Cyber Attacks Are on the Rise; Are Your Applications Safe?
Published on : Thursday 07-09-2023
The menace of cybercrime looms over businesses of all sizes and spans every sector.
Assuming cybercriminals maintain their current attack frequency, cybercrime is projected to experience a 15% annual growth rate, resulting in a global cost of $10.5 trillion each year by 2025. This staggering figure would position cybercrime as the world's third-largest economy, trailing only the United States and China.
Sadly, the menace of cybercrime looms over businesses of all sizes and spans every sector, leaving no room for escape. Considering this, it is imperative that cybersecurity takes precedence and should be a paramount concern for everyone as we approach 2024.
Cybersecurity and software
Naturally, software applications, especially those that are cloud-based, will be the first point of entry for cybercriminals. Applications can give hackers a direct route to your servers and networks, which is where they could damage your business the most. We present more chances for cybercriminals to breach our systems as we continue to rely on technology to develop our operations, enhance our performance, and better engage our workforce.
Every organisation should be concerned about cybercrime, but banks and other institutions that handle extremely sensitive data may be said to be the most at risk. According to IBM Security's 2023 X-Force Threat Intelligence Index, the financial and insurance sector was actually the second most targeted industry in 2022, behind manufacturing and the most frequent attack type being ransomware.
It all makes perfect sense to the criminals. Data that is not genuinely valuable to anyone is considerably less of an impact than extremely sensitive and personal information that is stolen and held for ransom. Sadly, you will be at the top of the target list if your company deals with highly sensitive data.
How can I guarantee the security of my applications?
One of the best ways to safeguard your business is to make sure your software developers think about security right from planning to deployment and all the way through ongoing support.
Uncovering risks and vulnerabilities can be done using various tools, one of which is threat modeling. Threat modeling helps secure systems and data by using hypothetical scenarios, system diagrams, and testing. Corrective measures can be developed to close gaps if vulnerabilities are found.
What should I look for in a software partner?
Partnering with a software partner who prioritises security first is crucial when it comes to application security. Choose a partner who holds the necessary certifications, such as ISO9001, ISO27001, and Cyber Essentials. These well-known frameworks show how seriously they treat cyber security.
Don't take it easy after you identify the right software partner. Make sure they are staying current with best practices and the most recent security risks by regularly checking their security qualifications and accreditations.
Innovature has been certified on ISO/IEC 27001:2013, the international standard on data privacy by Bureau Veritas Certification (BVC). This certification is typically given to businesses whose operational procedures meet high international standards. Handling critical and sensitive data is not just a responsibility but a privilege we deeply value. Our dedicated team has worked tirelessly to ensure that our client’s information remains protected and safeguarded at all times.
Article Courtesy: NASSCOM Community – an open knowledge sharing platform for the Indian technology industry: https://community.nasscom.in/communities/digital-transformation/cyber-attacks-are-rise-are-your-applications-safe-0
This article is attributed to: Innovature
