The internet has swallowed every part of our lives. With the inception of digital currency, even our financial system is up in the clouds. This digital transformation of our everyday lives offers the convenience we need to do more—with less effort. However, as new technologies emerge, cybercrime increases, and so does the need for cybersecurity.
Considering how wired the world is today, no one is safe from a cyberattack. Even a bank with the most robust firewall in the U.S., but a cyberattack on the financial market may affect you as much. On that note, this article will help to ascertain the relevance of cybersecurity and how to be on your guard.
Cyber crimes are increasing globally.
In 2020, there were 1001 data breaches in the United States alone. The U.K. recorded 1,120 breaches in the same year, which is about a 50% increase in the statistic for 2019. The world is fast becoming a digital bubble, especially due to COVID-19. Many people worldwide are strained to adopt new modes to channel productivity, including working remotely.
The more we become reliant on technology, the more incidents of cybercrimes are likely to surge. For organizations, the most common attacks include phishing attacks and malware injections. These risks have forced many companies to assess the vulnerability levels in information systems periodically. As a business owner, you may need a cyber security specialist now more than ever. A cybersecurity professional can help maintain and preserve your data from cybercriminals.
Your money could be at stake.
If you think hackers are mostly after leaked documents of corrupt criminals, causing a stir in the media. Well, you may be right. However, considering the several other reasons our digital space is being used (including sending and receiving money) why lose guard?
Time and again, the vulnerability of our financial institutions keeps getting exposed. These vulnerabilities are further heightened due to the quest of banking giants to gain maximum control and make significant profits. With the current banking system’s pendulum swinging between the swift system and the quantum system, there’s the need for heightened cyber education.
A quantum financial system is a new system purposed to limit the central bank’s powers which have grown massively over the years. Quantum technology involves the assigning of a digital number to every country’s currency. This new financial system now enables quantum states to cancel out fiat currency for gold-backed assets using an Artificial Intelligence-powered methodology known as conciliation.
It’s also worth noting that a threat looms over our heads in as much as a quantum financial system (QFS) aims at giving individuals the deserved financial control. Forbes posits that a single quantum attack on any of the largest banks in the world could lead to about $730 billion to a trillion in damages. The overly powerful quantum computer is capable enough to impair nearly 60% of a country’s total assets due to bank runs and liquidity traps.
Data security must be taken seriously.
As the world of technology grows, so does the need for data. A hacker with insignificant years of experience could tamper with our data anytime for malicious reasons. Ever heard of Cambridge Analytica and Facebook? Yes, we’re not even safe from the big giants we entrust with our lives.
The advocacy for privacy and data integrity is reliant on advancements in cybersecurity. We’re all accountable to ourselves. You don’t need a security specialist to raise red flags on activities such as downloading unregistered software and dealing with illegal websites. We’re all at risk by the mere virtue of technological advancements, and cybersecurity can’t be essential enough. There are several best practices we can all adopt. Ensuring your computer system, both at work and at home, relies on safe and secure programs is a good idea for starters.