Cybersecurity: relevant to every company
Business processes have become digitised, as the number of technologies used is quickly rising, which makes cybersecurity ever more relevant to all kinds of companies. Cybersecurity risks are diverse and can differ in the public and private sector; however, one of the key tasks in combatting them is educating workers in technology.
Soaring losses
As public, municipal and private entities expand their use of information and communication technologies, so grow the threats to cybersecurity. This is what a data breach report, published by IBM and Ponemon Institute, suggests, discussing the cost of data breaches, i.e., the level of losses companies incur if one happens. According to its data, this cost rose from 3.86 million dollars in 2020, to 4.24 million in 2021. This is a huge increase to take place for just one industry, in one year.
A long list of different types of cyberattacks has already been identified. Let’s look at key things to watch out for in 2022: top 7 data security threats.
Why is cybersecurity SO important?
One of the main tasks of cybersecurity is to protect the systems of a company and the data within them from any digital attacks. Today, most organisation data and personal data are stored in electronic devices, on servers, and on the cloud. And this is where intruders can try to access data they are not supposed to access! This is why paying attention to a few important aspects is vital to companies of all sizes:
- informing company staff of the types of cyberattacks and the conditions for running them;
- timely and regular updates for the company’s systems and application software;
- company intranet endpoint security software, to protect the devices of the company’s staff connected to the intranet;
- installation of high-quality firewalls;
- data redundancy;
- access control for company devices and internet connection;
- security of WiFi networks;
- control/supervision of workstations by IT or other divisions;
- use of unique passwords for all systems and applications.
Company and government data security Companies depend on technology and data systems today, regardless of their industry. Sharing and storing data, and using applications leads to a higher risk of data loss or theft. Data can be used as a coercion tool against a company or its individual employees.
If an attack happens, for example in a healthcare facility, the consequences can be not only financial, but also lethal.
Do cybercriminals only attack large companies? Cybersecurity specialist Leia Shilobod warns: “Don’t fool yourself. Small businesses that don’t think they are a target for cybercriminals are really low-hanging fruit for them. These companies have a weak security system and weak security protocols, if any at all, and hackers know it, and can exploit it. Studies have shown that 60–75% of small to medium-small companies have issues with their security systems making them more vulnerable to cybercriminals.”
Threats to government data Threats to governments differ from those affecting private businesses:
for government institutions, these attacks take a more committed and planned form. The motivation behind this is typically political, and the hackers that perform these attacks can even be employed full-time to do that.
An attack on a government body means a threat to the economy of the country, and its security. The European Union, too, has sectors of vital importance that depend on digital technologies. Forecasts show that by 2024, 22.3 billion devices all over the world will be connected to the internet of things, increasing the number of cyberattacks and cybercrimes.
Employee factor Many companies believe that the right IT technologies and security tools are enough to protect the security of their data. The reality is that in about 52% of cases,
untrained and uneducated employees create the biggest threats to information security. The primary source for this, with 47%, is staff members sharing inappropriate content using their smartphones; the second threat, at 46%, comes from devices that contain company data or ways to access them and are lost by employees, and third, with a probability of 44%, is employees using the company’s technologies incorrectly or negligently, installing or running computer viruses.
Understanding the risks A game called Escape Room and created by PwC simulates cyberattacks to raise awareness about them among employees and to reduce this risk for companies, and is available in Latvia. The company helps workers understand the threats to their company’s digital environment from the viewpoint of the hacker, with an emphasis on the most common mistakes committed by employees.
To protect your company data, follow and react to the latest events in the ever-changing field of cybersecurity. Looking forward to meeting you at the RIGA COMM 2022 cybersecurity conference, on 7 October!
