How Cyber Attacks Could Ignite Next Upcoming Recession? Let’s See
“The fear of a recession is the obsession for Cyber criminals. Either Be proactive, wise and collaborate OR be ready to face the unfortunate consequences.”
Cybersecurity experts assume that again a recession will come in the upcoming two years. There is no educational qualification required in finance to address the symptoms of the same around ourselves. Clearly, the following warning signs are enough to determine the occurrence of recession:
- Increase in the unemployment rate
- The decline in home sales, and more
- The decline in the stock market
- Increase in inflation
The time period of recession is painful for most people. Why most of the people, and not all? It is so because Cyber attackers can thrive in a struggling economic situation. Cybercrime attacks are one of the rapidly increasing and lucrative measures of attack. Also, it has seasonal and momentary surges like during the Christmas Eve.
Recession Can Be Caused Due to Cyber Attacks
A Cybercrime attacks threat is assumed to cost the entire world $6 trillion, annually by the year 2021. Exponentially, this is more than the $306 billion of damage imposed from natural tragedies in 2017. From the financial crisis of 2008, data security managers and central bankers worldwide began focusing upon the enhancement of bank capabilities. The perspective of this updation is to withstand another financial tragedy. Are you thinking that this is because the recession is on the horizon, and most likely due to cloud data security threat? Does there exist any practices to be taken to stop internet criminals from acting violently?
If a single country is affected by the recession, it does not mean that other countries are safe. The consequences of the recession will be suffered by other countries, which are associated in the form of trading suppliers or partners. Also, this will cause a ripple effect on the overall budget and investment done by the organization for network security. As an outcome, this can force an enterprise to delay their product upgrades as well as patches and ask employees to go. In any organization, working employees are core assets and if they are pressurized to leave the firm, how will business’s data assets be secured? Who will check whether data access controls are placed accurately or not? This is needed to restrict a disgruntled official from extracting business’s confidential information. Will the team of Human resource eliminate these official’s permissions to access the network, before any disaster occurs?
Cyber Attacks Could Leave Firm With Nothing
From another point of view, a recession could be a period of acquisitions and mergers. Therefore, Cybersecurity procedures and controls require continuous attention, even after allocating a sufficient amount of time and resources at the time of their implementation. If business resources are not present, cracks will come out during the transition time duration and then, hackers will gain access over the targeted PC. Evidently, a recession contains vulnerabilities and companies must give special attention to their data security. Even if the budget of a company suffers from a hit, the client’s expectations upon protecting the information will be the same. Also, this respective scenario asks staff to work harder than ever before.
It’s Time To Fight From Cyber Threats, Instead of Running
Enterprises have to begin with setting up of the framework, which permits them to stop the spreading of infection coming from Cyber attacks. They need to resume their business work as soon as possible, to continue their development. The financial solutions must be in full agreement and planned to consolidate methods of intervention and recuperation to ignore systemic blackouts. In some countries, there exists rules and regulations to secure the business’s customers records from data breaches. If some companies try to violate the legislative rule, they have to pay the penalty for the same. For example – GDPR compliance for European Union citizens data security. The purpose of designing these regulations is to secure an ever-increasing menu of critical architecture, ranging from healthcare and banking systems to the online markets and cloud solutions.
But, this much is not enough in today’s date! Technology has become advance and so the Cyber attacks. Therefore, the following listed are some cloud computing security best practices that need to be adopted by users working on cloud platform :
- Enforce data encryption algorithms, which encrypts data 24*7 even at rest state
- Assist business cloud users to create multilingual passwords of their firm’s account
- Regularly update the apps used to protect online or offline records of your computer
- Avoid use of Public WiFis to perform business operations outside the firm’s premises
Don’t Run From The Problem; Solve It
Thinking about cloud computing security risks and recession due to the Cybercrime attacks will never allow your heart to adopt cloud services. But, what about the tremendous organizational benefits offered by these services. See, even if your data is stored in offline mode then also, traditional security approaches are needed. Then, why are you getting worried from the adoption of cloud protection solutions? Well, it is the best way to develop, grow, and spread your business worldwide via cloud computing technology. Only thing is that security standards are needed to work safely and protect your confidential data from being getting exposed. So, don’t panic too much, it is as simple as it seems to be after reading!
