Cybersecurity also known as Computer Security refers to the practice of protecting systems, networks, and programs from digital attacks. These attacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users via ransomware, or interrupting normal business processes.
Cybersecurity aims to protect individuals’ and organizations’ systems, applications, computing devices, sensitive data, and financial assets against cyberattacks. The rise in cloud computing adoption, network complexity, remote work, bring your own device (BYOD) programs, and connected devices have created exponentially more ways for cybercriminals to attack.
A successful cybersecurity approach has multiple layers of protection spread across the computers, networks, programs, or data that one intends to keep safe. In an organization, the people, processes, and technology must all complement one another to create an effective defense from cyber attacks.
The cost of cybercrime is rising. For example, the average cost of a data breach in 2023 was USD 4.45 million, up 15 percent over the last three years. The average cost of a ransomware-related data breach in 2023 was even higher, at USD 5.13 million. This does not include the cost of the ransom payment, which averaged an additional USD 1,542,333, up 89 percent from the previous year. By one estimate, cybercrime will cost the world economy USD 10.5 trillion per year by 2025.
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