Why Is Cyber Security Important?

The U.S. Cybersecurity and Infrastructure Security Agency (CISA) defines cyber security as the art of protecting the devices, networks, and data that our economy relies on from unauthorized access or criminal use. When you think about how much of our personal information is stored on someone else’s system, you can begin to understand the importance of protecting this information from cyber criminals. Data like banking transactions, healthcare records, and online shopping transactions, can put you at risk for a data breach.

Cyber security can be practiced anywhere by anyone. This includes the most casual computer user to the cyber security pros who work full time to defend the huge networks and information systems that enable us to shop, learn, manage our finances, pay our bills, and do all kinds of things online, against cyber crime.

Statistics show that the frequency and severity of cyber attacks has escalated, demonstrating why cyber security is important and prompting CISA to further emphasize the importance of ensuring the confidentiality of information.

The stakes are high for both individuals and organizations. Over the past 2 decades the introduction of mobile devices, the Internet of Things, and widespread adoption of cloud computing have expanded the cyber security threat landscape, opening the door for numerous ways that cyber criminals can attack organizations and their sensitive data. With social engineering attacks, supply chain hacks, web application attacks, and denial of service (DoS) attacks, we’ve reached a point where the importance of cyber security cannot be overstated.

At the core of cyber security is the need to identify and resolve vulnerabilities in software or hardware that can provide entry points for hackers to gain access or infect them with malicious software, also known as malware. Information security professionals perform an ongoing symphony of auditing, testing, programming, and patching to eliminate these vulnerabilities and repel cyber adversaries.

What can be done to reduce the risk of a cyber attack? Regardless of their roles, employees of businesses both large and small can take steps to minimize the risk of falling for a cyber attack with basic cyber hygiene. Best practices include watching out for suspicious emails, keeping software up to date, using encryption, installing antivirus and antimalware programs, and using strong passwords.

The term cyber security is broadly applied to methods of safeguarding information, the systems and networks it’s kept on, and the applications used within those systems. Several types of cyber security exist within this ecosystem, illustrating just how important cyber security is and how widespread the use of cyber security measures has become.

Many organizations have adopted cloud computing systems, and while this technology offers security measures, a robust cloud security strategy is needed to protect data, applications, and infrastructure against cyber threats.

When critical infrastructure like roads, bridges, public transportation, and utilities malfunction, it affects nearly every segment of our society. What’s more, over the last 15+ years, digital transformation has made critical infrastructure vulnerable to bad actors of all sorts.

The IoT devices that bring convenience to our lives can be used as pathways for hackers to gain access to corporate networks. IoT security protects vulnerable devices like smart speakers by augmenting or patching their firmware.

Finding, fixing, and preventing security vulnerabilities is becoming an integral part of the app development process. prevents bot attacks and stops malicious interference with web applications and application programming interfaces (APIs). By adding application security from the start of the software development process, developers and organizations reduce the likelihood of security weaknesses in their own code or in the third-party components they may use within their applications.

For companies with mobile workforces, endpoint security allows them to secure end-user devices such as laptop and desktop computers with advanced threat prevention programming. These measures include data and network security controls, anti-phishing and anti-ransomware and technologies that provide forensic analyses.

Considering even the nontechnical aspects of cyber security like human error and insider threats, data security is a broad umbrella that involves the array of tools, technologies, organizational policies and procedures that are used to safeguard data from unauthorized access, and help organizations comply with data privacy regulations.

Unauthorized mobile devices like tablets and smartphones can represent a significant cyber security threat if used to access corporate data. If left unfortified, they can be susceptible to phishing attacks and malicious software intrusions. Mobile device management solutions enable organizations to ensure that only compliant mobile devices have access to their networks and data.

A range of cyber security measures and apps are deployed to identify and block attacks against data networks, the environment where most cyber attacks occur. Solutions here include technologies like data loss prevention, identity access management, network access control, and next-generation firewall applications that apply intrusion prevention system and malware protections.

The potentially devastating impact of cyber crime on businesses and their computer systems, individuals and our society takes its toll in several ways, going beyond loss of revenue and reputation to potentially threatening national security.

The cost of cyber crime is also rising. According to the FBI Internet Crime Complaint Center’s (IC3) annual report, cyber crime in the United States rose by 22% in 2023, resulting in $12.5 billion in losses. The IC3 received more than 880,000 complaints over the year, a 10% increase from what was reported in 2022. While investment fraud and business email compromise scams represented the bulk of the complaints in 2023, there was a 74% jump in reported losses from ransomware attacks.

The impact of cyber crime can be felt by organizations and individuals in several ways.

Cyber crime can have crippling financial effects on businesses or individuals. Individuals’ losses through unauthorized transactions can be difficult to recover. For businesses, the loss of customer data or intellectual property can force them to shut down as they recover from an outright theft or ransomware attack.

A significant disruption could cause wide-reaching socio-economic impact, stemming from the loss of consumer confidence and a resulting drop in sales and revenue. Intellectual property theft can result in substantial long-term economic consequences, leading to a decline in industry innovation and competitiveness.

A successful cyber attack can substantially undermine an organization’s reputation, diminishing valuable brand equity and eroding consumer trust and confidence in the organization’s ability to safeguard personal information. Cyber crime can damage an individual’s reputation as well, particularly in professional settings.

A data breach or failure to adequately respond to one can lead to significant penalties, particularly for information that’s protected under the Healthcare Insurance Portability and Accountability Act (HIPAA). Under HIPAA, failure to comply with the breach notification requirements can result in substantial financial penalties in addition to those imposed for the breach itself.

Businesses that have experienced data breaches can also be subject to civil penalties or litigation. Organizations in tightly regulated industries like healthcare and finance may be particularly vulnerable.

Individuals can experience devastating consequences from identity theft, in which cyber criminals use stolen personal identification information to take out loans or commit other fraudulent acts in the individual’s name. In addition to the financial losses, this form of cybercrime can take a substantial emotional toll on the victim.

Activists or nation states can use cybercrime tactics in a variety of ways that can threaten national security. Cyber criminals can stir up social and political unrest in a population or engage in acts of espionage. They can attack government or military networks or interfere with critical infrastructure like power grids and transportation systems, causing hardship and contributing to economic or public health crises.