Cyber Attacks: Threat To The Global Economy

Cyber Attacks: Threat To The Global Economy

Cyber Security is the process involved in protecting servers, computers, mobile devices, networks, electronic systems, and data from digital attacks. it aims at protecting sensitive information from cyberattacks. Cyberattacks usually access, change, or tamper with sensitive information online. They also extort money from online users or hinder people’s normal online activities.

Cyber Security can also be known as Electronic Information Technology Security or Information Technology Security. It can be used in different industries, such as businesses or mobile computing. The use of Cyber Security in technology today is quite challenging, because there are a lot of technology innovations, with more devices than humans. Cyber attackers are also on the verge to get better at what they do. The issue of implementing Cyber Security is one of the world’s greatest challenge, and it is a great threat to the world economy.

Everyone benefits from cybersecurity, whether on an individual level or on a much larger level. On an individual level, cyberattack can be impersonation, loss of important family data, or extortion. We all rely on different infrastructure like hospitals, and financial institutions, so there is a need to secure individual’s information and data on those platforms. Working against cyberattacks helps to make the internet safe for everyone to use. We are in the era of technology, where everything we do on a daily basis is saved on online platforms and software, so it is important to protect these data from online cyber attackers.

 

Cyberattacks can be associated with greedy people who look to extort money from individuals and companies. Most times, cyberattacks take place because the perpetrator wants to prove a point that they are capable of causing damage to the environment and the society at large. It can also be to rebel against the politics going on in an organization. The tools and equipment used to wreck this havoc of cyberattack are becoming universal, and some other activists are rising up to use technology to hold important organizations and large companies to account.

Another major cause of cyberattack is the taking over of human jobs by machines. As much as technology helps to make life easier and work faster, it is no doubt that it has chased many people out of their jobs, as there is no more need for them. People with high level of technology backgrounds may decide to go into cyberattacks as a way to protest and also to make money.

Cyberattack is not likely to end anytime soon, hence, the need to develop a way to fight against it – Cyber Security.

Below are some ways large companies and organizations can reduce exposure to cyberattacks risks:

• Understand that the success of your business depends on the trust that consumers and employees have in your brand, and once this is tampered with, cyberattacks may take place. You must do all you can to protect your brand against these attacks by not losing the trust of your consumers.
• Work together with other people in your industry and business sector, so you can share knowledge and increase the awareness of people to these attacks.
• Work with experts in your field who understand how cyberattacks work, and security measures to be taken for protection.
• Collaborate with the federal government to know the regulatory order and what law agencies exist in your locality. This helps you to know the appropriate quarters to call during emergency.
• Have an effective cybersecurity program in place before it ever arises. Most companies believe they can never be at risk of cyber-attacks, so they have no measures in place against it, and are stuck when it eventually arises. Companies should implement cyber management into their structure at the start of the business. This helps to have a sense of security ahead of time.
• You can employ the services of a third party cyber manager to ensure the effectiveness of your security measures.

WAYS CYBERSECURITY AFFECTS THE ECONOMY

1. Ransomware

This is a type of hostile software that is designed to extort money from users by blocking access to important files or the entire computer system until a ransom is paid. It is one of the most profitable type of cyberattacks ever. In the past, what they do is to steal information and take over access to people’s systems and data, but they did not destroy the data. However, Ransomware has upgraded the game as they have now moved to extortion. To recover your files, you will have to pay the attackers, and there is no guarantee that your files wouldn’t have been tampered with.

2. Phishing

This is a process of sending fraudulent emails that look like emails from real sources to people. This is one of the most common type of cyberattack, and the aim is to steal login information and credit card details. This poses as a great threat to organizations in different industries, as users wouldn’t know the difference between the emails and ones from genuine sources. A lot of people have been victims of this attacks and it has led to loss of fund and sensitive information. There are software that helps to detect these fraudulent emails, such that when they enter your phone, they are marked as risky and you can know that it is not real. There are also software that blocks them from sending those emails in the first place.

 

Read Also: 15 Business Technologies That will Shape the Future

 

3. Social engineering

This is a method used by cyber attackers to lure people into revealing sensitive information. They use dubious means to get access to your confidential data. They pose as legitimate tech support system and ask for sensitive information in the name of setting up a platform for you. They typically lure you into giving them access to your computer applications, and then spread malware into your system and ask you to pay hundreds of dollars for repair. They tell you that your computer is filled with viruses and the only solution is to call one of their tech support numbers.

4. Malware

Malware is a name used to describe a variety of fraudulent software, such as viruses and the likes. It is designed to cause great damage to data and grants attackers access to a computer system. Malware comes in form of a link or file and requires the user to click on the link to give access to the malware. To recover your system, you can be held at ransom, but there’s no guarantee that your data will still be intact. Malware can come in form of viruses, spyware, Trojans or Ransomware.

5. Attacks on IoT devices

IoT devices are vulnerable to cyberattacks since it is directly connected to the internet, and most of them are not secured. IoT devices are easy access for cyber attackers, they gain access to important data and even worse, access to a company’s network. They can come in form of man-in-the-middle attacks, botnets, data theft, among others.

 

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