Cybersecurity is the practice of protecting internet-connected networks, computers, mobile devices, software, applications – and the sensitive data stored on or transmitted through a network – from malicious attack.

The various technologies and procedures that make up the full range of cybersecurity measures are designed to close security gaps and block attackers who try to gain access to, alter, destroy or extort sensitive customer data. It is also an important means of protection to recover quickly and efficiently from attacks aimed at blocking, disrupting or disabling an organisation’s ability to operate its own systems.

Some industries are more vulnerable to cyber threats due to the nature of their business (e.g. healthcare, finance and education). However, all businesses should take steps to protect their networks and their customers’ confidential data.

Due to technological advancements, increased connectivity and criminal activity, cyber-attacks will continue to grow exponentially – and at a high cost. According to a recent study, cybercrime will cost the world more than $6 trillion by the end of 2021 and as much as $10.5 trillion annually by 2025.

With such a high price tag, it would be easy to believe that cyber criminals are primarily targeting large businesses and corporations. However, criminals have found that small businesses (SMBs) – especially those that are part of a supply chain to larger companies – are more vulnerable targets.

According to a report on the global state of security, 71% of SMBs worldwide have experienced at least one cyberattack since starting their business, and 66% have been attacked in the last year alone.

Since the first known computer virus bounced between a number of affected computers in 1971, a whole series of well-documented attacks over the last 50 years have caused trillions of dollars of damage to businesses around the world. They are all strong reminders that cybersecurity is a necessity today.

Now, after COVID-19, the expansion of remote working and the rise of the Internet of Things (IoT) in our ever-changing digital environment have significantly increased the potential for cyberattacks. Cybercriminals are adapting their attack methods to focus on the weakest link in the cybersecurity chain: human error.

With a greater number of devices in more locations connected to more software, the need for advanced cybersecurity has never been greater for businesses of all sizes that need to protect sensitive customer data.

Whether it’s stealing data, disrupting network activity or damaging devices, cyberattacks often occur in several steps:

1) by scanning for vulnerabilities;

2) initiating the breach; and;

3) Execution of an attack.

While there is no way to completely protect against all attacks, knowing what your system is up against and the current threats can help you create a more comprehensive cyber security plan.