What is the importance of information security? Let’s find out.
Information Security Today
Information is a nontangible asset of any organization. But, it’s one of the most important ones.
Like any other asset, security managers should protect it appropriately. True, the internet simplified how we store our information.
But it also happens to be a great weakness. Almost every day we hear news about data breaches of organizations.
Reports also how that cybercrime results in trillions of dollars of damages. And the numbers increase every year.
So, what can we do to protect our information? One way is to be aware of the latest news. But, the best way is to follow guidelines to secure our private data.
Information security includes processes and tools that prevent and combat threats. So, both digital and physical assets are safe from attacks of threat actors.
Information Security Importance
When we think of protecting information, we can come across with putting passwords. We also believe that we should create one that is tough to crack, to the point that we often forgot about it!
But, information security is more than just setting up a strong password. Organizations should actually invest in security protocols and digital frontiers.
Five reasons why investing in information security is important:
The rising cost of breaches
Data breaches are certainly damaging to companies. For one thing, they suffer in financial loss because of it.
Their customers will also lose their trust, so they are most likely to leave the company. That means that they can lose customers, too. And without customers, the company may be forced to closed.
Companies can also face legal issues. So, they have to pay fines. And as we know, this can certainly ruin their reputation.
During the process of handling the breach, they also have to pay a huge amount of money for security experts. The global average cost of breaches in 2020 was $3.86 million. And the United States is leading with $7.91 million.
Increasingly sophisticated attackers
Advanced technologies like AI have made their way to security. So, there are more and smarter ways for security experts to protect information.
But, even cybercriminals use these technologies. So, their attacks are also more and more sophisticated.
The proliferation of IoT devices
Another technology that is on the rise now is the Internet of Things. It surely made our lives easier because of these devices.
But, IoT is an easy way for hackers into the business. We even hear reports about a hacked smart coffee machine and smart TVs. And with that, they can access and exploit our private information.
Funded hackers and wide availability of hacking tools
Globally, threats in intellectual property are the top reason for the more than $600 billion costs of cybercrime to the world. In fact, 24% of attacks come from IP threats.
That’s why it’s easier for criminals to launch attacks. All thanks to the easier access to the resources they need.
Regulatory compliances
As mentioned, companies can face legal issues if they don’t protect information. So, companies should really have information security measures.
For example, GDPR in Europe has guidelines for companies and businesses in handling private information.
