Cybersecurity is a cornerstone of the digital economy. The time has changed with technology. Innovations and experiments in various fields ensued in increasing users on world wide web. According to a survey, over 50 billion devices will be running over the internet by a forecast by 2020.
This rapid change in computing has changed the mode of assets exchange all over the world. People and companies are religiously accepting the digital economy through cyber security training.
Digital currency or electronic money is currency exhibits over the internet with similar properties as physical currency. It allows instant transaction over the internet to anywhere in the world. Various sectors like banking, finance, insurance, government, social enterprises etc., are adopting digital currency for their business operations, including the exchange of goods or other valuable assets. The improved customer experience has boomed the growth of the digital economy.
There are risks associated with performing exchange in the digital economy environment. The main concern here is the world wide web. The increase in cyber attacks on the IT environment. The modern approach to network over the cloud, virtual networks introduces new attack types which are needed to be examined carefully. The financial sector has spent around $16.3 billion in the year 2017 for the purpose of security and forecast says it will rise by 10.2% in next one year and public sector from $18.6 billion will fluctuate up by 10.3% according to a survey report by IDC.
The attackers always appear with advanced and new technologies for creating a powerful and effective attack like artificial intelligence, cloud computing. It is believed that the upcoming threats to the system are arriving with the upgraded and intelligent attacks that will be very complex for monitoring or detecting.
The use of internet connected devices that are accessing person related financial or other critical information is increasing very fast. Advanced Internet of Things (IoT) devices are also growing with their use in smart infrastructure for home or office. More and more connection is getting established every day.
The critical infrastructure of business relies on the internet. The trending technical alternates of sales, marketing have covered the asset flow in business works. The destructive cyber breaches can impact their infrastructure, services, and sensitive information. As the number of connected devices is increasing on the cloud, the threat to breach also lies there. Most of the organizations are migrating their business to the cloud. Their plan to go digital is not that much trustworthy or secure.
Automation in inventory and order management system lead to flow operation-related data, including vendors , account detail and company related information over the cloud-based applications. This data is not very much secure because a minor loophole in their infrastructure can cause the whole organization to blow down. Hackers always scan, analyze, and detect for the minor to major holes in other’s system. People rely on third-party support services for running their systems. These services can be monitoring, antivirus, DDoS protection, analytics, architecture support, etc. They sometimes fall between support against attack.
According to an IDC survey report, the total amount that was spent on cybersecurity in the year 2017 is estimated around $83.5 billion facing increment of 10.3% as compared to last year. IDC terms threat, regulatory pressure and architecture changes as the major driver for security spending.
Introduction of blockchain technology has rapidly increased the use of the digital currency. The smart contract has expanded the reach of local money to a global marketplace without any interruption. Technologies like hardware wallet and crypto coins like Bitcoin, Ethereum, Dodge, etc., are driving force for upgrading the digital platforms regarding security as well as marketing.No matter where the money is involved, the platform always lies on hackers radar.
Platforms for e-commerce, mobile banking and money exchange are also promoting people towards the use of digital currency with the help of payment gateway integration on their website. People submit their account and other information over the internet for enjoying the advantage of these services. But they are unaware of data breaches because they always depend on their service provider.
Cybersecurity is a matter of concern. Though ample of solutions available to ensure data security, you need to follow generic solutions, which can actually yield results. Cloud has come out to be a reliable solution to secure data, no matter what the present conditions are. Moreover, its three models have its own ins and outs that help to compute better and even make your cloud environment.
CEO and Founder at Mighty Shouts.
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