All of these trends have contributed to the need and requirement for organizations to take cybersecurity seriously. Identity and access management defines the roles and access rights of each user, as well as the conditions M&A risk under which those rights are granted or denied. IAM tools can also give your cybersecurity professionals better visibility into suspicious activity on end-user devices, including endpoints they can’t physically access.
There are many measures businesses of all sizes can take today to protect their data from hackers. Small businesses are the primary target of online attacks because they typically cannot afford sophisticated cybersecurity tools or are unaware of the need. According to Accenture, more than 40% of cyberattacks target small businesses. According to CNBC, the average cost of an incident for all types of businesses is about $200,000, and 60% of businesses are no longer in operation after such an incident.
As companies adopt new technologies, they must also improve their cybersecurity measures to keep pace. Ordinary consumers are affected by phishing schemes, ransomware attacks, identity theft, data breaches and financial losses. For example, according to a report by Netscout, it only takes five minutes to hack into an Internet-connected device, which includes a smartphone, smartwatch, in-car computer, smart TV and home control system. Some of them help large, medium and small companies and organizations meet regulatory requirements related to information and network security. Others specialize in computer forensics, penetration testing, or cybersecurity risk mitigation. Still others work in national security to prevent cyberterrorism and foreign intrusions into government computer systems.
The importance of cybersecurity stems from the desire to keep information, data and devices private and secure. In today’s world, people store vast amounts of data on computers and other Internet-connected devices. Thieves are stealing customers’ social security numbers from corporate computer systems. Unscrupulous hackers are snatching passwords and personal data from social networks or getting corporate secrets from the cloud. For companies of all sizes, maintaining information security is a growing concern.
Everyone relies on critical infrastructure such as power plants, hospitals and financial services companies. Securing these and other organizations is essential to the functioning of our society. Chubb helps organizations proactively defend against cyberattacks before they become necessary, rather than sitting back and simply cleaning up after them. That’s why, for example, they develop secure password management systems for client partners and train their employees to recognize potential cyber threats, protect sensitive data, and escalate issues to the right people when necessary.