In today’s world, our reliance on technology such as computers, internet, wi-fi, bluetooth, smartphones, and other electronic systems and networks is significant. However, the use of technology comes with cybersecurity issues.

Why is cybersecurity important?

  • $6 trillion estimated cost of cybercrime in 2021
  • 25,575 average records lost per breach
  • $3.9 million cost of a data breach in 2018
  • $150 cost per lost record

Sources:

Cybersecurity Ventures, 2019 Official Annual Cybercrime Report, February 2020, https://cybersecurityventures.com/cybercrime-damages-6-trillion-by-2021/

IBM and Ponemon Institute, 2019 Cost of a Data Breach Report, February 2020,  https://www.ibm.com/security/data-breach

The objective of cybersecurity is to safeguard cyberspace from cyberattacks. Cyberspace is the global domain consisting of the interdependent network of information systems infrastructure. Cyberattack means an attempt to gain illegal access to a computer or computer system for the purpose of causing damage or harm. The main aim of these cyberattacks is usually to access, change, and destroy sensitive information.

Common types of cyber threats

Cyberattacks and threats come in all shapes and sizes and are affecting thousands of people every day. Some of the common cyber threats are:

  • Phishing
  • Ransomware
  • Malware
  • Social Engineering
  • Advanced Persistent Threats (APTs)

All organisations need to take steps to safeguard the sensitive customer and  financial information. Cybersecurity professionals protect the organisation’s digital assets and financial information from security breaches.

Impact on different sectors

The major sectors of our economy including healthcare, insurance, banking, finance, real estate and hospitality are vulnerable to cyberattacks. In 2018, Marriott International’s 500 million records were hacked. In 2019, the customer information on 106 million records of Capital One, an American bank, was compromised.

If an organisation is affected by a data breach, its effect can be long term and the costs can carry over for years. 67% of costs occur in the first year, 22% of costs occur in the second year and 11% of costs occur after two years. (Source: IBM and Ponemon Institute, 2019 Cost of a Data Breach Report)

With the scale of the cyber threat set to continue to rise, the International Data Corporation predicts that worldwide spending on Cybersecurity solutions will reach $133.7 billion by 2022. The importance of Cybersecurity is growing globally in a digital world and it is imperative that businesses and their employees, including finance and accounting professionals are on top of their game to keep their organisations and employees safe.

Square Mile Global Consulting offers accredited e-learning courses on Blockchain, Cybersecurity and Data Analytics fundamentals to finance, audit and accounting professionals. 

These courses are accredited by the American Institute of Certified Public Accountants (AICPA). All courses come with Certificate of Completion from the AICPA and a Digital Badge is offered on completion of the Certificate courses.

Our Cybersecurity Courses (discounts currently available):

Cybersecurity Fundamentals for Finance and Accounting Professionals Certificate

Prevent Cyber Attacks: What Accounting Professionals Need to Know

For further information about the courses, please connect with us.