[BreachExchange] Why we Need Better Cybersecurity Measures

[Audrey McNeil]

https://cybersecurity.cioreview.com/news/why-we-need-better-cybersecurity-
measures-nid-26298-cid-145.html

Cyber attacks might be scattered in time and across the industrial space,
but they have a more significant impact on the cybersecurity space and the
society at large.

While the primary victims of cyber crimes are reported widely, several
other brands also feel the sting. This often impacts unsuspecting people
who are unaware of the extent of the data breach, resulting in sudden
unexpected revelations.

The Breach Level Index has statistics showing that nearly 5 million records
across the globe are compromised daily. The extensiveness of the breaches
has been increasing with time, even as the resultant cost from them has
reduced.

The fact that breaches do not have an immediate impact could stem from the
fact that shareholders do not share any information about the violation for
a few months after they occur. This unawareness is also because there might
not be relevant information regarding the extent of the breach available to
the company immediately. Shareholders thus tend to react only to data
breaches affecting a company’s immediate operability or profitability.
Customers also do not always end business relations with brands dealing
with cybersecurity issues.

While cybersecurity is a chief concern for all industrial sectors, some of
them are at higher risk. In the medical industry, brands targeted by
cybercriminals face difficulty in convincing customers that their security
lapses have been fixed adequately. Parent companies in the retail sector
frequently use the same security infrastructure on all the brands they own,
which results in large-scale breaches and far-ranging effects when targeted
by cybercriminals. The financial industry also comes under this radar, with
high risk-reward ratio with lucrative outcomes for successful hackers.

While it is impossible to convey the full extent of the impact of lapses in
cybersecurity measures, it is high time to understand the need to tighten
the same.
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