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Cyber Security: A new vehicle for exponential growth

Date: 18 May 2020

It often put the business models and customers in a dilemmatic situation whether their information is in safe hands or it is in on the edge of threshold to get stolen or at the risk of getting attacked digitally. Personal data of every client is crucial when it comes to the question of its accessibility and to have control over it. As far as the business models are engaged in the realm of maintaining the privacy of their financial and personal data- the question of its security becomes even more debatable. With the enforcement of policies enhancing digital transformations in the business models, the need to maintain the transparency in data becomes fundamental from the perception of reinforcing ethical practices a business follows.

With the advents of digital transformations, businesses are probing their customers to trust them in more profound ways that may lead to sparking customers’ trust, and an arouse in the techniques that may increase the threats of security hacks is noticed, including illegal surveillance, phishing or misuse of client’s/ business personal data and provided information. The results of such deeds- digitally called cyber hacking may lead to sabotage the image of the business, shaking the trust of its stakeholders, investors, and even employees- posing a damage to the organization’s reputation.

As per the statistics available over the internet, the cases of cyber hacking are amplified tremendously. Various studies, reports, and surveys have resulted in an alarming situation created by threats as a cyber hacking consequence of digital transformation.

According to the study of Clark school conducted at the University of Maryland, a new hacker attack takes place in every 39 seconds, and it further focuses on the statistics that one American out of every third is affected by cyber hacking. The cause of these hacking mentioned in the study is the use of non-secure usernames and passwords.

According to a survey conducted by Accenture’s global, an increase in security breaches is noted by 67% over the past five years.

According to the Official Annual Cybercrime Report (ACR), “ransomware attacks occur every 14 seconds- the statistics considered the frequency at which Cyber security Ventures have predicted that a new business has fallen into the grips to a ransomware attack in 2019. The company also estimates that the number will increase to every 11 seconds by 2021.”

According to research of ‘The Harris Poll and the American Institute of CPAs (AICPA)’, “60% of Americans are exposed to fraud schemes. Sixty percent of Americans reported that they or an immediate family member have become victims of a scheme to defraud.” Norton Security stated in its report that the USA is ranked No. 1 in the list of top countries that are targeted by cyber hackers.

The results of the reports, researches, and surveys upsurge the need to opt for the innovative solutions related to the security of data that can help to create safety walls around all the operations of a business model that involves data and dimensions that pertain digital transformation. Innovative cyber security solutions act as the lifesaving drug that ensures to provide a wide range of services to safeguard the personal/ business-related/ client-related data.

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