Züs CEO Saswata Basu explores the growing economic threat of cyber insecurity. She will learn about the impact on various industries, vulnerabilities, and the role of decentralized storage in hardening against digital breaches.
Cybersecurity risks are a global concern and economic threats are also increasing. As businesses and processes around the world become more digital, cyber breaches become more frequent and the potential cost to businesses and economies continues to rise. According to a recent study, cybersecurity concerns could cost the global economy $3.5 trillion by 2025.
While advances in technology create new challenges, they also offer new solutions. Distributed storage offers a unique approach to mitigating these risks.
Artificial intelligence-powered technologies have transformed industries in recent years, posing unique challenges to data protection. Given the far-reaching implications of data manipulation, the need for robust safeguards for AI data is critical. Cyber anxiety can be alleviated using distributed storage. This provides an efficient way to store data in small pieces across multiple nodes, preventing data leakage while maintaining sovereignty within the network.
Who is at risk of cyber insecurity?
Cybersecurity has always been a pressing concern in modern times. As many industries become digital, they become increasingly vulnerable to cyber-attacks that put critical information and infrastructure at risk. Unfortunately, many companies are still unaware of the dire consequences their systems could face in the event of a successful hack and continue with normal operations as if nothing was wrong. But ignorance does not guarantee protection. Now, more than ever, it is important to be aware of the risks posed by cyber insecurity, especially for certain sectors within the economy. Below we discuss some industries that are at increased risk from online attackers. No matter what business you're in or what industry you work in, there are steps you can take right now to help minimize your chances of being susceptible to digital intruders.
1. Financial industry
The financial industry is particularly vulnerable to cybersecurity threats. Banks and other financial institutions store financial data, including sensitive customer information, making them high-value targets for cybercriminals. Data breaches can cause significant financial loss to businesses and damage their reputation. In 2019, Capital One suffered a major data breach that affected more than 100 million of his customers, and he was fined $100 million by regulators. Cybersecurity measures are important for financial institutions to protect themselves and their customers from such breaches.
Read more: Why U.S. companies need to prepare for DORA now
2. Cybercrime targeting critical infrastructure
Cybercrime targeting critical infrastructure is also on the rise. For example, the energy sector is essential to our daily life. Cyber-attacks on energy grids can cause widespread power outages and negatively impact the economy. In 2015, Ukraine suffered a cyberattack on its energy grid, causing widespread power outages. This incident shows how important it is to protect critical infrastructure from cyber threats.
3. Small businesses are also at risk from cybersecurity
According to a report by the National Cyber Security Alliance, 60% of small businesses exit within six months of a cyberattack. This is partly due to the high cost of repairing damage and damaging reputations. Cybersecurity may not be a top priority for small businesses, but it should be. By investing in the right cybersecurity measures, you can prevent costly attacks and protect your employees, customers, and profits.
4. The Internet of Things (IoT) is in crisis
More and more devices, from smart thermostats to medical devices, are connected to the internet. These devices may be vulnerable to cyber-attacks, leading to security risks for users. In 2016, the Mirai botnet attack affected thousands of his IoT devices and caused widespread disruption. Cybersecurity risks in the IoT will continue to grow as more devices connect to the internet.
How to reduce cybersecurity risks
1. Security by design
The “security by design” philosophy is another approach to proactive cybersecurity by incorporating security technology into product design. This approach uses data fragmentation, proxy re-encryption, and immutability to prevent data misuse even if the system is compromised. Decentralized storage enhances security with multi-layer encryption methods to maintain data privacy and prevent malicious data modification.
With increasing cyber insecurity, implementing strong security measures has become paramount to protecting sensitive information from unauthorized access. Strategies like:
2. Data fragmentation
Fragmenting your data into smaller, more manageable pieces makes it harder for hackers to steal or access sensitive information.
3. Proxy re-encryption
Proxy re-encryption uses mathematical algorithms to transform encrypted data into a different format, making it more difficult to decrypt.
4. Immutable data
Immutable data storage provides an additional layer of security by ensuring that information cannot be changed or tampered with once it is stored.
These and other advanced security measures can help protect your data from harm and protect you from cybersecurity concerns.
5. AI data protection
As AI-driven technology revolutionizes various industries, data protection is more important than ever. With large amounts of confidential information being handled every day, cybersecurity concerns have become a major concern. Despite the many benefits of AI, companies need to take proactive steps to ensure data protection protocols are in place. Businesses must invest in the latest security measures to protect sensitive data from unauthorized access and cyber-attack breaches. As AI continues to shape our future, secure data protection measures are paramount to ensure safe and reliable operations.
6. Third Party Vendor Data
The proliferation of third-party vendor data, including IoT and other Software as a Service (SaaS) sources, has raised concerns about content authentication. Efficient verification and authentication measures must be implemented to combat fraudulent data and cyber-attacks. Distributed storage solves this problem because it provides a transparent and tamper-proof network where the authenticity of data can be easily verified.
With the rise of third-party vendor data, enterprises are faced with the challenge of ensuring the integrity and reliability of external data sources. The abundance of IoT and SaaS platforms makes it easier for malicious data to enter enterprises, making them vulnerable to potential financial losses. Companies must verify and authenticate vendor data to prevent fraud. By implementing a thorough data verification process, companies can eliminate doubts about the quality and validity of external data and provide an additional layer of protection against fraud. As data becomes more important, vendor data validation will become an increasingly important part of modern business strategies.
7. Distributed storage vs. centralized storage
Data security has important implications for the choice between distributed and centralized storage. Data breaches are prevalent in centralized systems, and cybersecurity controls are easily circumvented. Distributed storage, on the other hand, uses three layers of security to keep your data safe: fragmentation, proxy re-encryption, and immutability. This makes distributed storage ideal for keeping sensitive data safe and tamper-proof.
Cyber insecurity is a global concern
The world faces a $3.5 trillion economic risk from cyber insecurity, and there is growing global concern. Distributed storage serves as a unique solution to reduce this risk. It provides secure data storage, data integrity, and decentralized authentication methods. These benefits make it an ideal storage choice for storing sensitive and valuable data. In conclusion, cybersecurity is a problem that requires a comprehensive and comprehensive approach, and distributed storage provides a comprehensive system to enhance security, data integrity, and prevent unauthorized access to sensitive data. Masu.
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