WHAT IS CYBER SECURITY?

WHAT IS CYBER SECURITY?

Cyber Security is the process of protecting data in your systems, networks and programs from various malicious digital attacks. It is also known as Information Technology Security (IT security), Internet Security, or Electronic Information Security.

Cyber attacks are usually aimed at accessing to steal, distort, change or destroy sensitive information. It is also used to extort money from unsuspecting individuals and disrupting day to day running of organizations

Why is Cyber Security important?

We live in a connected world. Technology has transformed the way we work, think even eat and how we interact with people. Given our extensive use of technology and how much we rely on it, protecting the cyber space is of the imperative.

An individual level cyber attack can result in identity theft, loss of important data like passwords, bank account details, extortion attempts and credit card frauds. These can happen on a larger scale with governments and organizations.  Effecting important infrastructure providers such as defense, healthcare, water, electricity and transportation such attacks can disrupt the smooth functioning of society.

Cyber-attacks are becoming increasingly sophisticated. Attackers use a vast vary of tactics such as Social Engineering, Ransomware and Malwares to attack organizations. Cyber Security has become a part and parcel of any organization, given the nature of transactions and sensitive customer information organizations deal with. Especially in the financial domain.

The cost of Cyber-Attacks are soaring. The spend on information security was predicted to reach over $114 billion in 2018.  This was an increase of 12.4 % from 2017, according to forecast from Gartner[1], Inc. the market is excepted to grow 8.7 % to $124 billion this year.

Regulations such as GDPR does not have it easy on organizations. Penalties for noncompliance is rising. There is also a huge pressure from the public to safe guard their personal and sensitive information. Organizations must also consider non-financial loss such as loss of trust by customers and reputation damage as a result of cyber attacks.

A strong cyber security system has multiple layers of protection spread across their systems and networks. In most organizations cyber security systems doesn’t rely on technology alone. It is a combined effort of people, process and technology- all working together to keep the organization safe from attacks.

PEOPLE

Employees must understand and be aware of the dangers, comply with processes and regulations and be alert and informed. Every employee must do due diligence to the company policy and their day to day work

PROCESS

Companies must have frameworks in place, a process that is communicated to all stake holders and a policy that implemented, reviewed constantly and updated

TECHNOLOGY

Technology is of the essential. Organizations need to protect 3 main components. End point devices (computers, mobiles etc..) the network and the cloud. The more frequently used products are firewalls, antiviruses and email security solutions but cyber security goes far beyond these.

Cyber security landscape is constantly evolving, making it difficult to stay up to date. Building a strong cyber security foundation in your organization, staying informed and being vigilant are the best ways to protect yourself and your assets.

[1] Source: https://www.gartner.com/en/newsroom/press-releases/2018-08-15-gartner-forecasts-worldwide-information-security-spending-to-exceed-124-billion-in-2019)

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