Data has become the most valuable commodity at a time when most businesses are embarking on a digital transformation journey. And cybercriminals are exploiting this move for their own gain.
There has been a sharp spike in cyberattacks over the last decade, with massive financial and reputational losses suffered by victims.
In Cybersecurity Month, we look at how cybercrime is evolving alongside technology and how businesses can safeguard their critical data.
Innovative technologies like AI and machine learning, IoT and automation have revolutionised business processes and operations in almost every industry. Unfortunately, the same technologies that are meant to empower businesses have now also become points of weakness for cybercriminals to exploit.
Biometric systems have been considered one of the most secure authentication methods, until recently, that is. Something that we consider to be a distinct characteristic, like our voices, can reportedly now be mimicked with the use of AI. According to a report in the Wall Street Journal, this is something cybersecurity experts have been anticipating. AI-powered malware is able to disguise itself to reach a specified target using biometric data like facial and voice recognition.
Lack of awareness
Not surprisingly, employees remain the biggest risk to cybersecurity. Human error can never be completely eliminated as long as operators are required to run business software and processes.
Businesses can invest in the most sophisticated security software and protocols but if the people working with critical data are not informed about the latest cyberthreats, it severely inhibits the efficacy of your cybersecurity efforts. Companies must educate staff to ensure that they have an in-depth understanding of ever-evolving cybersecurity threats.
The cost of cyberattacks
Cybercrime is one of the biggest hurdles facing humanity. It is predicted that the damage caused by cyberattacks will increase to $6 trillion (R90 trillion) by 2021 – this is twice the financial losses incurred in 2015.
The cost of cybercrime to your business isn’t just financial. The reputational damage of a cyberattack can seriously affect a company’s market value, diminish brand loyalty and severely set back their digital transformation efforts.
Protect your business
The facts and figures surrounding cybercrime are daunting, but it’s not a hopeless situation. There is no shortage of information and support to help you safeguard your business regardless of its size and the industry sector you operate in.
Your first port of call to fend off a potential attack is to develop a cyber-resilience strategy with a comprehensive response plan and to have a cyber-resilience team. Knowledge is power and the more you know about emerging threats and remediation responses, the better equipped your business will be to bolster your cybersecurity efforts.
At IS, our cybersecurity solutions are designed to help you detect potential threats, defend yourself against security breaches, and respond quickly when they occur. Learn more about our security solutions and how we can help you to safeguard your business here