Importance of Cyber Security in Today's Society

Importance of Cyber Security in Today's Society
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Importance of Cyber Security in Today's Society
The internet has made the world a global village, but it has also exposed us to a danger called cybercrimes. The devices connected to the internet are vulnerable to multiple threats. Keeping information safe is a serious challenge in this modern society. That is why the role of cyber security in the field of information technology is vital. Cyber security in modern society plays the important role of protecting computer systems and electronic data safe in a world where more and more social lives and businesses are online.
Cybercrimes are also damaging the economies worldwide. The impacts of cyber threats are visible from small businesses to the world economy. With growing cyber-attacks, the fate of companies is dependent on how potent is their cyber security. Cyber-attacks can cost a company financially, but its reputation is also at stake when it faces this challenge. Keeping its digital assets is a number one priority for a company. If the company fails to do so, it will rapidly lose its customers, as they will no longer have faith in it. The company will also have to face financial setbacks in fines and high costs associated with legal remediation. It will also be difficult for a company to win new contracts because of its reputation for the poor security. According to a study, sixty percent of mid-sized businesses collapse within six months after being victims of a data breach (Ridenhour, 2020). Hence, keeping their information safe is critical for the company of all sizes. These damages are limited to corporate businesses its impact can also be seen on the world economy. In the past decade, the expenses resulting from cybercrime have grown tremendously. If we compare the numbers, the impact of cybercrimes is more damaging than that of illegal global trade of drugs and annual costs incurred by natural disasters. Cyber security can help cope with the damages caused to the economy by cybercrimes.
Cyber security is important for businesses and a growing concern f...