Today, security is a paramount and urgent business concern. More and more products and services connect individuals to the network in increasing numbers and with greater ease. Online transactions are commonplace. Network traffic of vast amounts of data occur non-stop worldwide.
This increasing interconnectivity in businesses has changed the nature of security, the underlying threats, and the countermeasures to address the risks.
Security breaches have evolved from being the work of hobbyists and amateur hackers to becoming a professional operation of organized multibillion dollar enterprises. Where hobbyists were only aiming at testing, the intent of current enterprises is more criminal, that is, information theft. Selling stolen information is highly lucrative and has become equally, if not more, profitable than drugs. Cybercrime is big business.
Cyber attacks cost businesses $400 to $500 billion a year and cause extensive damage. The damage take on varied forms but all lead to a decline in company earnings and value. For example:
In the short term, direct loss of customer, employee, and company data and digital assets.
In the longer term, negative branding and further loss of customer trust. Companies that have been penetrated are at a competitive disadvantage.
Exposure to lawsuits, penalties, and other legal liabilities.
The frequency of reported attacks shows the widening reach of cyber criminal activity which affects all vertical industries across geographies. Security experts estimate that 95% of all customers have been breached, although they might not know it yet.
Consequently, companies now have to satisfy new security-related regulations imposed by governments in response to these threats, such as:
Security measures as a requirement for conducting business.
Stiff penalties for security failures.
Required response times in the event of a breach.