The internet is paramount to everyday living these days, not just within the workplace as it once was.
With the internet being so dominant and much more widely used now compared to just a decade ago, cybersecurity is quickly becoming an instrumental marketplace, and with good reason.
What is Cybersecurity?
Cybersecurity by definition is the process and practices of or utilizing systems that protect computer networks from theft or unauthorized use of personal data, often for fraudulent activity. Any company that utilizes the internet, holds data digitally, or has an internal infrastructure needs to make sure they are investing in IT security.
Cybersecurity is also known as IT security.
Why is Cybersecurity Important?
Just as you would wear a helmet when riding a bike, protecting yourself from harm, damage or disrepute during IT usage is wise.
Without cybersecurity in place, you as an individual or a large organization cannot protect or defend against data breaches thanks to the sophisticated nature of cybercriminals’ activity.
Should you fail to give attention to your cybersecurity or outsource to an IT company, whether as an individual or a business, you will pay for it in many ways.
- Repairing or replacing damaged systems such as smartphones, laptops, servers, and networks will be costly and time-consuming
- Trading disruption will lead to financial loss or the complete loss of your business.
- Loss of personal information can lead to identity theft and financial fraud
- Lost or leaked corporate information can lead to loss or theft of custom, impacting your business and finances.
Loss of Reputation
- Often front-page news, breaches are headlining events
- Loss of consumer trust will lead to a fall in client base, poor reviews, and uncertainty amongst staff as much as clientele
- Social media will garner more publicity amongst current and prospective clients
- Without proving that you had cybersecurity and did everything you could to prevent such an event, it’s less about protecting your reputation and more about damage limitation.
Fines and Regulatory Issues
- Regulations and laws surrounding data breaches, for example, GDPR, mean fines and sanctions are in-store should you be caught by cyber criminality.
- The largest fine to date due to cybercrime and data breaches, violating GDPR, was to British Airways in July 2019 for £183m.
Why Invest in IT Security?
With such huge fines, up to hundreds of millions of dollars, applicable to organizations who fail to prevent data breach occurrences and separate massive financial risk to individuals or businesses through fraudulent activities, cyber-attacking is an attractive marketplace for criminals.
For the same reasons, cybersecurity is an attractive industry to invest in. According to Grand View Research, the cybersecurity market is worth $179.96 billion in 2021, with an estimated revenue forecast of $372.04 billion by 2028.
The battle between cybercriminals and cybersecurity will not ease off any time soon, thanks to ever-evolving technological advances and today’s reliance on the internet across all aspects of life.
From operating smart light bulbs at home and cloud storage utilization to managing CRM databases containing millions of customer records, everything is at risk of penetration. However, while that risk is here, cybersecurity and managed service providers will lead the field to IT security.