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Here, we discuss the top reasons why cybersecurity is important:

1. Cyber-attacks do not discriminate
   Decades ago, rumors falsely reassured personal computer users that only mega-corporations and financial institutions would be the targets of cybercrimes. Unfortunately, as computers and internet networks have evolved from a privilege to a daily necessity, cyber crimes have become much more common. A Clark School study at the University of Maryland found that, on average, hackers attempt to breach computers with internet access every 39 seconds. While fictional media often portrays dramatic scenes of targeted cybercrimes, the reality is that an automated script randomly searches for computer vulnerabilities, causing harm and stealing critical data.[2]


2. Sensitive data is becoming more digitized
   There is an unprecedented surge of collected and analyzed data following the digitalization of various economic and social life sectors. How people interact through social media and how organizations interconnect with their clients have changed dramatically. Instead of opting for outdated pen and paper documents, technology offers the ease of convenience for information transfer and storage on a cloud-based system. This heightened connectivity increases the regularity of compromised, stolen, and leaked sensitive information like personal data, trade secrets, and bank account details.[2]


3. A boom in e-commerce indicates a boom in cyber threats
   COVID-19 caused a series of changes to trade retailers, resulting in their adaptation to the e-commerce sector. With state-level lockdowns and social distancing protocols in force, consumers turned to online shopping. Digital Commerce 360 revealed that North America’s leading online merchants experienced a collective growth of 45.3% in 2020. In an e-commerce transaction, businesses hold access to sensitive intellectual property and customer data, including communication details, addresses, customer behavior, credit card information, and supply chain storage. Any security breach of this data can cause significant information spillage and damage to the marketing processes. But these problems are avoidable with an appropriate cyber security installment.[2]


4. Cyberattack remediations are financially costly
   Cyber crimes are costly to businesses of all kinds — and to the economy. Documentation from IBM’s Cost of a Data Breach Report 2021 revealed that the cost of data breaches rose from US$3.86 million to US$4.24 million in 2021. To put this into context, Hiscox, an international specialist insurer, stated that small businesses experience cyberattacks with an average annual financial cost of US$25K. Expenses that follow a cyber attack — particularly after a data breach — include hiring forensic specialists to investigate the point of breach, overhauling the remediation process of a company’s network and system, credit monitoring, penalties, and fines.[2]


5. Cyber attacks harm reputations
   Organizations that are the victims of cyber attacks often suffer reputational damage. Brands rely on consumer trust, and a brand’s organizational failure to protect its customer data and its IT operating system can harm its credibility. Companies may experience a slide in stock value and sales as customers turn to other brands with superior reliability. In an era where information becomes more digitized, a company’s reputation is largely dependent on how it prevents and mitigates cyber threats.[2]