According to the Center for Strategic and International Studies (CSIS), Russia and China have been the largest cyber perpetrators since 2006. Cybersecurity does not only aim to protect personally identifiable information (PPI) and sensitive data but also to improve cyber speed in this modern world.
Definition of Cybersecurity
Cybersecurity, as the name implies, is the employment of protective measures to safeguard the computing system such as data, hardware, and software against cyber threats. Common cyber hazards include accessing data and using sensitive information for malicious intent. For instance, government institutions and banks hold highly confidential information that can be used to steal money, paralyze systems, and breach national security.
Cyber threats can be in the form of malware, ransomware, social engineering, and phishing.
The Importance of Cybersecurity
The significance of cybersecurity measures cannot be overemphasized. Employment of protective measures guards businesses against any form of cyber threats including their data, networks, devices, and consumer’s personal information. This also prevents unauthorized users to access the system and steal information. This results in avoidance of theft and damage and improved confidence of costumers.
Examples of Cybersecurity Measures
There are risks and dangers involved in performing transactions online, especially with banking. Here’s how banks shield their system and stop criminals from obtaining personally identifiable information (PPI):
· Regular update of firewalls and other security software such as anti-virus and anti-malware
· Application of multi-factor authentication (MFA). Sending one-time passcode (OTP) to the customer’s phone number is an example of this
· Proposal of biometrics options to customers such as thumbprint or voice recognition as an authentication process
· Automatic logout after minutes of inactivity
· Production of backup copies of the most essential data and information
· Restriction of employees’ access to consumer’s data
As cyber-attacks constantly evolving, companies continue to invest in different cybersecurity technologies to protect their systems. This is because every business is at risk of cybercrime. It is a rising threat, especially in this modern time when everything is mostly digital. Thus, the periodic update of cybersecurity tools and techniques is critical in maintaining safe and protective operations for the business and consumers.