The importance of Cyber Security has increased manifolds with the emergence of Cyber influence in our day to day lives/businesses. In this Cyber age, we are heavily doing transactions online for business and personal purposes. With increased usage of Cyber systems and online transactions, there is massive risk to sensitive information in the transactions. In securing the sensitive information, Cyber security plays a vital role. Cyber security will help prevent the Cyber-Attacks thus safeguard our digital assets.
Cyber Security is important is important because its focuses on the best practices and/or processes that help in protection of our:
- a) Sensitive data,
- b) Personally identifiable information (PII),
- c) Protected health information (PHI),
- d) Intellectual property,
- e) Reputation,
- f) Data, and governmental and industry information systems from theft and damage attempted by criminals and adversaries.
With increasing rate of cyber-attacks, the damage they cause to individuals, governments and private companies is also increasing. In a 2018 Cybersecurity Ventures report on cybercrimes, the firm projects that:
- by 2021, the cost of cyber threats will rise to $6 trillion annually 5
- by 2020, a business will fall victim to a ransomware attack every 14 seconds 6
- the FBI estimates that the total amount of ransom payments approaches $1 billion annually
