THANK YOU FOR SUBSCRIBING
Technology has reached the remotest locations in recent years. The Internet has opened new horizons and a sea of opportunities for businesses all over the world. Enterprises can now connect with their customers more effectively. A huge pipeline of data is generated every day which makes the data security one of the most significant concerns for organizations. Many companies contain sensitive data of their customers, and a breach in their system can wreak havoc on their credibility. Cybercriminals are always on a lookout to find a loophole in a company’s security and breach their system. These breaches cause phishing attacks on a company’s network.
Cybercriminals have started using advanced technologies like machine learning, artificial intelligence, and many such technologies to launch a more sophisticated attack on a company’s network. Many companies have witnessed cyber attacks in recent times. Cathy Pacific, a Hong Kong based Airline Company, suffered a data leak which affected almost 9 million of its customers; Yahoo had to pay 50 million dollars as compensation to its customers as the data security breach it suffered. The wannaCry attack is considered as one of the most vicious attacks which targeted systems running on Microsoft operating systems by encrypting data and demanding payment in bit coins. Although the attack was stopped within a few days of its discovery, it almost affected 200,000 systems in 150 countries which caused a loss of billions of dollars. The NotPetya attack caused considerable damages to Ukraine's banking systems and in the process affected many large companies in Europe severely.
Companies could not ignore the severity and prominence of cyber attack. The companies have changed their cyber security efforts and strategy to become proactive rather than being reactive. Cybersecurity has become a fundamental part of a company’s strategy. Organizations assess the risks before expanding into new venues. Enterprises have also started to decommission old and outdated systems as it is one of the primary reasons of the WannaCry and NotPetya attacks. Security drills to check cyber security have become a common phenomenon in which cyber attacks are simulated to prepare the company before an actual attack commences.