Cyberattacks are one of the top concerns for both large and small businesses nowadays. Since businesses rely more on various technology, there is a rising risk of cyber threats. So, companies need to understand the significance of cybersecurity.

Cyberattacks have had an effect on companies of all sizes almost every segment of the global market.

According to research, organizations with 250 or more employees are more than twice as likely to be the target of an attack compared to those with 10 to 49 employees.

Hence, the cost of an attack-related downtime is higher for larger businesses.

In fact, IBM has calculated that the average financial impact of a data breach is approximately $3.8 million; however, for enterprises with at least a thousand employees, it can increase by ten times or even more than one hundred times that amount.

Top 5 Reason why Cyber Security is important

1. Increasing Cyber Crimes

Whether your business is tiny or large, a cyber-attack can have a negative impact on you. This is valid because every company has a variety of priceless resources that any hacker could use. Occasionally, it involves the private data of clients or consumers. Cyberattacks (unauthorized access to data, applications, services, networks, or devices) occurred 270 times per organization in the past year, a 31% rise from 2020. The only way to reduce the annual increase in cybercrimes is through strong cybersecurity.

2. Expanding the use of IoT devices

We have benefited from the advancement of Internet of Things (IoT) technology, but it has also made us a hacker target. IoT devices present increased surface areas for data breaches because of their numerous sensors and use of cutting-edge technology for continuing connectivity and data sharing. No matter how sophisticated your security measures are, if you don't handle these internet-connected gadgets effectively, they will give you an entrance.

3. Increased use of technology

We all constantly use technology, hence there is a massive market for hackers. API services, serverless computing, and edge computing are all growing quickly. Processes may be effectively automated and dynamically changed to different situations when used in conjunction with container orchestrations like Kubernetes. Attackers are attempting to stop this hyper-automation by attacking such APIs, which have the potential to significantly affect a company's commercial operations.

4. The deep web and cryptocurrency

The deep web, also known as the dark web, is a collection of websites that are protected by passwords or other security measures and are unreachable by search engines. Users remain anonymous because only specialized web browsers can access these websites or pages.

The dark web serves as a secret location for illegal activities such as software distribution, the selling of personal information, the trafficking of unwanted products and individuals, and piracy, the sale of illegal weapons, and several more unimaginable crimes can be carried out.

5. Evolving Ransomware

Ransomware is one of the most profitable hacks right now. Ransomware strategies in particular are changing significantly as a result of law enforcement's increasing focus and the substantial financial implications. Ransomware has an effect on all environments, including cloud, OT/IoT, and virtualized systems. Each object linked to a network that can be reached is a potential target Data theft for double extortion and the disabling of security mechanisms will soon become commonplace, however, insider risks and access to private information will increase.

 Conclusion

Cybersecurity is crucial for corporate expansion.

We are all more subject to cyberattacks now because technology is constantly improving. The rate of cybercrime is constantly increasing and will never stop. Hackers can thus take our data, money, and reputation if there is no cybersecurity. You can defend your company from cyberattacks in a variety of ways; all you have to do is recognize its significance and take appropriate action.