Cyber Security And Finance
The relationship between cyber security and the economy has only been growing stronger, with cyber attacks on the rise. Cyber attacks have brought a new recognition of the importance of cyber security efforts. Attacks have now become widespread, common, and expected in some firms. New attacks are emerging within weeks due to an underground economy that has seen specialists create built-to-sell malware to a waiting list of cyber criminals. The impacts of cyber attacks have been felt and there are reports that these attacks are only going to get worse. The current and forecasted impacts are a devastation to the global economy. Here, we will introduce cyber security and link it to cyber attacks and the global economy.
What is cyber security — a brief technical description
Cyber security can be summarized as efforts aimed at preserving the confidentiality, integrity, and availability of computing systems. It’s the practice of affording security to networks and systems to protect them from cyber attacks.
Cyber attacks have been on the rise and are targeted at accessing, modifying, or deleting data, money extortion, and the interruption of normal services. Cyber security is of great concern to today’s businesses since there has been a high adoption of information technology to achieve efficiency and effectiveness in business operations. The current business environment is such that there are many devices, systems, networks, and users. All these are targeted by cyber criminals, and multiple techniques have been devised and used against them. Cyber attacks are only becoming more effective and sophisticated. Therefore, cyber security is becoming a survival mechanism rather than a luxury for many businesses. Cyber security has multiple layers, which cover devices, networks, systems, and users. These layers are intended to ensure that these targets are not compromised by attackers. In organizations, these layers can be compressed into three categories: people, processes, and technology.
People
This is the category that includes users. Users are known to be particularly weak in the cybersecurity chain. Unfortunately, cyber criminals are aware of this and often target them rather than systems during attacks. Users are the culprits in creating weak passwords, downloading attachments in strange emails, and easily falling for scams.
Processes
This category encompasses all the processes used by the organization. These can include business processes, such as the supply chain, that could be exploited by attackers to get malware inside companies. Supply chains are, at times, targeted in organizations that are well secured against other methods of being attacked.
Technology
Technology relates to both the devices and software used by an organization. Technology has been a prime target for cyber criminals and they have developed many techniques to compromise it. While security companies try to keep abreast of the threats facing technology today, it seems that cyber criminals have always had the upper hand. Cyber criminals can source new types of malware from underground markets and use them in multiple attacks against different technologies.
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