Cyber Risk Management: Why Cyber Security Matters Now

In every business, The Internet has become an important medium for having an online presence. Like: For marketing themselves, engaging with customers, selling services or products online, and store data in the cloud. It isn’t easy to find a company in existence that does not have an online footprint. This online appearance, however, has led to an increase in cybercrime.

Do not imagine that because you are a small company, you are not a target of cybercriminals. They are likely to target small businesses too because most of them do not concentrate on cybersecurity.

TRG provides Cyber Risk Management services and delivers a complete and holistic strategy for addressing risk and managing threats. We have Advanced Threat Detection technology which helps you to stay secure from cyber attacks.

Cyber Risk Management

Why Cyber Security Matters Now

Internet of Things

Internet of Things (IoT) is the new buzzword in tech, with companies looking for ways to have as many devices as possible connected to the internet. While this is a very convenient thing, it leaves one vulnerable to cyberattacks. If, for instance, all the electronic devices in your house are connected to one network, the attack on one machine would leave all the other devices vulnerable to an attack. Hackers can utilize AI and machine learning to trigger automated attacks that can compromise secure systems without needing any human intervention.

Cloud Computing

Cloud Computing has become the in-thing in tech, with companies opting to rent or buy access to computing services — from storage to applications and processing power — from a cloud service provider instead of owning physical infrastructure. Because a large amount of data stored in the cloud, so it becomes an easy target for cybercriminals who know that a single breach will give them access to a treasure trove of information.

While new software comes up every so often to either improve on an existing one or solve a new problem, this means that more hacking tools are becoming more available. There are many hacking tools and programs available now on the internet, either for free or at an affordable price. Hacking tutorials are also readily available on the internet. This means that there is a significant threat from less-skilled individuals who can easily access tutorials and software online in addition to well-funded and highly skilled hackers.

The rising cost of breaches

A single breach can result in the data of hundreds of millions of users compromised. For instance, earlier this year, 267 million Facebook users’ personal information was stolen and put up for sale online. The stolen data included email addresses, names, dates of birth, and phone numbers. In April, Magellan Health, a Fortune 500 insurance company, discovered a security breach in its system, in which a sophisticated social engineering attack gave hackers access to its servers. The hackers launched a ransomware attack and gained access to sensitive information of patients such as names, contact information, social security numbers, taxpayer-identification numbers, and employee ID numbers. The people affected by this breach are now estimated to be 1.7 million.

Companies spend millions of dollars when mitigating the effects of the breach. They have to pay to recover the stolen data, upgrade their cybersecurity systems, and pay any fines and penalties. The cost of a single cyberattack is enormous, and it will be prudent if organizations ensure cybersecurity to protect their systems, customer data, and much more.

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