Despite Billion Investments in Cyber Security, Firms aren’t truly Safe

Few things in the world seem to progress faster than technology. However, despite the technology’s complexity and

Credits
Credits

dynamic nature, security almost always seem to be a generation behind.

As the society and industry become more dependent on internet connected devices, the significance of cyber defense increases immeasurably. Companies have done multiple investment in online security to better prepare themselves from such attacks. However, they are still very vulnerable as hackers won’t always necessarily be human.

According to computer world, private sector companies globally spent more than $75 billion on security software to safeguard their systems and data. That number is expected to grow about 7% annually, according to Gartner and other analyst firms.

However, as security software grows, the cyber-attacks on the other ends develops as well. Hackers use ransomware method to steal from companies by use of private company data collected from the attacks. They get smarter at technology tries to outsmart them.

Despite billions of dollars spent on signature-based antivirus software, for instance, today’s smart criminals can beat it. A user clicks on a suspicious file and it infects the system from the inside. Companies spend massive amounts on securing against outside threats, but a simple email message containing a hack can bypass all of that and send confidential data to the hacker.

With the world more digitally interconnected than ever before, cybersecurity in the Fourth Industrial Revolution will face critical challenges and opportunities. Only collaborative efforts to make more innovative and strategic frameworks between governments, companies, civil society and academia will better secure our digital ecosystem.

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