Strong cybersecurity is essential for protection against hackers and other cybercriminals.

Cybersecurity is essential as it protects all forms of data and information, like sensitive data, personally identifiable information (PII), protected health information (PHI), intellectual property, personal information, and government and industrial information systems. Without extensive cybersecurity strategies and programs, governments and organizations are left defenseless against data breaches, and it makes them an easy target for cybercriminals.

Cybersecurity is the process of protecting and recovering digital information, systems, computer networks, and devices from data breaches and cybercriminals. With the commencement of complex technologies, cyberattacks are becoming increasingly sophisticated.

Cyberattackers have updated knowledge about the evolving technology and implement new methods involving software engineering, artificial intelligence, and analysis to breach traditional security controls.

Importance of Cybersecurity

The importance of cybersecurity is on the rise. With the increase in reliance on technology and smart internet-enabled devices, cyber breaches have become common. Data leaks can lead to identity theft, and then the information stolen can be posted on media platforms, leading to privacy breaches. Cloud storage facilities have become popular due to their specialized features allowing easy and mobile access to information. Personal information like social security numbers, credit card information, and bank account details are stored in cloud storage services like Dropbox and Google Drive. Pairing this with the poor cloud storage security measures, we are witnessing cybersecurity threats that did not exist a few years ago.

According to reports in 2019, cybercrimes have cost the global market a whopping amount of US$2 trillion, prompting global expenditure of roughly US$10 billion by 2027 to protect against these cyberattacks. It is not just about the safety of global jurisdictions and large-scale organizations; average and regular customers face phishing schemes, ransomware attacks, identity thefts, data breaches, and financial losses.

Cyber breaches can also affect a country's national security. Recently, the US government accused China of a newly discovered series of hacks against key targets that could have affected the private companies and the country's critical infrastructure. This marks the third distinct and severe attack on the US government in recent months. Previously, the United States accused Russia of hacking nine government agencies via SolarWinds, a Texas-based software company; widely used in American businesses and companies. Earlier this year in January, Microsoft blamed China for starting a free-for-all program where many hackers broke into organizations on a global scale through the Microsoft Exchange E-mail Program.

Both China and the US use complex entities and mechanisms to prevent cyber frauds. The growing tensions between the two countries might even lead to conventional warfare.

Steps to prevent Cyber Threats

Large-scale companies, governments, and general citizens face complex challenges due to cyberattacks. Here are a few steps that can help to increase security and awareness.

1. Identifying the Threats– The basic threats like unauthorized access to information and hacks can be tackled immediately. Mostly, companies store sensitive information in their databases; if leaked, could lead the company to severe losses. Cybercriminals are always on the lookout for opportunities and information to breach privacy and steal data of importance. Hence, strict security protocols should be maintained to identify the threats swiftly.

2. Using Two-Factor Authentication– Double authentication can help reduce risks to a great extent. In this protocol, the companies will allow access to sensitive information to employees only if they follow the two-factor authentication technique. In this, the employee will have to enter the password in the system, which will be followed by a code that will only be accessible to the employee. Double authentication protects the data and discourages hackers from attacking.

3. Risk Assessments: Conducting regular risk assessments is an important step to reduce cybersecurity threats. Risk management is an important factor that contributes to the growth of the company and helps keep the business safe from competitors and hackers.