Page 145 - Cyber Defense eMagazine March 2024

Most organizations have experienced at least one IT outage in the past three years. Cyberattacks
account for 11% of these events, making it the fourth most common cause. As time goes on, their share
of IT outages is increasing, as are the size of their disruption.

In some brands, not being able to perform core functions has a more severe impact than just losing
money. It could impact human lives in hospitals, for example.

Defending Critical Infrastructure

Growing Internet of Things (IoT) adoption heightens the business case for robust cybersecurity. As the
IoT brings more previously air-gapped infrastructure online, it exposes it to attack. These infrastructure
attacks can cause widespread physical damage.

Many energy grids now rely on IoT devices to improve responsiveness, but this means a cyberattack can
shut down power to an area. IoT-connected water purification systems could stop working and lead to
unsafe public water supplies if hacked. In other cases, cyberattacks could interfere with emergency
response networks.

There were over 112 million IoT attacks in 2022 — 80 million more than in 2018. If this trend persists,
connected infrastructure will only become a more critical target, making cybersecurity all the more crucial.

Complying With Growing Regulations

Finally, cybersecurity deserves its place in business as an important governance measure. Government
security and data privacy regulations are growing, so failure to secure some systems could result in
massive compliance violations.

The European Union’s General Data Protection Regulation is the most famous example, but it’s far from
the only one. At least 40 states have introduced cybersecurity legislation and at least 24 have enacted
these laws.

As these laws become more common and their penalties more severe, investors and partners will
consider cybersecurity a more significant deciding factor. Consequently, failure to ensure thorough
security will limit ongoing success, not just immediate financial losses.

Cybersecurity Is Essential for Businesses Today

Cybersecurity may seem like an additional best practice for organizations, but it’s critical. Companies
today can’t comfortably do business in any industry without it.

As cybercrime rises and digitization takes over more industries, security’s importance as a business
function will only grow. Organizations must embrace cybersecurity as a core practice now to prevent
losses in the future.

Cyber Defense eMagazine – March 2024 Edition 145
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