The Importance of Security in This Digital World

A by-product of the digital age is the immense amount of data produced and circulated in the online world. Nearly 1.7MB of data was generated in 2020 per person and in the past two years, almost 90% of the world’s total data was created. 

These astonishing figures also bring to light the importance of cyber security in the modern digital world. Data breaches have become increasingly frequent and more complex with growth in technology. Hence, hackers find it easier to break through the vulnerabilities of companies and access confidential client information. 

Digital transformation has accelerated the growth of online platforms, showing us just how crucial security in the digital age is. Businesses both big and small need to take cyber security into consideration if they want to stay protected from cybercrimes. Read on to find out why a strong digital expansion must be backed by robust cyber security measures. 

Cybersecurity in the modern age 

The business world is not new to data breaches and cyber threats. We have already witnessed the Yahoo security breach in 2016, which was a huge catastrophe. The changes brought by the pandemic such as remote working, more businesses moving online and switching to digital payment have given rise to even more digital threats. 

For many small businesses, the switch to digital was sudden and offered little time to strengthen existing security measures or implement new procedures. Even bigger brands found it difficult to safeguard data while managing remote teams and using new software such as Trello, Slack, Flock and more. 

During the beginning of 2020, Microsoft suffered a malicious attack that compromised over 280 million Microsoft customer records which included email addresses, IP addresses, and support case details. A similar incident happened in April of 2020 when two websites hosted by San Francisco International Airport suffered a cyber-attack where hackers tried to gain login credentials.

The importance of data security

The rapid shift to digital has exposed many vulnerabilities that organisations currently face. According to the World Economic Forum's Global Risks Report 2021, cyber risk is among the top global threats that need to be countered urgency.

Digital transformation has not only evaporated certain physical spaces but has also merged boundaries between countries. While this is good for businesses looking to operate in a global market, it has also created a greater risk of cross-border cyber-attacks. 

While ransomware, phishing and social media hacking attacks continue to rise, organisations need to prioritise information security. This is necessary because it is lawfully required as General Data Protection Regulation (GDPR) asks organisations in Europe to safeguard personal information.

Moreover, any breach of security is not only detrimental to the company’s image but also has a financial implication. A business that has a well-protected cyber security system will have the trust of the customer as well. This ensures the protection of any sensitive data, longevity and smooth functioning of the organisation. 

Countering cyber threats 

Different types of security measures are put in place to mitigate cyber threats. Here are three effective ways that  companies can amp up their cyber defence: 

• Encryption

The most basic yet essential form of cybersecurity is encryption as it keeps data safe across the organisation. It is necessary to keep email, documents and all forms of data encrypted to protect it from being misused, stolen or intercepted by any malicious third party.

• Secure password 

Another common yet equally important part of cybersecurity is a strong password that acts as a front-line defence. Staff members in the office should also remain observant in case of phishing attacks, where fraudulent emails are sent by hackers to retrieve information. Spreading awareness along with using a secure password goes a long way in curbing cyberattacks. 

• Constant up-gradation of software 

Organisations use a variety of software in their daily operation and remote setup has increased the use of collaborative tools. Hackers and other digital criminals often try to gain access to private data through such software and hence it’s important to continuously upgrade them. By doing so, many adjustments are made using software patches that close vulnerable points that hackers can access. 

If you are keen on gaining an in-depth understanding of the world of cybersecurity, check out the new undergraduate programme offered by the School of Technology at London School of Business and Finance (LSBF) Singapore. LSBF in Singapore is partnered with the University of East London (UEL), the UK to provide a Bachelor of Science in Cyber Security and Networks degree for those pursuing a career in Cyber Security.

The bachelor’s programme will allow you to obtain the knowledge and skills needed for careers in the Information Technology (IT) industry and allow you to gain technical expertise in cyber threat intelligence and risk management which will enable you to excel in the demanding areas of security technologies and controls. Learn more about the programme here.