Cyber security can be defined as protective and security strategies applied to electronic devices and networks. Individuals who commit cybercrimes are responsible for billions of dollars of revenue lost in the private sector every year. These cyber criminals will typically target vulnerabilities in a business’ website, computer systems, networks, and mobile apps. A business’ suppliers and employees may also be personally attacked. Without modern and reliable cyber security services, a business is naturally at risk by presenting itself as an easy target.
Financial Cost of Cyber Security Breaches
Every targeted cyber-attack is different. However, the financial cost to a business, large or small, can be devastating and disrupt the company’s continuity of operations. According to an exclusive report from McAfee and the Center for Strategic and International Studies, cybercrime accommodates for a global loss of $300 billion to $1 trillion every year. Small and medium sized businesses that lack cyber security services would be flirting with bankruptcy and foreclosure if ever targeted by cyber-criminals. Cyber security services are an intelligent investment which pays itself off by protecting businesses around the clock 24/7/365.
Personal information is the most targeted source of data for cyber criminals. The personal information includes but is not limited to: full name, home address, date of birth, phone numbers, bank account numbers, credit and debit card numbers, PINs and passwords, and social security numbers. The reality is that it only takes seconds to steal, and a day or two for hackers to sell it on the black market. This information being sold could be yours if you are not protected with proper cyber security services.
The Ebay Attack
In May of 2014, Ebay was targeted by cyber criminals who exposed the company’s digital vulnerabilities. Hackers managed to steal the personal information of approximately 233 million users. Everything from home addresses and social security numbers to credit card numbers and bank statements were stolen and sold on the black market. But it is actually rare for a large company over 2,500 employees to be targeted because there is typically a strong cyber security strategy in place. Smaller companies are at a greater risk of being exposed and victimized.
Public and Private Sectors Working Together
Cybercrimes are on the rise and are arguably the greatest everyday threat to both the private and the public sectors in the United States. Whether it’s a private company or the US Navy, there are cyber-attacks happening every day. Federal departments and agencies such as The Department of Homeland Security (DHS), The Federal Bureau of Investigation (FBI), and the National Security Agency (NSA) work hard to keep private cyber security companies updated on ongoing threats every day. This strong relationship allows each sector to share information with the other, increasing the effectiveness of cyber security services throughout the country.