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CYBER SECURITY

Introduction to Cybersecurity Cybersecurity refers to any technology, measure, or practice for preventing cyberattacks or mitigating their impact. Cybersecurity aims to protect individuals’ and organizations’ systems, applications, computing devices, sensitive data and financial assets against simple and annoying computer viruses, sophisticated and costly ransomware attacks, and everything in between. Cyberattacks have the power to disrupt, damage or destroy businesses—and the cost to victims keeps rising. For example, according to IBM's Cost of a Data Breach 2023 report, ● The average cost of a data breach in 2023 was USD 4.45 million, up 15 percent over the last three years. ● The average cost of a ransomware-related data breach in 2023 was even higher, at USD 5.13 million. This does not the cost of the ransom payment, which averaged an additional USD 1,542,333, up 89 percent from the previous year. By one estimate, cybercrime will cost the world economy USD 10.5 trillion per year by 2025.1. The information technology (IT) trends of the past few years—the rise in cloud computing adoption, network complexity, remote work and work from home, bring your own device (BYOD) programs, and connected devices and sensors in everything from doorbells to cars to assembly lines—have resulted in tremendous business advantages and human progress, but have also created exponentially more ways for cybercriminals to attack. Perhaps not surprisingly, a recent study found that the global cybersecurity worker gap—the gap between existing cybersecurity workers and cybersecurity jobs that need to be filled— was 3.4 million workers worldwide.2 Resource-strained security teams are focusing on developing comprehensive cybersecurity strategies that leverage advanced analytics, artificial intelligence and automation to fight cyberthreats more effectively and minimize the impact of cyberattacks when they occurRead more

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