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A 2023 report by Hiscox, an international insurance company, emphasised the crucial need for cyberattack preparedness. It projected a dramatic increase in cyberattacks over the next four years, with small businesses being particularly vulnerable, experiencing over a 36% increase in incidents.
Additionally, a 2022 report by Statista, a German data collection and visualisation platform, identified the manufacturing sector as the primary target for sensitive data theft, followed by insurance and finance, leading to significant financial damages in these industries.
Recognizing the crucial role of cybersecurity, the UAE launched the Dubai Cyber Security Strategy of 2023, positioning the nation as a global leader in this field. Regarding this initiative, His Highness Sheikh Mohammed bin Rashid Al Maktoum stated: "Today with the launch of the Dubai Cyber Security Strategy, we are adding a new achievement to the list of the government's many accomplishments. This proves to the world that the more challenges we face, the more determined we are to achieve the highest excellence."
Below is an overview highlighting the significance and advantages of cybersecurity:
Stealing sensitive data, encompassing that of enterprises, employees, or customers—such as clients' personal information, financial records, and enterprise intellectual property—can inflict severe damage on businesses. It violates client's privacy and jeopardises the safety of companies and employees.
Robust cybersecurity is essential to safeguard sensitive data from internal or external cyberattacks. This creates a secure work environment, alleviating employers' concerns about potential threats.
Notably, cybersecurity risks can stem from within the enterprise by its own employees, posing as much harm as external threats. In 2022, the Ponemon Institute reported that insider threats cost an average of $15.4 million annually.
Cyberattacks can disrupt commercial operations and productivity, impacting services across industries. According to a 2021 report by the Ransomware Task Force (RTF), ransomware attacks, involving data theft and payment demands, may lead to an average downtime of 21 days for affected businesses.
Speaking of potential loss, Chainalysis, a US Blockchain Data Platform, reported that ransomware attackers extorted a minimum of $456.8 million from victims in 2022. Therefore, implementing cybersecurity measures, such as data backup and enhanced firewall, is vital to ensure business continuity and avoid costly service disruptions in services and products.
The UAE's commendable efforts in continuous development and productivity are exemplified by the 2019 launch of the updated UAE National Cybersecurity Strategy by the Telecommunications and Digital Government Regulatory Authority (TDRA). This strategy aims to create a secure cyber environment that supports individuals’ aspirations and empowers businesses to thrive through enhancing cybersecurity standards, fostering a robust cyber ecosystem, and nurturing local cybersecurity startups.
The success and longevity of any company depend on its customers. Businesses may invest considerable time in cultivating and preserving customers' trust to boost financial gains. Hence, implementing robust cybersecurity measures is crucial for bolstering long-term customer confidence.
An example of cyberattacks that was critical in terms of customer trust is the one that affected Equifax, an American company specialising in consumer credit. In 2017, Equifax experienced a significant data breach that compromised the private records of more than 145 million people. Moreover, the 2018 hack of Marriott International exposed the private information of approximately 500 million people, potentially damaging corporate-customer trust and exposing these businesses to significant financial risks
As the world progresses, remote work has become commonplace for many corporations. However, the exposure of sensitive data outside the enterprise raises concerns about increased cyberattack risks via personal networks and devices. This highlights the role of cybersecurity in safeguarding sensitive data and securing Wi-Fi networks against malicious activities like hacking and tracking.
Implementing robust cybersecurity measures reduces legal concerns, maintains high-security standards, and prevents violations, thereby bolstering a company's reputation.
Cybersecurity saves the company valuable time and effort, allowing a sharper focus on efficiency, production, and development without the distraction of data protection concerns. This advantage helps enterprises stay ahead of their rivals.
Recent studies by Mandiant, an American cybersecurity firm, reveal that 67% of enterprise leaders still underestimate cyber threats. However, given present circumstances, there is an increased urgency to bolster cybersecurity measures due to many factors.
In the current technological era, the rise in cyberattacks allows even inexperienced hackers to access sensitive data if enterprises fail to implement effective data protection methods.
The Internet of Things (IoT), involving the constant connection of devices and daily tasks to the internet, poses a significant data threat. Because IoT technologies rely on sensors and sensitive data, this makes them increasingly vulnerable to cyberattacks.
One of the factors that attract cybercriminals is the increased use of technology in business, such as "cloud services" and digital data storage applications. Additionally, the Deep web and Dark web, inaccessible to search engines, are hotspots for illegal activities like data theft and the development of ransomware—programs designed specifically to steal data in exchange for financial gain— posing heightened risks.
To combat cyber risks, the UAE Cybersecurity Council, in partnership with the Federal Authority for Government Human Resources (FAHR), introduced the "Cyber Sniper" Initiative in 2023. This initiative aims to address the latest information security challenges by enhancing the skills of national talents, enriching the experiences of professionals in federal entities, and raising awareness about various cybersecurity issues, and more.
[1] sprinto.com, Importance of cyber security: Benefits and Disadvantages
[2] nu.edu, What is Cybersecurity and Its Importance to Business
[3] forbes.com, Why Cybersecurity Should Still Be A Top Priority For Businesses
[4] znetlive.com, Top 5 reasons why cybersecurity is important for businesses
[5] knowledgehut.com, Importance of Cyber Security: Need and Benefits
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