Cybersecurity

Cybersecurity safeguards computer systems, communication networks, and sensitive information from digital attacks. Securing cyberspace helps an organization protect itself from threats that result in long-term damage in terms of money and reputation. Such threats may come in internal or external forms.

Such malicious digital intrusion interrupts the entire business operation, resulting in a loss of revenue, time, and customer trust. Moreover, the changing economic and technological scenario is helping attackers devise new and innovative methods to launch attacks. At the same time, there is also continuous security measure upgradation to combat the offense.  

• The cybersecurity framework helps combat digital crimes on an organization’s systems and communication networks.  
• It enables the business to secure its system and sensitive information, which is prone to incorrect usage if they fall into the wrong hands
•  and results in a loss of reputation and revenue. It sometimes causes the total business operation to collapse.
•  It is necessary to keep and update the security system from time to time so that the business can continuously handle any new cyber threat, which is very common in the ever-changing technological environment.

Cybersecurity helps organizations defend against technological crimes through multiple safety and surveillance levels, protecting sensitive data, programs, and communication networks. A cybersecurity analyst is an expert in detecting such threats and designing measures to implement and accelerate security functions.

Cyber safety operations have specific steps like detection, inspection, analysis, and prevention. The criminals mainly target sensitive data like names, addresses, Social Security Numbers, information related to credit cards, etc. Therefore, entities and individuals must have the basic knowledge and understanding of the type of cybersecurity threats and security measures required to handle them.

Individuals or businesses may adopt various types of security methods to secure themselves.

1. Network security – Adopting measures to protect computers and Wi-Fi networks.
2. Data security – Protecting sensitive information like Social Security Numbers, credit card numbers, transactions, etc.
3. Infrastructure security – Protecting business assets, infrastructure, computer systems, networks, etc.
4. Cloud protection – Security related to storing data in the cloud, security during usage or processing, ensuring privacy, and adherence to regulatory standards.
5. Educating end-users – It is essential to create awareness in the end user's mind regarding cybersecurity tools to help identify risks and methods to mitigate them.
6. Application protection – An organization uses different applications to facilitate business operations. That application must have built-in security systems to protect the data against cybersecurity threats.
7. Disaster management – Every business has arrangements to protect it from unforeseen situations like long power cuts, natural calamities, etc. These arrangements should be well-secured so that they are helpful during emergencies.
8. Security of mobile applications – There are many updated safety measures and tools to protect mobile users from getting the data stored in mobiles hacked.

Let us understand the concept using some examples.

Example #1

Trust Capital is a finance company which into money lending and stock broking business. It is headquartered in California, the United States. It caters to small and medium-scale enterprises. Trust Capital has tied up with Guard & Protect, a security agency that protects both physical and digital information.

Trust Capital has discovered that specific data related to financial reports and stock prices have leaked into the market resulting in the company's stock price falling rapidly. Guard & Protect investigated the matter and found a severe breach of the central computer software of the finance department, leading to data transfer to competitors. Immediately the company shut down all activities for two consecutive days to fix the problem.

Example #2

Financial advisors are planning to upgrade clients' data security using various tools. It is vital because they continuously deal with confidential financial data, which is highly vulnerable to cyberattacks. In addition, more is needed to advise clients on investing and growing their money. Thus, they have devised protection methods for general, finance, and bank-related data. These tools will help keep data safe online.  

Example #3

More businesses are investing huge sums into cybersecurity due to the rise in hackers targeting medium and small enterprises and extracting data for misuse. The Federal Bureau of Investigation (FBI) is highly concerned about this development because they are receiving a considerable surge in cyberattack complaints. These threats are resulting in massive losses in business.

The role of cybersecurity is increasing day by day because of the continuously changing business, economic and technological scenarios. Cybercriminals and violators are adept at devising new and improved methods to launch attacks. But at the same time, even the cybersecurity analyst is smart enough to identify, analyze and design ways to prevent a repetition of such frauds.

Some studies show that there has been a record rise in the data breach. The most vulnerable sectors are healthcare, retail, and public entity because these sectors have more access to general information. Cyber attackers use such data to extort money and change or destroy valuable services.

Even expenses related to cyber security breaches and security measures have reached as high as $133.7 billion. Thus, companies increasingly depend on cybersecurity tools to strengthen their surveillance systems and operations. Study shows that this market is expected to grow at a Compounded Annual Growth Rate (CAGR) of 9.7%.

The cybersecurity framework has gained massive importance in modern times in the following ways:

1. Uninterrupted access to websites – The Internet plays a vital role today. Be it healthcare, manufacturing, education, science, innovation, etc.; the internet is everywhere. So, uninterrupted access to the site and providing authentic information is crucial. Safety in cyberspace ensures that.
2. Public utility and defense – Defence and public utility services like water and electricity services should be highly protected from cyber attacks so that they work smoothly.
3. Safe lifestyle – It ensures that we can maintain a secure lifestyle, free from fraud and unnecessary loss or tension.
4. Safety of confidential data – Network security ensures personal organizational and individual data is protected against fraud and misuse.
5. Maintain business ethics – Proper security measures help maintain business ethics since there are fewer breaches, and customers, employees, and stakeholders can continue to have faith in the process.
6. Ensure information availability – A sound surveillance system ensures that information is available whenever needed.

Cybersecurity ensures safety in the cyber world, whereas information security ensures that confidential information and data is protected from all kinds of threat. However, there are some differences between them, as follows:

This has been a guide to what is Cybersecurity and its meaning. We explain its types, examples, trends, importance, and comparison with information security. You can learn more about it from the following articles –

• Financial Innovation
• Financial Technology
• Financial Sector