Why Cybersecurity Matters in Today’s Interconnected World

Cybersecurity encompasses a broad spectrum of software and hardware assets, extending to employee awareness and training. In today’s interconnected world, businesses must remain aware of vulnerabilities and be vigilant against constantly evolving threats.

Rising cybersecurity threats

Current market trends tell us that cyberattacks are increasing in frequency, sophistication, and the level of disruption they cause to businesses.

The University of Maryland reveals there are, on average, 2,200 cyberattacks per day. That’s roughly one every 39 seconds. Another staggering statistic reveals that over 700 million malware attacks were detected in 2020 alone.

But it isn’t just websites that are under attack.

There will be nearly 29 billion active Internet of things (IoT) devices by 2030. This opens a vast playing field for attackers as they create new and innovative malware to interfere with IoT. According to cybersecurity professionals, IoT and OT enlarge the attack surface for hackers.

In the first six months of 2021 alone, a staggering 1.51 billion IoT breaches were reported, highlighting the scale of the challenge organisations face. Compounding this issue, 51% of IT teams are unaware of the types of devices connected to their networks, indicating a lack of visibility and control over potential vulnerabilities.

Evolving cybercrime tactics

Cybercriminals are also turning their attention to ‘easier targets’.

Small and Medium-sized Enterprises (SMEs) are in the firing line because of their dependence on digital technology for hybrid working, a lack of solutions knowledge, and the absence of internal IT teams.

Research from Vodafone indicates that 54% of SMEs fell victim to cyberattacks in 2022, whereas this figure was at 39% just 12 months before.

Incredibly, 95% of cybersecurity incidents can be traced back to human error, according to the World Economic Forum’s 2022 Global Risk Report. The report also says the huge shift towards digitalisation (accelerated by the pandemic) has resulted in elevated cyber risks.

What are some of the consequences of cyberattacks?

As we’ve seen, cyberattacks come in many different forms. Just as the method of attack varies, so does the objective. Some common consequences of a cyberattack include:

1. Data breaches: Cybercriminals can target sensitive data such as customer information, financial records, or intellectual property. Data breaches can result in significant financial losses, damage to reputation, and legal liabilities.
2. Financial loss: Ransomware attacks, financial fraud, theft of funds, or business disruptions due to cyber incidents can result in immediate financial losses.
3. Operational disruption: Cyberattacks are severely disruptive to a business’ day-to-day operations. An attacker may not be interested in stealing data or money; they might be trying to cause as much disruption as possible. Locking down a busy airport by taking computer systems offline or physically locking people out of a busy manufacturing facility can cause chaos to operations.
4. Supply chain risks: In a connected business environment, a cyberattack within one company could pose risks to all its partners, suppliers, and customers in the chain.
5. Compliance and legal consequences: Many industries have regulatory requirements and compliance standards related to cybersecurity. Failure to meet these standards can result in fines, legal actions, or sanctions, further damaging a company’s financial health and reputation.
6. Loss of trust and damage to reputation: Customers, partners and stakeholders expect organisations to safeguard their information. Failure to do so can lead to a loss of trust and credibility, negative publicity, loss of custom, and long-term damage to the brand.

Convergence of cyber and physical security

As an enterprise electronic security integrator specialising in access control, CCTV, intruder and intercom systems, Frontline Security Solutions understands the critical role that physical security solutions play in safeguarding our customers’ businesses.

As we have seen, hackers are infiltrating businesses via devices connected to the internet. Ensuring physical security is cyber-secure is a great first line of defence against cyberattacks. Our product-agnostic approach means we’re not aligned with one manufacturer. Instead, we supply and install products that provide the best possible level of protection and meet our customers’ needs. To fulfil their commitment to protection, our suppliers are continually ‘hardening the panel’ with updates to firmware to address vulnerabilities that attackers could exploit.

If you’d like to secure your business against physical and cyber attacks, contact us today for a comprehensive assessment.