In our digitally connected world, cyber threats are a constant risk. They can range from a simple hack to an extensive cyberwarfare attack. No matter the size, impact of a cyberattack can be devastating to organizations and people globally. The impact can include monetary losses, operational disruptions, reputational damage and, in some cases, even loss of life.
Data breaches expose personal information, including names, addresses, phone numbers and credit card details to hackers. These data can be used for identity theft and other malicious activities. The risk is particularly acute for banks and other financial institutions. These data are often available on “dark web” marketplaces and can be sold to other criminals.
Cyberattacks can disrupt operations and lead to loss of productivity and customer dissatisfaction. In industries and organizations that depend on critical infrastructure – such as hospitals – system or network downtime can be life-threatening.
Security risks have expanded as enterprises adopt new technologies. IoT devices, cloud infrastructure and employee use of personal devices create a larger attack surface. Many of these attacks are carried out by malware or spyware. Some, such as code injection and OS command injection, allow attackers to take control of a server’s operating system.
Large-scale cyberattacks can erode consumer trust in digital transactions and slow growth of e-commerce business models. This can also have wider economic implications, such as stock market instability and loss of investor confidence. Insurance and legal costs associated with cyberattacks add to the cost of doing business.
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