Cybersecurity aims to ensure that the confidentiality, integrity, and availability of data and systems is preserved. This section discusses the different objectives of cybersecurity.

Importance of cybersecurity and its impacts on the global economy

Cybersecurity has of vital importance today ever since the world was networked. Many processes in organizations are enabled by interlinked technologies. However, the penetration of technology into normal lives and organizational processes has introduced people to cyber threats. With every improvement in technology, the threat of cyber-attacks increases. New technology, such as IoT, has met the harsh reality of cybercrime. However, current cybersecurity efforts ensure that the use of technology is not hindered by cybercriminals. There are several reasons why organizations and individuals are emphasizing cybersecurity; they are outlined here.

The number of cyberattacks is growing

With the rapid development of technology, the number of cyberattacks has been growing exponentially. Cybersecurity reports show that each year, there is a rise in the number of threats that have been detected for the first time. There are specialists in underground markets that have focused on creating new types of malware that they sell to hackers. Cybercriminals are spending long hours doing background research on individuals and organizations to find weaknesses that they can target. Social engineers are perfecting their manipulation tactics to help them net more victims.  Read more info at cybersecurity online training

At the same time, users have not significantly improved or taken individual responsibility for their security or that of the companies they work for. The only hope in securing individuals' data, money, and systems lie in enhancing cybersecurity. With all the developments on the part of cybercriminals, cybersecurity is fast becoming a necessity.

Cyber attacks are getting worse

Cybercrime has evolved from what it used to be. The aftermath of a cyber attack today is often devastating, as can be seen from the companies that have fallen prey to cybercriminals. Yahoo lost its value after it was confirmed that cybercriminals had penetrated its systems and stolen the data of 3,000,000,000 users. Ubiquiti Networks lost over $40,000,000 to cybercriminals that executed a social-engineering attack on its employees. Many other top companies have lost sensitive data to hackers. Individuals are not spared either. 

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The WannaCry ransomware indiscriminately encrypted individuals' and organizations' computers in over 150 countries. In general, cybercrime is getting worse. More money is involved, and huge chunks of sensitive data are being stolen. The targets are not limited to small organizations, since big companies, such as Uber and Yahoo, have already fallen victim. Cybersecurity is therefore essential for organizations and individuals.

Impacts on the global economy

The economic implications of cyber attacks are being felt on a global scale. Organizations are losing billions of dollars to attacks every year. Forbes has estimated that with the current pattern, cybercrime will cost the globe $2,000,000,000,000,000,000 in 2019. In 2015, this number was only at $400,000,000. Before the estimate from 2015, early estimates done in 2013 reported that cybercrime only costs $100,000,000 globally. As can be seen, the pattern has been such that the cost keeps growing. The World Economic Forum has taken note of this, and with concern. It has warned that the figures could be higher since a large percentage of cybercrime goes undetected. It has identified industrial espionage as one crime where many victims don't even know that they're victims.

Finance and cybersecurity

There is a strong relationship between finance and cybersecurity. Finance can be viewed in two perspectives in line with cybersecurity. Finance is used to procure cybersecurity products that can be used to prevent cybercrime. Finance is also a direct victim of cyberattacks. Therefore, it continues to be linked to cybersecurity. There have been attacks targeted specifically at the finance departments in organizations. Other than this, Chief Finance Officers (CFOs) are having to work closely with Chief Information Security Officers (CISOs) in organizations to ensure that they adequately fund their cybersecurity endeavors. Today, the links between finance and IT are closer than ever.