These days, businesses are embracing technological innovation because of the many benefits it offers. This innovation includes cloud computing, connected devices or IoT, and proprietary digital products. However, this innovation comes with cybersecurity challenges, bringing new and additional complexity to the technology footprint of a company. That is why organizations need to outweigh the security risks and exposures that new technologies present against the possible transformative business effects. This fact is emphasizing the importance of tighter security in business systems. This is highlighted in the study collaborated by the Security Industry Association and wall street journal. The study offers insights into the current and future cybersecurity landscape, revealing the cyber risks increase when companies embrace new technologies.
The following are different ways embracing technology innovation can increase a company’s cyber risks:
Corporate Security Breaches
Most corporate security breaches take place when hackers exploit employees through social engineering and scams. With technological advancements, hackers are becoming more skilled at finding flaws in corporate security systems and gain access to sensitive files and data.
Today, everything is becoming digital. While information is usually protected by passwords, the majority of information is stored on a shared network. Because of this, a hacker could gain access to the network and get vital information that could put the business and the people in it at risk.
Businesses are shifting to cloud computing and save documents and information to cloud networks, posing an extra cybersecurity risk. That is why organizations must put some measures into place to protect information on the cloud.
Spear phishing is meant to steal information such as business secrets or private information for monetary gain. It takes place when hackers target employees through emails that seem, to be from coworkers within the company, letting criminals steal sensitive information. Because of today’s progressive technology, hackers can send emails to employees disguised as others within the organization, making this a significant cybersecurity risk.
Social Media Security Breaches
Social media websites offer hackers access to persona information and share a person’s exact whereabouts at any point in time. When somebody knows where a person is, they also know where they are not. The indicator that the person is away from their home base can put their valuables and safety at risk. This is also true for businesses with social media accounts. Hackers are just waiting for the perfect time to attack accounts and steal important information without the user being aware of this activity.