Nearly everything is now done online, from arranging and even having your appointment with the doctor, to finding and buying a new car. But this extraordinary development in remote communication has also increased the range of data being moved and processed across the internet every minute.
A solution to a modern problem
As cloud storage has grown in usage, so has the interest of those trying to access it through illicit means. This has increased the need for and development of cyber security – to defend computers, servers, mobile devices, electronic systems, networks and data from malicious attacks. It covers much more than our personal internet security – it is as important for multinational corporations as it is the everyday individual.
The focus on data and financial security in the cloud is now an everyday fact of life for people, businesses and governments alike. Once a business or individual has transferred their data to the cloud, there will not come a point when they stop paying to protect that data.
A digital pandemic
When the world faced a global pandemic threatening to close down all business, cyber security helped build a bridge to enable companies quickly and safely to modify their working practices. Cyber security companies such as CrowdStrike used their technology to help secure the personal devices of employees, allowing them to access servers and keep the company functioning while away from the centralised location of an office.
There is no telling how many jobs and business have been able to survive thanks to the cyber security protocols put in place and implemented by companies like Crowdstrike or Otka, a specialist in website log-in safety and security.
Why risk it?
A 2019 SonicWall report revealed that its global network of sensors and threat researchers detected a total of 187.8 million ransomware attacks in 2019, a number that is impossible to fully comprehend. Unsurprisingly there have been many high-profile victims and data isn’t always the target. In August 2020, the New Zealand stock market was offline for four consecutive days due to cyber attacks that acted simply to frustrate the market.
ISS World, a large Danish facilities management firm, suffered an attack that forced it to switch off its entire global network and leave most of its 500,000 employees in the UK without access to vital software to fulfil their work. Estimated Cost of Cyber Attack: $75 million2.
Recent history has shown that we need to take cyber security as seriously as the locks on our front doors. Giants of industry such as Adobe, Yahoo, Equifax, and eBay have all experienced cyberattacks which revealed the personal information – and often financial data – of close to 600 million people, losing each company the trust of its customers as well as their business.
As a product that, once in place, is never going to be removed, only updated and improved upon, the opportunity and growth within cyber security is destined to snowball. When is a company ever going to stop protecting its website and its customers? As more of our lives depend on the cloud, the need to secure our data from ever more sophisticated attacks will be a constant struggle. If it’s not the attackers, the winners in this race will be the companies securing our digital future.
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Footnotes:
1 - SonicWall Report 2019
2 - https://www.crn.com
Any references to specific companies should not be construed as a recommendation to buy or sell any securities in said companies, nor assumed to be profitable.
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