Why Is Cyber Safety Important?
In 2023, 5.35 billion people — approximately two-thirds of the global population — were connected to the internet, underscoring the pervasive influence of digital technology in our lives. However, alongside the incredible convenience that comes with this level of connectivity, there exists a growing threat landscape in cyberspace.
Ignoring cyber safety leads to consequences that no one can afford to overlook. As cybercriminals become more sophisticated, it’s crucial for everyone, from individuals to large enterprises, to prioritize cyber safety and take proactive measures to protect themselves in the digital landscape. Maintaining proper cyber defenses is now as essential as locking your doors.
What is cyber safety?
Cyber safety refers to practices and behaviors protecting individuals and organizations from online threats and risks. It involves understanding and minimizing the potential dangers of using the internet and digital technologies.
What is a cyberattack?
A cyberattack is a deliberate attempt to compromise, disrupt or gain unauthorized access to computer systems, networks, data or devices. They can target individuals, businesses or government entities and often have serious consequences, including financial losses, data breaches and reputational damage. Cyberattacks include:
- Malware attacks involve introducing malicious software (malware) into a system, such as viruses, worms or Trojans, to cause harm or gain unauthorized access.
- Phishing attacks use deceptive emails, text messages or websites to trick individuals into revealing sensitive information like passwords or credit card numbers.
- Ransomware attacks encrypt a victim’s files, rendering them inaccessible until a ransom is paid to regain access.
- Denial-of-Service (DoS) attacks overwhelm systems with traffic, making them unavailable to legitimate users.
- Man-in-the-Middle (MitM) attacks intercept communication between two parties, allowing the attacker to eavesdrop or alter the communication.
- SQL injection (SQLI) attacks exploit vulnerabilities in software to gain unauthorized access to databases.
Cyberattacks are driven by different reasons. Some are in pursuit of money through banking info theft, using ransomware or tricking businesses via email scams. Others have political goals, like disrupting enemies’ systems or promoting causes online. Some attackers act out of personal grudges, such as ex-employees seeking revenge. Then, some hack for the thrill or are driven by ideological beliefs.
Cybercriminals come from diverse backgrounds. Organized criminal groups operate like businesses, stealing data and funds through complex schemes. State-sponsored groups work on behalf of governments, tasked with espionage or disruption goals. Individual hackers range from skilled professionals to amateur thrill-seekers. Even insiders with access to systems can pose threats on purpose or by accident. The cyber threat landscape is diverse, with different motives, but all aim to exploit digital weaknesses for their own gain or beliefs.
How often do cyberattacks happen?
Cyberattacks are frequent and can occur in any industry. In 2023, there were about 3,200 publicly reported data compromises, affecting over 350 million individuals, according to an Identity Theft Resource Center report. The top industries affected by data compromises in 2023 were healthcare (809), financial services (744), professional services (308), manufacturing (259) and education (173).
Phishing, the most frequent cybercrime, floods inboxes with 3.4 billion fake emails daily, totaling over a trillion attempts yearly. It’s involved in more than one-third of data breaches.
Ransomware attacks, while less frequent, can also be devastating — the average ransom demand increased five times in 2023, and organizations who paid a ransom paid a median amount of $2 million.
Despite efforts to combat cybercrime, the enforcement rate remains low. A report by Third Way found only a small fraction of malicious cyber actors are identified, pursued and punished, highlighting the need for a more comprehensive strategy to close the cyber enforcement gap.
What are the risks associated with ignoring cyber safety?
Overlooking cyber safety can expose individuals and organizations to severe consequences across multiple fronts:
Financial losses
The financial impact of cyberattacks can be devastating, not just for businesses but also for individuals. While large-scale data breaches often make headlines, the costs hit much closer to home. In 2022 alone, American consumers lost over $10.3 billion to cybercriminals through tactics like identity theft, extortion and fraud, according to the FBI.
Beyond consumer losses, the global cost of cybercrime is projected to reach $10.5 trillion by 2025, highlighting its threat to the broader economy. According to IBM’s annual report, even a single data breach can incur massive expenses — in 2023, the average breach cost U.S. companies $4.45 million to address. This includes fees for investigation, notification requirements, legal support, cybersecurity upgrades and more.
Reputational damage
Reputational damage is often harder to quantify than immediate financial losses, but can still be lasting and harmful in the long run. A 2022 survey found that 75% of respondents would stop doing business with a company that failed to keep their data safe and secure. In a hyper-connected age where brand trust and data privacy are precious commodities, cyberattacks represent a perpetual threat to a company’s most valuable assets — its reputation and customer loyalty.
High-profile incidents such as the Equifax data breach, Target’s cyberattack and the Facebook-Cambridge Analytica scandal illustrate the catastrophic reputational damage caused. Equifax faced criticism for mishandling customer data, leading to legal battles and loss of trust. Target’s breach tarnished its image as a trusted retailer, resulting in lawsuits and regulatory scrutiny. The Facebook scandal eroded user trust, triggered investigations and incurred substantial fines.
Legal implications
The legal implications of failing to safeguard data are significant, often resulting in costly litigation and regulatory penalties. Some recent examples include:
In 2020, the Marriott hotel chain faced a substantial fine of nearly $24 million from U.K. authorities following a 2018 data breach that compromised 339 million guest records worldwide. This incident underscores the legal repercussions companies can face for failing to protect customer data.
Similarly, in 2021, the U.S. Securities and Exchange Commission imposed a $1 million fine on Pearson for misleading investors about the extent of a data breach involving millions of student records. This case highlights the legal consequences of providing inaccurate information regarding data breaches, even for educational institutions.
How can individuals and organizations protect themselves from cyber threats?
Safeguarding against cyber threats requires a multi-layered approach involving both technical measures and human vigilance. According to the Cybersecurity and Infrastructure Security Agency (CISA), individuals can take four key actions to keep themselves cyber safe:
- Enable multi-factor authentication: Set up multi-factor authentication for all your important accounts, such as email, banking and social media. This adds an extra layer of security by requiring two or more credentials to access your accounts.
- Use strong, unique passwords and a password manager: Create complex, unique passwords for each account using a combination of letters, numbers and symbols. Store these passwords securely in a password manager tool to avoid reusing or forgetting them.
- Update your software regularly: Set your devices, operating systems, apps and software to automatically install the latest security updates and patches as soon as they become available. This helps mitigate known vulnerabilities.
- Recognize and report phishing attempts: Be cautious of unsolicited emails, texts or calls asking for personal information or login credentials. Verify the legitimacy of such requests before responding and report any suspected phishing attempts to the appropriate authorities.
For organizations, an effective cyber defense strategy often includes:
- Implement robust security protocols: Deploy firewalls, antivirus software and intrusion detection systems to fortify digital defenses against cyber threats.
- Conduct regular risk assessments: Schedule regular security audits and penetration testing to identify and address potential vulnerabilities within your systems and networks.
- Provide comprehensive employee training: Implement ongoing cybersecurity training programs to educate employees on various topics such as phishing, social engineering, password security and safe web browsing.
- Develop and enforce cybersecurity policies: Establish and enforce robust cybersecurity policies outlining guidelines for safe online practices, incident response protocols and data handling procedures for employees to follow.
By taking these actionable steps, individuals and organizations can significantly enhance their cyber defense capabilities and better protect themselves from cyber threats.
Help protect the digital world
As cyber threats become more advanced, the need for cybersecurity experts is on the rise. According to the Bureau of Labor Statistics, job opportunities in this field are expected to grow 32% from 2022 to 2032. These professionals protect individuals, businesses and organizations from online attacks and data breaches.
By studying cybersecurity, you can learn how to tackle these threats head-on and make a real difference in global cyber safety. With online bachelor’s in cybersecurity and master’s in cybersecurity degrees available, you can gain the expertise needed to make a meaningful impact in the field.