A Modern Day Threat

 In Food for Thought

The digital world is changing at our fingertips, at a rapid rate that no one can keep track of. What once seemed like a very distant future, is now a harsh reality. That is the threat of cybersecurity. According to PwC, Australian CEO’s now see cybersecurity as the number one threat to the future growth of their businesses. On a macro level, failure to protect against this could result in nation-wide economic damage as a result of a large-scale cyber attack.

Cybercriminals have more business than ever before, with 2016 seeing a global loss of two billion personal records, costing over $450 billion. This figure has certainly increased with the rise of digital media. This results in major economic trauma, and an extensive loss of jobs.

Whilst major corporations have their data well protected to prevent this sort of issue, smaller companies often don’t, and the risks can be just as severe. The loss of consumer trust in companies can see businesses fall dramatically, often to the point of no return.

CERT Australia released the top cyber threats for 2018 earlier this year and states these as:

  • Cybercriminals will grow due to the increased knowledge of vulnerability.
  • The level of sophistication will increase to successfully target high-value networks.
  • Supply-chain targeting will continue, as third-party suppliers weaken.
  • The Internet of Things will create a higher level of risks.

Awareness of these issues is essential for any modern day business, to ensure that preventive measures are in place.

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