Technology has changed the way companies operate, institutions Function, and people carry out their actions. It is made our lives easier and convenient, be it while paying utility bills, purchasing train/bus/plane tickets, booking cabs, shopping from eCommerce stores, or performing office work from remote locations etc. These technologies comprise Blockchain, Big Data, Artificial Intelligence and Machine Learning, Internet of Things, and Cloud Computing to name a few.
Consequences of Cyber security problems
Classroom learning singapore are on a prowl globally Searching for vulnerable Entities and systems to steal sensitive assets. The threat is much more ominous when two thirds of organizations think they are vulnerable to security threats from viruses, trojans, malware, ransomware etc. Should these vulnerabilities are not plugged in time and security measures not implemented, the consequences can be dire, both for the businesses and individuals.
- Sensitive information, be it of companies, customers or customers can be stolen by cyber criminals working independently or business competitions. The theft can induce the customers, clients and other stakeholders to eliminate trust in the concerned enterprise.
- Firms can face expensive lawsuits from customers and clients looking for compensation.
- Firms can fall foul of the regulatory authorities for not plugging their vulnerabilities or not carrying out the safety testing of their products or systems.
- Firms can face stiff penalties from regulatory authorities or courts. These may hit their bottom lines causing the loss of competitive advantage.
- Major cybersecurity issues plaguing businesses
Lack of awareness among stakeholders: Though the budget for shoring up cybersecurity Measures is increasing, the vast majority of businesses throughout the world have not yet awakened to the challenge. The prevailing point of thinking is ‘it would not affect us’ until it is too late. The management, in the vast majority of businesses, seems to be focused on increasing the amount of goods in the market to remain competitive rather than considering security testing to be an alternative. Typically, security testing services are not given enough resources to determine security vulnerabilities let alone plugging them.