could become a cybercriminal’s next target. The non-discriminatory nature of cybercrime means that all organisations must ensure they protect to data of customers from all backgrounds – from big-money client partners to standard end users.

When a cyber-attack strikes, it can be financially devastating for organisations in any industry. In 2023, the global annual cost of cyber attacks is predicted to top $8 trillion, a 200 per cent increase from 2021. If the cost of cybercrime continues soaring at this rate, it could cost enterprises around the world a total of $32 trillion by 2025, more than the total economy of the US and China. 

Expenses that follow a cyber-attack – especially after a data breach – can severely damage a company’s finances. Today, A single data breach cost costs an organisation an average of $4,35 million, the highest it has ever been in history according to IBM. Enterprises big and small must invest in adequate cybersecurity measures if they wish to protect themselves against the severe costs threats can cause. It is more financially effective for an organisation to employ preventative measures against cyber attacks than remediate them once they happen.

In recent years, the amount of sensitive data being collected and analysed following the digitalisation of various economic and social life sectors has soared. Data like financial reports, bank account numbers, usernames, passwords, personally identifiable information and healthcare information are now stored online.  Although the shortage of data on the cloud can streamline the data management process, it also puts more and more people’s sensitive and personal information at risk of being compromised, stolen and leaked by hackers. 

The exposure of this sensitive data is not only costly for the organisations storing it but also detrimental to the reputation of their brand. It is critical can organisations correctly identify sensitive data and ensure it is adequately protected to lower the risk of being targeted

When the pandemic struck in 2020, it accelerated existing trends in remote work, e-commerce and automation. Organisations big and small were forced to rapidly digitalise, moving their business infrastructure and huge amounts of data to the cloud as they adapted to the new era of Remote working. But it wasn’t just organisations that took advantage of the remote working model – cybercriminals did too. 

Cybercriminals can exploit the shift to remote work environments by exploiting vulnerabilities in remote infrastructure and adapting their strategy on targeting workers themselves. This is because remote work more specifically works at scale, which significantly raises the potential attack surface that must be protected. It also moves organisations outside conventional perimeter defences like firewalls and intrusion detection systems, that are traditionally used to defend against attacks. In the digital future, companies must ensure they protect their digital assets from the new risks brought by remote work.

The recent explosion of e-commerce brought on by the pandemic has been widely welcomed by retailers, who have seen increased sales in the new era of online shopping. But the extra sales haven’t come without challenges. According to a recent survey by the Computer Security Institute, more than 90 per cent of retailers have been hit by over the past year. These attacks have totalled a whopping $266 million by the 273 companies surveyed. 

In an e-commerce transaction, businesses hold access to sensitive information, intellectual property, and customer data, including communication details, addresses, customer behaviour, credit card information, and supply chain storage. A security breach of this data can cause major information spillage and severely damage an organisation’s marketing processes. These risks are avoidable with adequate security measures, but with e-commerce increasingly becoming the target of threat actors, retailers must ensure their data is protected.

Today, the threat of cybercrime is not just limited to the digital world – it affects the privacy of the lives of individuals around the world. Anyone who shops, communicates or works using a digital platform today is vulnerable to cyber threats like identity theft, phishing and fraud that can have huge consequences on their lives. Malicious email phishing campaigns, for instance, regularly seize personal information such as photos, messages and orientation personal information to blackmail and threaten their victims. 

With more sensitive data stored online than ever before, organisations and individuals are at  increased risk of being targeted by more sophisticated campaigns that could destroy lives. The digital future will depend on organisations protecting their customers’ sensitive information to ensure their online privacy is maintained.

It is not just enterprises and individuals that are at risk of being targeted by malicious actors. The link between cybercrime and national security has become increasingly prevalent over the past few years, with the advancement of technology putting more countries at risk of being targeted by hacking groups for financial advantage. The Ukraine-Russia conflict has further accentuated the risk of these attacks, giving birth to new state-sponsored hacktivist groups able to launch large, sophisticated attacks against organisations to damage national infrastructure.

Though federal agencies and governmental bodies are highly focused on preventing a cyber attack that results in a national disaster, local governments and organisations must ensure they can protect themselves against threat actors and respond when attacks strike. This will allow critical digital assets to be protected and allow national data to be protected in the digital world.

As well as permanently damaging an organisation's reputation and digital infrastructure, cyber attacks can cause severe disruption to business operations. Whether it’s malicious code that leaves websites unusable, viruses that delete critical data from hardware, or DDoS attacks that make websites inaccessible, cyber attacks can halt business procedures for hours or even days on end. Once the damage caused by an attack is identified and remediated, IT teams must then limit access to its network to contain the threat of malware or data leaks, causing further disruption to the business. 

With attacks becoming increasingly sophisticated year by year, organisations will need to ensure they can not only defend themselves against cybercriminal activity but also respond swiftly when attacks hit. In the digital world of the future, being able to respond quickly to threats will be critical to maintaining productivity in the business. Those who had solid cybersecurity measures in place will see increased profits and less disruption to business activities.

Data privacy legislation has transformed the way organisations around the world handle, manage and protect their customers’ data. The EU’s general data protection regulation (GDPR), for instance, has revolutionised the way businesses in the UK and Europe secure and store data, leading to organisations that fail to protect their customers’ data being slapped with hefty fines and legal action. 

As companies struggle to keep up with the ever-evolving cyber threat landscape, GDPR fines hit a total of €97.20 million in the first half of 2022, an increase of 92 per cent from the year prior. With many more data laws and regulations on the horizon, companies will need to ensure their cybersecurity procedures comply with legislation if they wish to avoid legal penalties. This will require increased investment into data management and the requirement of all cybersecurity incidents be reported to authorities, regardless of if data was stolen.

One of the major trends that have defined the cyber threat landscape in recent years has been the lowered barrier to entry to cybercriminal activity. The emergence of the Crime as a Service (CaaS) business model – which allows users to pay to launch hacking campaigns – has made it easier for less technically-minded criminals to engage in cybercrime. Many of these transactions take place on the “dark web,” which has fuelled the evolution of cybercrime in recent years. These services range in price from a few dollars to several hundred, such as  DDoS attacks carried out for $10 an hour or $300 per day for spam-for-hire services. 

Underground cybercriminal activity has become a plausible business model, based on regulations, supply and demands, and even customer reviews on criminal tools and services. As technology evolves and access to tools becomes more accessible, security teams will need to monitor cybercrime and hacking platforms, especially those hosted on the dark web, in order to identify threats to limit the dangers caused by their attacks. Early detection of these attacks will allow law enforcement agencies to shut down the infrastructure used by threat actors and take down its malicious products and services. The global enterprise’s digital future depends on it.