Cyber Security: A Gamble That You Can’t Afford
In the corporate world, it is easy to understand that profit for firms is an absolute must for growth, therefore you would assume that companies do plan strategically to move forward as efficiently as possible. However, one stone that often remains unturned is putting in place an effective cyber security system to defend against the growing threat of cyber-attacks. You would presume that companies understand the importance of cyber security, however you will see when I reveal the numbers to you shortly, that not every firm is as careful as they should be.
Did you know that there were 4.7 million fraud incidents in England and Wales by the end of September 2017? And that 3.2 million of these were related to bank and credit account fraud? Or perhaps you weren’t aware that the damage done from cyber-attacks in the USA in 2016 amounted to a whopping $1.3 billion, and $450 million globally.
Nobody wants to wake up with empty pockets after spending years budgeting and controlling expenses, so you can bet your life savings that having an effective cybersecurity in place is worth your while.
What is cyber security?
Cybersecurity involves having a set of technological control systems and processes to defend confidential files from any unauthorized access. If you have an effective cybersecurity system set-up, you will reduce the chances of somebody accessing and exploiting important information and capital.
Why would somebody want to cyber-attack me?
There are a number of possible answers to this question and often they are linked with one another. The motivations are likely to be:
- Financial gain.
- Political Reasons.
- Personal Challenges.
When a hacker accesses confidential material about your company, it can lead to identity theft since this data provides criminals with the information they need to commit fraud. Hackers have the ability to take control of your computer, freeze it and demand a ransom to be paid before they give back access to you.
The worst case scenario for businesses would be if a cyber-attack led to a direct fraud on a firm. This tends to involve diverting funds from their original location into the fraudster’s account.
A recent example is a hacking scandal that happened in Japan’s largest cryptocurrency exchanges, where they lost almost $400 million. For more information on why hackers hack, click here.
Can you remember the hacking scandal in the 2016 U.S.A presidential elections? And can you remember the damage that the Russian hackers did to Hilary Clinton’s campaign? As you can guess from the example, hackers may want to damage your public image and hinder whatever political progress that you are making.
Now, a lot of us like a challenge and since hackers are also human, they do too. Even though I may be stereotyping here, there is a lot of truth in assuming that a lot of these hackers are socially awkward, live a solitary lifestyle and eventually become computer geniuses. Their motive could be simply the adrenaline rush that they get off from breaking into a network.
Play It Safe
Regardless of whatever reason, when you are hacked you are exploited and the potential damage could be drastic. Avoid the dramas that hackers can inflict on you by investing in trusted corporate lawyers like Goodwin to help defend against the growing threat of cyber-attacks.