IT security is the protection of information from unauthorized access, use, disclosure, disruption, modification or destruction. It is a term that has been applied to both physical and virtual systems such as computers and networks. The goal of information security is often referred to as confidentiality, which is ensuring that information cannot be accessed by unauthorized users; the secrecy of the information is also an important factor in maintaining confidentiality.
The information security field is a relatively new one, and has been evolving quickly over the past few years. In 1950 it was unusual for companies to have computers, let alone network connectivity. Now almost every business uses computers, from small businesses up to large corporations, governments and even nation states. The widespread use of computer networks means that an increasing number of people with nefarious goals have the ability to steal information from others, and there is a need for the security industry to respond.
Since its inception, the information security industry has been hampered by issues such as: ambiguity in requirements, lack of consensus on terminology and standards, and a lack of incentives for cooperation among different groups. A number of requirements aimed at increasing security have emerged over the years, including the Payment Card Industry Data Security Standard (PCI DSS), which is a set of rules designed to ensure confidentiality of credit card transactions by businesses that process them.
Read more as we’ll tackle the importance of IT security for businesses in today’s post.
Why Is IT Security Essential In Today’s Business Landscape?
In this world of technology and the internet, the thing that is most in need of IT security is our digital assets.
With the help of IT security, we can easily defend confidential data from cybercrimes by preventing unauthorized access to sensitive information. And though it has been around for decades now but its true potential remains unseen. Cybercriminals are not going anywhere anytime soon. In fact, they are getting more skilled technologically and innovative in their approach with each generation making a secure network a business priority all over the world. They have begun to assign specific tasks within an organization with a top-level management giving it full control over an entire operation.
Digital Asset Protection plays a vital role in the IT Security industry. It is a method of preventing unauthorized access to sensitive information using software, hardware and other security controls. This system makes sure that only those entities have access to resources which are authorized by appropriate authorities within an organization. The Software Development Life Cycle (SDLC) has been used for decades now in most of the companies for creation of digital assets. The term Digital Asset Protection was first mentioned by IBM in the year 1983, but it gained its popularity within a few years after that.
Likewise, Big Data Analytics can be used to protect our digital assets. It is a technique with which we can make use of data mining techniques on large datasets along with the latest statistical analysis tools to derive meaningful information. With the help of this, we can find out the common reasons for cyber-attacks which will enable us to increase security measures.
Also, this process helps the security professionals to see beyond what they normally notice. It gives deep insights which can be analyzed and used as a reference for future purposes.
Data has been referred to as the new form of oil due to its global economic perspective. This means that companies are going digital in order to increase their profit margins by developing digital products and services. This process (i.e., Digital Transformation) can bring a significant impact on the overall business model of an organization; however, it also comes with certain risks associated with it such as data leaks and cyber-attacks which can lead to massive financial losses if not identified on time.
Data Analytics is one such technique which can help in the identification of cyber-attacks. It is the process of deriving valuable insights from large datasets with the help of data mining and statistical analysis techniques.
And these are just a few reasons that signify the importance of IT security for businesses.
Top Cyber Threats That Can Be Used To Compromise Your Company’s Digital Assets
Let’s have a look at the top five common cyber security threats that are commonly used by hackers to steal valuable data from your company:
1. Identity theft
The number one cybercrime is identity theft because it affects both individuals and businesses alike. According to research done by Javelin Strategy & Research, 13 million Americans were victims of identity theft in 2012, but only 600,000 were victims of credit card fraud. That means 96 percent of identity thefts were actually identity takeover crimes, and this is particularly worrying for businesses because such crimes can lead to financial loss and decreased consumer confidence in enterprises.
Identity theft differs from other cyber-crimes because it relies heavily on both human interaction and social engineering. The 2013 Verizon Data Breach Investigation Report shows that 93 percent of all cases involved either social engineering or the exploitation of vulnerable code/software, whereas only 3 percent were attributed to hacking. Identity thieves typically do not target credit card data but rather try to obtain personal information such as names, birthdates, phone numbers and addresses in order to establish new accounts in victims’ names.
2. Carding
Carding is a term used to describe the process of stealing credit card information, commonly known as “carding.” The number of attacks that leverage stolen credit card details has increased exponentially due to their high value on black markets. According to the 2013 Verizon Data Breach Investigation Report, 81 percent of confirmed data breaches involved the use of weak, stolen or default passwords.
Carding is a highly organized practice where attackers employ a number of individuals with specific roles to maximize their gains from the crime. For example, an attacker may make several online purchases using credit card information from all over the world before selling them on one particular website at a discount, while keeping the bulk of them for himself. The differences in the prices point to a dynamic and well-organized criminal network.
3. Ransomware
Ransomware is one of the most profitable cyber-criminal activities because it does not rely on expensive hardware or software but rather uses human interaction and social engineering to trick people into taking actions that lead to financial loss. The virus encrypts your data and asks for money in return for decrypting it, hence the term “ransom.”
The 2013 Verizon Data Breach Investigation Report shows that social engineering played a role in 26 percent of confirmed data breaches. Criminals try to trick employees into opening malicious documents or visiting malicious websites to deliver the malware to their system and raise their chances of infecting other systems on the network. The attackers also employ social tactics such as sending messages through mass mailers and spam to distribute the virus, target victims and increase their success rate.
4. Phishing
Phishing is a common type of social engineering attack where criminals try to steal personal data under the guise of legitimate websites by sending emails that seem to come from real organizations. The number of phishing attacks has increased in 2012 with an average of 60,000 per month, according to Phish Labs.
Phishing is more than just spam because it often includes some social engineering elements such as effective writing and persuasive design in the message. The email usually tries to establish credibility by attaching relevant content or providing references to it, relevant logos of the company and the like.
5. Social media fraud
Social media has changed our lives forever, but there are more than just social benefits associated with this new phenomenon; cybercriminals have started using it as a way to spread malware and steal data. Infected apps, spam posts, fake profiles and the like are all part of social media fraud.
According to a survey conducted by Kaspersky Lab, social media is becoming a primary target for cybercriminals because it provides them with unlimited access to people’s personal information and makes phishing easy since most users do not pay close attention to the links they click.
What IT Security Providers Can Do For Your Business?
There are many providers of IT security solutions that will be able to protect your business from cyberattacks. They can work with you to identify the risks that may present a potential threat to your business and help implement countermeasures to address those threats.
IT security providers can also recommend additional measures that can be implemented by you or on your behalf, such as: installing firewalls, intrusion detection systems, and encryption. They may also help you create an IT security plan and develop policies for digital assets and data use.