Cyber Security

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Technology and internet coverage has been a major boost to globalization and connectivity among countries, individuals And companies. High internet speeds and high-tech communication devices has underhand in a new era of global online community. Today, companies are going global as they can now operate remotely from different locations. The area of online marketing and tele-health has added to the ease of operations across the world. However, amid these benefits lies a very troublesome issue of cyber security that is already threatening global security and economic stability. The European cyber data has shown that there are at least 2500 attempted and successful hacks that target major companies and health facilities within the European Union. The data also shows that the rate of hacks have grown steadily at a rate of 12.5% annually since 2014. These theft of customer and patient data has become the prime target for hackers that is raising very worrying concerns across the world.

Over the years, the increase in online crime has led to adverse threats to personal data of clients and employees. Still, theft of health data belonging to patients and health workers has become a major issue in today’s cyber security field (Kshetri, 2017). Governments in developed countries are trying to lay down policies and mechanisms to safeguard and improve cyber security in all fields. The issue of hacking of companies that deal with high number of personal data for clients has increased drastically in the past ten years (Van Schaik et al., 2017). The prime target for hackers have mainly been the online customer data, military, and patient data in health facilities.

Cybercrime mainly targets online customers and firms that engage in mass data transfer and sharing (Boeckl et al., 2019). For example, in the U.S alone, there are more than a thousand attempted hackings daily that the FBI is able to crack and prevent. Advanced countries are able to notice these issues but some go unnoticed that cause agony and financial loss to the victims. The prime issue when it comes to online theft is the loss of customer data that the hackers seek to sell on the dark online markets (Van Schaik et al., 2017). For example, the hackling of Yahoo in 2015 became a global concern that only showed the huge expense and loss the firms are bound to face in this issue of cybercrime. The loss of customer data from major companies has put the loyalty of the clients at risk making some of the firms collapse or reduce their online presence. The other perspective in cyber security looks at the inclusive approaches that have been put to address these issues (Kshetri, 2017). Today, companies and governments are hiring tech experts that seeks to safeguard and prevent these online hacks.

One of the major effects of cyber insecurity is the financial loss that victim companies an governments face. Records form the FBI shows that small firms that are yet to establish firm online security programs lose at least 25 Billion Dollars annually in the U.S (Srinivas, Das & Kumar, 2019). Globally, the financial cost of cyber insecurity that comes through hacking amounts to at least 600 Billion dollars. These figures only show a worrying trend that needs to be addressed to ensure that there is adequate cyber security for small and large firms. The way forward lies in the firms creating strong online security programs and cyber walls that will make it difficult for hackers to crack (Van Schaik et al., 2017).

The other target for hackers is the credit information of customers. The ecommerce field has been beneficial and at the same time risky for companies and customers. Cyber security in the area of ecommerce has been a major concern for governments and online sellers and firms (Srinivas, Das & Kumar, 2019). Credit card hacking and theft of customer data has become a major issue that has put ecommerce business at risk. The U.S. customers report almost 3 million cases of attempted credit card hacking annually (Kshetri, 2017). The data also shows that 90% of the credit card hackings occur when the clients make online payment for goods or services. The other area that has become a prime target for online hackers is the passenger data in air travel. The cyber criminals have noticed and utilized the field as almost all major airlines only accept online or card payments for air travel fares (Boeckl et al., 2019).

The online exposure of customer data has become a prime area for hackers where they seek to steal and sell the data to other online criminals. The whole affair has already put a major risk to the online business and payment systems particularly for international companies (Kshetri, 2017). Cyber security is targeted to become a multi-billion-dollar industry as the risks of hacking continue to rise. The exposure of online data from customers who seek online services is offering an outlet for criminals to conduct their activities. The rise of shady platforms like the Dark Web and Dark Web has worsened the fight against online hacking (Srinivas, Das & Kumar, 2019). These platforms offer an outlet and areas for criminals to conduct their activities putting more danger to customers and companies.

Governments are also victims of cyber insecurity mainly in the area of military and political stability (Kshetri, 2017). Studies have shown that militaries across the world face a major issue of data theft where the criminals seek to learn about the strengths and weaknesses. Today, the development of military hardware and technology has always faced the threat of online data theft by enemy nations (Boeckl et al., 2019). For example, the development of armed drones has always been a hit issue between Russia, China, and the U.S. military. The U.S. has accused China of stealing online data from its military that leads to the copying of the military hardware development (Van Schaik et al., 2017). This issue has increased the risk of more drift between nations and possibilities of conflicts.

Conclusion

Dealing with cyber security issues has to start with understanding the avenues used by criminals to conduct their activities. Online platforms have eased the way of doing business but on the down side, they offer a few challenges to customer security. Theft of customer data mainly for online companies has come at a huge financial and loyalty cost for the firms Victims of the cyber insecurity issues continue to rise and this puts more risk to online business. Governments are also facing acute challenges when securing the financial and military data from hackers. More collaborated efforts is required between governments, companies, and individuals in tackling tech-related hacking and online theft.

References

Boeckl, K., Boeckl, K., Fagan, M., Fisher, W., Lefkovitz, N., Megas, K. N., … & Scarfone, K. (2019). Considerations for managing Internet of Things (IoT) cybersecurity and privacy risks. US Department of Commerce, National Institute of Standards and Technology.

Kshetri, N. (2017). Blockchain’s roles in strengthening cybersecurity and protecting privacy. Telecommunications policy, 41(10), 1027-1038.

Srinivas, J., Das, A. K., & Kumar, N. (2019). Government regulations in cyber security: Framework, standards and recommendations. Future Generation Computer Systems, 92, 178-188.

Van Schaik, P., Jeske, D., Onibokun, J., Coventry, L., Jansen, J., & Kusev, P. (2017). Risk perceptions of cyber-security and precautionary behaviour. Computers in Human Behavior, 75, 547-559.