The Importance of Cyber Security in the 21st Century

The Importance of Cyber Security in the 21st Century

importance of cyber security

The Importance of Cyber Security in the 21st Century

Whether you are a multinational company, small enterprise or average joe, you are no doubt at risk of a cyber attack.

Why?

Because the world has never been as interconnected than it is today. In Australia alone, 87% of us own a Smartphone, with 95% going online weekly.

In fact, of the 177 billion hours that Australia’s 20.2 million citizens had to spend in 2018, we spent a whopping 21.9 billion of them on the internet!

People are uploading personal information to social media daily; credit card information is being shared like wildfire, and company data is being stored in potentially unsecured cloud storage services.

In a nutshell: if you’re not interested in cyber security, you should be.

What is Cyber Security?

Cyber security refers to the practice of preventing, defending and recovering electronic systems, networks, data and programs from unauthorized digital attacks. These cyber attacks commonly aim to steal money, interrupt business processes and access sensitive information.

According to Forcepoint, sub-sections of cyber security include:

  • Network Security – protecting network traffic from threats
  • Data Loss Prevention (DLP) – protects data using location, classification and monitoring of information
  • Cloud Security – protects cloud-based services and applications
  • Intrusion Detection Systems (IDS) – Pre-detects hostile cyber activity
  • Identity and Access Management (IAM) use – provides authentication services

The Cost of Cybercrime

From hackers looking to commit identity theft to criminal organisations extorting money from big businesses, cybercrime has grown to pervade every aspect of our society.

Accenture’s research has found that security breaches in the last year have cost firms over $13 million each on average. This was up from 11.7 million last year, with malware, web-based attacks, denial-of-service (DOS) and malicious insiders being the main drivers for loss.

However, money isn’t the only cost of a cyber attack. Cyber attacks also create immeasurable damage by harming reputation, creating market-share loss and ruining personal careers and relationships.

Here are some examples of cyber crime.

Yahoo – Yahoo has experienced a series of historic data breaches, affecting over 500 million accounts. These breaches cost Yahoo, with Verizon later slashing the price of its deal to buy Yahoo by $350 million. It is still unclear who was behind the big attack.

Equifax – Equifax’s massive data breach stole the personal information of 146.6 million people. This included extremely sensitive information, such as social security numbers, addresses and licence numbers. The company was quick to come under fire, resulting in the multiple retirements of top company officials.

Target – In 2013, 40 million shoppers had their credit card information stolen by hackers. Target agreed to pay $10 million to customers and tens of millions to the U.S bank.

Disney Plus – Recently, in November 2019, thousands of Disney+ user accounts were stolen by hackers within hours after the service had rolled out. These accounts had since been sold on the dark web for as little as $3.

cyber security graphic

The Real Cost of Cybercrime: Raconteur

Ending the War on Cybercrime

To successfully fight against cybercrime, it has never been more important for companies and individuals to understand cyber security defence and prevention. Yet remarkably, cyber security does not have enough professionals to meet its demand. This is where you can come in.

If you are interested in security and protecting the digital data of businesses and individuals alike, Asset College is offering the new 22334VIC Certificate IV in Cyber Security that may be for you. As part of your certificate, you will learn the skills needed to monitor security risks and develop threat mitigation software and strategies.

Would you like to join one of the world’s most desirable career options? Check out the 22334VIC Certificate IV in Cyber Security and start on making a difference in the world of cyber security today.