The world around us is changing, and it's changing fast.
We're in an era of technology-fueled innovation, where the lines between our personal and professional lives are blurring and being redrawn every day. And we're not just talking about the way we communicate with each other; we're also talking about the way we work.
For businesses, this means that they have to be able to connect to customers on their terms: online, on mobile devices, and through social media platforms. But this also means that companies need to step up their game when it comes to security.
The mounting number of security issues in a tech-enriched environment is compelling companies to increase their IT security budget. In 2022, companies are anticipated to allocate roughly 12.5% of their total IT budget to IT security, according to Statista.
As the nature of these issues becomes more intense and wider, it's imperative to identify different types of IT security issues before companies look for their solution.
The digital revolution has been a boon for companies. But it has also brought with it a host of new IT security issues. Cyberattacks are one of the most common IT security issues faced by companies in today's tech-enabled environment.
Cybersecurity refers to the protection of information systems and data against attack, damage, or unauthorized access. Companies are constantly being targeted by hackers who seek to steal information and money. Cyberattacks can also arise from employees' use of company networks, mobile devices, and software applications.
The costs associated with cybersecurity threats are staggering: $6 trillion in 2021, according to Cybersecurity Ventures. These numbers are staggering, and they're only expected to continue rising as technology becomes more prevalent and sophisticated.
To protect themselves from such threats, companies should take some basic steps:
- Conduct regular vulnerability scans and penetration tests to identify weak points in their security infrastructure and then address them accordingly.
- Use strong authentication measures for all employees who have access to sensitive data and IT systems.
- Implement an incident response plan that is designed specifically for each type of attack so that it can be implemented quickly when needed.
With the rapid rise of e-commerce and consumers’ high preference for online shopping, the use of debit and credit cards to make payments has increased significantly lately.
According to Javelin’s 2022 Identity Fraud Study, identity fraud affected roughly 42 million US individuals, inflicting a total of $52 billion loss on them. This is because of the increasing adoption of contactless payments and online shopping.
The two main types of card fraud include skimming and POS malware. Skimming involves copying credit cards using a device that can be attached to the outside of an ATM or POS terminal. The cloned cards can then be used by criminals to make purchases at retail stores or restaurants without having to go through with payment at checkout. The growing popularity of contactless payments has made these devices more accessible than ever before.
POS malware is another type of fraud that affects retailers across the world. This type of malware targets POS terminals and allows criminals to gain access to customer data stored on these machines without having physical access to them first.
Irrespective of the type and nature of card fraud, these security breaches can seriously hurt a company’s reputation. The good news is that there are solutions to this problem. PCI compliance solutions help protect you against card fraud by ensuring that your systems are secure and that you're following all of the rules set by industry leaders like Visa or Mastercard.
Companies using the PCI DSS can comply with all of the standards related to payment card security, which protects them from any possible breach of sensitive data.
A phishing email is a fraudulent message sent to employees that mimics an email from a trusted source, such as a bank or payment provider. Phishing emails are designed to gain access to sensitive information, such as usernames and passwords, credit card numbers, or social security numbers.
According to findings from Dark Reading, 53% of organizations reported a phishing attack in 2021, as compared to 51% in 2020. And this number is expected to rise as more people use mobile devices for email. These attacks are designed to trick you into clicking on malicious links or downloading malware onto your computer, which can then be used to access confidential information from your company's servers.
The best way to avoid becoming a victim of these attacks is to train yourself to be skeptical whenever you receive an email that asks for personal information.
If you're not sure whether an email is legitimate, check with your IT department or someone else who has been authorized to send out official communications on behalf of the company before responding in any way. If you need clarification on how much information they need from you, wait to send anything until you've gotten the go-ahead.
Application Security Threats
Application security threats are one of the most common IT security issues faced by companies in today's tech-enabled environment. The rise of mobile devices and the internet of things (IoT) is putting added pressure on organizations to create secure applications that can withstand sophisticated attacks.
The biggest threat to application security is the human element, employees who have access to sensitive data and don't understand or respect the importance of securing it properly.
The threat of application security attacks is ever-present for companies because their applications are constantly evolving. In addition, the way people use and interact with technology has changed dramatically over the years. These threats will continue to be an issue for companies as they try to keep up with new technologies and find ways to incorporate them into their business model.
Organizations need to educate their employees on how important it is to protect sensitive information from cybercriminals and other threats. This can be done through training programs that outline best practices for protecting customer data as well as internal policies that outline what employee access privileges should be based on job function.
The growth of technology has brought with it a growing number of IT security issues. With the number of devices connected to the internet increasing every year, and the number of people using these devices to do everything from shopping to banking, it is no surprise that companies are facing more and more threats.
To fight back against these threats, organizations need to equip themselves with the right tools and staff. This includes a clear understanding of their IT infrastructure, the data they have access to, and how it's used. It also includes having strong policies in place for employees to follow when handling sensitive information.