Cybersecurity and Finance: Why Preventing Attacks is Financially Critical?

Cybersecurity attacks can happen to any organization at any time. In 2020, established organizations such as Marriott, MGM Resorts, Twitter, and Magellan Health all fell victim to cyber-attacks. Yet hackers don't just go after heavyweights. More than one in four data breaches involved small businesses, according to Verizon Business's 2020 Data Breach Investigations Report. These attacks can be expensive. A 2019 report from Hiscox revealed the average cost of a cyber-attack to be around US$200,000. This economic impact has created great concern, especially among small business owners. A survey conducted by the U.S. Small Business Association revealed 88% of small businesses felt their operation was vulnerable to a cyber-attack. Preventing these attacks is financially critical. There are several different cybersecurity issues to be aware of in today's business landscape — issues that only a seasoned cybersecurity professional can prevent.

According to the National Crime Records Bureau (NCRB) data, India reported 52,974 cases of cybercrime in 2021, an increase of over 5 percent from 2020 (50,035 cases) and over 15 percent from 2019 (44,735 cases). Whereas the old methods of cybersecurity were conceived to protect data on the local front, enterprise cybersecurity strategies are designed to safeguard data as it travels between distant wireless devices and onto cloud servers. This means that enterprise cybersecurity involves protecting your company's on-premise and cloud-based infrastructure as well as vetting third-party providers and securing the expanding number of endpoints connected to your network via the Internet of Things (IoT).