Why is Cybersecurity the need of the hour?

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A 2021 Gartner survey found that the CIO, CISO, or their equivalent were held accountable for cybersecurity at 85% of organizations. Non-IT senior managers held accountability in only 10% of organizations surveyed, and only 12% of boards have a dedicated board-level cybersecurity committee.

What Is Cybersecurity?

Cybersecurity is a security mechanism that provides many services to users and applications all over the world in order for them to have a secure work experience with all of the security safeguards in place. Various terminologies are used when developing security services to protect users from threats that attempt to infect the system. Cybersecurity is vital at the enterprise level because it protects critical infrastructure, systems, and confidential information.

Why Do We Need It?

We have entered a new digital era in which every service is available at our fingertips. During the pandemic, several organizations support the bring your own device (BODY) policy for users and staff to ensure that work continues uninterrupted. However, due to the lack of a malware protection mechanism, determining whether the user is authorized becomes difficult. Last year, a cyber attack occurred at the AIMS hospital, causing the servers to become paralyzed in order to access sensitive patient information; this attack occurred as a result of inconvenient security services. To be safe from such dangers, we need a reliable security solution that not only ensures safe access but also a secure work environment. Cybersecurity involves security mechanisms like Security Access Service Edge(SASE), Zero Trust Network Access(ZTNA), and Security Service Edge(SSE) will help the system to get rid of threats and ensure a safe user experience and data protection.

Importance of Cybersecurity in the Industries

BFSI Industry

Security is vital in the BFSI business because all financial information, banking data, and insurance policies are at the user’s disposal so that they may utilize the services without interruption. However, as we all know, attackers are always looking for ways to exploit information. To avoid such situations, cybersecurity provides services such as multifactor authentication and malware prevention software.

Healthcare Industry

The healthcare industry is becoming a prime target of attackers as here they get valuable information that can be unethically used by them to accomplish their motives. Here cybersecurity becomes a beam of light as it provides services like authentication, authorization, control and access policy enforcement, and network fragmentation these solutions enhance the security of the healthcare system.

Manufacturing Industry

The healthcare industry is becoming a popular target for attackers because it provides them with important information that they may use unethically to further their goals. Here, cybersecurity shines as it provides services such as authentication, authorization, control and access policy enforcement, and network fragmentation, all of which improve the security of the healthcare system. 

Trends in Cybersecurity

Several organizations and industries use cybersecurity programs to complete their work with all security measures. To improve security parameters, the cybersecurity organization incorporates several terminologies and technologies such as automation, machine learning, and artificial intelligence. The following are some upcoming security solutions.

1) Cloud Security

As more organizations adopt a multi-cloud strategy, it becomes more challenging to monitor all third-party cybersecurity systems, as each has its own set of security regulations. This security system will undergo certain improvements in the future to ensure cloud security.

2) Cyber-Physical Systems

To communicate with the physical world, cyber-physical systems are designed to manage secure computing, control, and networking. According to Gartner, such technologies will be utilized by various organizations to create secure workplaces with all security parameters.

3) Zero Trust

As we all know, during the pandemic, several organizations enabled bring your own device (BODY) policies to ensure continuous operation in areas where zero trust terminology was utilized. Because it supports identity and context-based system structure, this technology will bring some new changes in the future to meet security needs.

What Happens If a Cybersecurity Strategy Is Not Implemented Within the Organization?

Cybersecurity includes many security techniques that allow organizations, users, and employees to conduct secure Internet transactions. If these techniques are not correctly applied, it would be a win-win situation for attackers who are continuously looking for such possibilities.    

1) Legal Ramifications

It gets simpler for an attacker to gain access to company data. In the absence of a security mechanism, confidential information will be leaked, resulting in legal implications among business partners.

2) Operational Disruption

Cybercriminals will launch many internet attacks to steal secret information, causing operational disruptions and causing damage to security infrastructure.

3) Economic Uncertainty

Economic uncertainty will take place as attackers are free to get access to the business and financial information which will lead to a reduction in share price.    

What Is the Average Spending On Cybersecurity In Large, Medium, and Small Organizations?

Spending on information security and risk management products and services is forecast to grow 11.3% to reach more than $188.3 billion in 2023. Security services, which include consultation, hardware support, implementation, and outsourced services, account for over $72 billion in 2022 and are predicted to reach $76.5 billion in 2023. Gartner predicts that the integrated risk management market will rise by double digits through 2024, until more competition results in lower-cost solutions. The average amount spent on cybersecurity in large, medium, and small businesses is shown below:

Large organizations spend $2 million and $5 million on cybersecurity yearly.

Medium organizations spend $500,000 and $2 million on cybersecurity yearly.

Small organizations spend $500,000 or minimum on cybersecurity yearly.

Government Rules and Regulations in Different Countries Concerning Cybersecurity?

Several countries implemented various rules and regulations to ensure secure infrastructure and data transactions. These protocols were utilized all around the world to establish high security and guard against dangers. There is a set of rules and regulations that each country follows and implements.

India – Rules and Regulations

1)The Information Technology Act, of 2000/2008/2011

2)National Cybersecurity Policy 2013

3)National Cybersecurity Strategy 2020

4)IT Rules, 2021

5)KYC (Know Your Customer)

India – Regulating Bodies

1)CERT-In (Computer Emergency Response Team)

2)NCIIPC (National Critical Information Infrastructure Protection Center)

3)CRAT (Cyber Regulations Appellate Tribunal)

4)SEBI (Securities and Exchange Board of India)

5)IRDAI (Insurance Regulatory and Development Authority India)

6)TRAI & DoT (Telecom Regulatory Authority of India and Department of Telecommunications)

US (United States)

1)CISA (Cybersecurity Information Sharing Act)

2)Cybersecurity Enhancement Act of 2014

3)Federal Exchange Data Breach Notification Act of 2015

4)Cybersecurity Protection Advancement Act of 2015

UK (United Kingdom)

1)PECR 2003 (The Privacy and Electronic Communications Regulations)

2)DPA 2018 (Data Protection Act)

3)Data Protection (Charges and Information) Regulations 2018

4)NIS Regulations 2018 (Network and Information Systems)

5)Data Protection, Privacy, and Electronic Communications Regulations 2019

6)EU-UK Trade and Cooperation Agreement 2020

UAE (United Arab Emirates)

1)Federal Decree-Law No.45 of 2021

2)Data Protection Law 2020

3)Data Protection Regulations 2021

Japan

1)BAC (Basic Act on Cybersecurity)

2)TBA (Telecommunication Business Act)

3)APPI (Act on Protection of Personal Information)

4)FEFTA (Foreign Exchange and Foreign Trade Act)

Benefits of Cybersecurity

Cybersecurity is proceeding in every industry as it becomes today’s need. Several benefits of cybersecurity help organizations and users, some core benefits are explained below.

1) Cloud Security

Organizations use security measures to deal with threats that are attempting to infiltrate their cloud system. Cloud security is used by most sectors to store and manage data, prevent threats, and increase compliance verification. It will ensure that data sent through the cloud reaches its intended destination.

2) Network Security

Network security employs a set of services that enable secure usability while also preserving the integrity of company infrastructure by preventing unauthorized network access. This provides security against internal and external dangers, increasing organizational productivity.

3) Data Security

Because data is at the heart of every organization, it must be safeguarded. With secure access, it will ensure the data’s integrity and confidentiality. To ensure secure data transactions, several access control policies and authentication techniques will be implemented.

Conclusion

Cybersecurity is a must-have in today’s digital age for individuals, corporations, and governments alike. Malicious actors aiming to exploit weaknesses pose new hazards as technology progresses. In the face of ever-changing cyber threats, it is vital to preserve sensitive data, maintain privacy, and protect key infrastructure. Adopting strong cybersecurity measures ensures a safer and more resilient digital world for everybody, encouraging trust and allowing for the seamless integration of technology into our daily lives.