With the fast pacing technological world, almost all the listed companies having an online presence are switching towards a more promising revamped digitization process. No matter what the industry is, companies are looking to move their identity online. This is among the major reasons cybersecurity holds great importance today.
That is why the most sophisticated secure companies are on the brink of collapse as attackers have switched strategies to exploit the most vulnerable partners. Currently, marketing and communication agencies are the top targets and are trying to avoid such scams and breaches.
Considering the above factors, the need to turn towards cybersecurity and to incorporate it in their daily company endeavors is a must. That being said, the cost on cybersecurity just skyrocketed from $40 billion in 2013 to $66 billion in 2018, and still, the situation has not been contained.
Can you recall the last time your company underwent a security check of network and data? If it has been days, then you need to start acting now and take serious measures.
Companies Subject to Cybercriminals
With multiple targets accessible online, cybercriminals have stepped up their game looking for new avenues for acquiring targets that include third-party partners, luring them in a trap with extreme precision. This would comprise of all the departments of the company whether its the creative department, supply chain, or communication department. Most of the time, agencies don’t allocate resources for controlling cybersecurity.
Currently, rather than controlling cybersecurity, adversaries are more focused on outsourcing agencies to manage and streamline data theft. However, that being said, cybercriminals are targeting big agencies which hold data of hundreds of clients. Once hacked, cyberattacker will harvest private information which they can use to expose or alter it for ransom purposes maybe.
Large Corporations facing Ransomware
The biggest concern for any entity is ransomware! It is a type of malware that encrypts organizations data and takes control over it. This way, the attacker, later on, demands ransom money in exchange for it. Ransomware is a frequent issue now because of the high usage of cloud services for data storage and businesses to not take their cloud storage security seriously.
This is a problematic scenario because businesses have to ensure that their data is stored in multiple places as a backup. But the use of physical storage tools such as hard drive has decreased with dependency on cloud services. With malicious software doubling in numbers, security software are trying their best by using antivirus software.
Then again, its recommended to have better tools to enhance online privacy to halt cybercriminal movements. This should be made compulsory for all the agencies.
Data leak Risks – Prevention Required
Agencies need to be concerned with the data leaks around them as it acts as the pillar of downfall for them. All the businesses are required to keep data from customers and employees, which is most of the time-sensitive information. If that information is leaked somehow, the company will be solely responsible if the information is used against the person’s will.
However, this can be limited by controlling the amount of data being held in the public domain. Businesses try to minimize the risk of losing client data through using ‘Burner email’; which is a name used for dummy email accounts companies use to sign up on a new site they aren’t sure of.
The benefit is exponential because the company would 100% reduce the chance of that email getting hacked, and if it does, the company will not lose any sensitive data.
The Impact of Cybercrime on your Business
Ignoring the current cybersecurity status can cost the company, and before company security analysts find out, the data and credentials will be hacked. Looking at the economic growth, there is a direct cost attached for all businesses that cater to causing disrupt in trading flows, theft of corporate information, or even financial expenses affected. But the fact is, everything doesn’t happen online; cybersecurity can easily impact your reputation constantly.
Legal consequences should be concentrated on as well, where failure to store clients information would be dealing consequences with the GDPR regulations. This, however, does not see who is the culprit for losing data, whether the company was at fault or a particular employee.
Companies in multiple sectors need to ensure that employees in the business have sound knowledge of the latest cyber security threats and the current possible solution to solve it. To fulfill these criteria, companies can carry out training workshops to train and educate employees with the current knowledge to understand cyber attacks.
Cybersecurity should be an Agenda
Entities and multiple agencies need to ensure that client data is break proof. One small mistake could lead the company dealing with court notices and an instant hit on the stock exchange market. For companies smooth, profitable survival, they have to operate carefully spending time and money on cybersecurity.