by cyber threats and attacks. Unlike, other Custom Software Development Solutions sectors which are
mostly steered by decreasing inefficiencies and boosting the productivity. The high number of cyber-
attacks are the basic reason that is leading to more and more cyber spending. In fact, the researchers
are now unable to actually track the exact future spending of the cyber security world. When it comes to
the global spending on cyber security tools and solution, it is expected to touch the $1 trillion mark in the
five year period between 2017 and 2021.
The devastating effect of cyber crimes
Cybercrimes have devastating effects on the businesses. They not only adversely impact the financial
status of the business, but they also hamper the reputation of the company. Like, in the case of Under
Armour’s data breach. The company revealed that they were affected by a very dangerous data breach
which adversely impacted more than 150 million users. The cyber-attack affected the company in many
ways as the data was stolen. The stolen data included email addresses, passwords as well as the
usernames. Though, the company tried to act quickly and first of all, they tried to inform their customers.
This incident definitely impacted the company in wrong ways.
Why do businesses even require cyber security?
The main reason why business need cybersecurity is because they are very active in the cyber space.
There are a lot of activities that are happening in the cyber space also, there is a lot of data which is
stored in the clouds etc. Thus, it has become utmost important to safeguard the cyber space from crimes,
hackings, breaches etc.
The key objective of any cyber security program is to safeguard the systems as well as the cybercrimes.
Though, there are many forms and types of cyber-attacks. Cyber-attack involves stealing of data,
phishing, while some involve the use of a malware as well. But, the worst part is that nowadays, the cyber
criminals have started to find out newer and newer ways to break into the cyber space without
authorization. Basically, the cyber-attackers are becoming more and more advanced, and they are finding
out cheaper and more dangerous ways to attack a system.
Therefore, there is no other choice than staying one level ahead of the cyber criminals. Hence, companies
not only need cyber security practices, but they also have to evolve in order to become better and better.
The cybersecurity needs of every business are not the same!
Just as a company may need a different type of office space (varying in size or structure), a different type
of tools and devices, in the same way, every company requires different type of cyber security strategies,
tools and programs. But, in order to lay down the specific demands, every company has to first
understand the need and importance of cyber security.