Every day we see news of another cyber breach. Our faith has been shaken as large corporations fall to a few malicious actors. Hackers are ramping up their attempts to disrupt, corrupt, and steal from organizations, businesses, and individuals.
We rely on information disseminated through the web for everything. Having our digital lives hijacked can result in personal catastrophe. The effects of increasingly sophisticated hacks don’t end there, either. Cyber breaches have a far wider effect than anyone had ever anticipated.
Here are 4 reasons cybersecurity needs innovation:
80% of U.S. companies report having been a victim of hacking
It’s no surprise that major corporations like Target, Yahoo, and Equifax are targeted by malicious hackers. They have vast pools of data points hacking rings can exploit for personal benefit.
Over 145 million people were affected by Equifax’s breach alone. Sensitive information like names, addresses, and social security numbers could be compromised. What is surprising is the fact that small businesses report successful hacking attempts, too.
Information of all kinds is extremely valuable. Long gone are the days when only major entities were targeted by hackers. No matter the size of your business, you could be targeted by a bad bot, unsavory script, or a trying Trojan virus. It’s not only possible for your business to be breached, it’s entirely likely.
Cyber breaches often incur financial loss
Cyber breaches can affect your business, your personal finances, and your identity. In fact, many smaller businesses face insolvency when they are the victim of a major hack. Hackers can steal bank accounts, routing numbers, and even personal information about friends, employees, and clients.
If a medical practice is hacked, for instance, HIPPA laws may charge the business fines for letting personal medical information slip. Even if you do everything to prepare for a breach, you may be liable if one happens to occur.
The financial loss and emotional toll of cyber breaches can cause should prompt everyone to pay attention to cybersecurity.
Hacking is getting more sophisticated
Data is valuable. Metadata, personally identifiable information, usage data, and digital files and folders can all be transmuted into dollars and cents. There’s no piece of information too irrelevant for digital pilferers. Protecting yourself should be as easy as downloading the latest antivirus software, but, unfortunately, arming yourself with premium software isn’t enough.
As time progresses so too do hackers. There was once a time when hacking was a pastime of script kiddies. Now, malicious hacking is a tool for provocateurs, nefarious rogue criminals, and crime rings. Hackers mean business. They’re smarter and more motivated than ever before.
The Internet of Things could introduce new risks
The Internet of Things is a revolutionary idea. The idea is to have every object connected to the internet, communicating, and self-repairing. Everyday objects like doorknobs, toasters, and refrigerators are endowed with computers. These smart objects provide users with a previously unimaginable level of convenience. Smart objects are constantly producing, transmitting, and analyzing data.
A constantly connected world poses a few threats. More data production could mean more vulnerabilities. In addition, having every object connected to the internet could allow hackers to have more access points into your network. Once they find an access point, a hacker could compromise everything on your network.
Cybersecurity professionals will have their hands full as the Internet of Things continues to explode in popularity. As adoption rates skyrocket, so too will hacking attempts.
A lack of regulation further complicates the issue. As IoT propels forward, we have little in the way of preparation for hacks and cyber attacks.
Security is of the utmost importance. It’s critical as most of our infrastructures now rely on the internet. The majority of companies have experienced a successful hack. This is absolutely devastating. Studying cybersecurity strategies is the only way to prevent the number of hacked businesses from growing.
Cyber attacks are so harmful because they can be ruinous for both businesses and individuals. Small businesses could face bankruptcy in the face of fines, fees, and stolen funds. Identity theft leaves individuals with massive messes to clean up that can take years to set right.
Hackers are getting more sophisticated. As cyber defense ramps up, hackers ramp up, too. Cybersecurity professionals will have to work even harder to match malicious coders.
The Internet of Things may promise a great deal, but IoT may also pose many risks. Constantly connected smart objects could change our lives for the better, but, at the same time, they could make us more vulnerable and exploitable.
Ellie Martin is co-founder of Startup Change group. Her works have been featured on Yahoo! , Wisebread, AOL, among others. She currently splits her time between her home office in New York and Israel. You may connect with her on Twitter: @EllieMartin120