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Cyber security technology and best practices protect critical systems and sensitive information from an ever-growing volume of continually evolving threats.
Cyber security is the practice of protecting critical systems and sensitive information from digital attacks. Also known as information technology (IT) security, cyber security measures are designed to combat threats against networked systems and applications, whether those threats originate from inside or outside of an organization.
In 2020, the average cost of a data breach was USD 3.86 million globally, and USD 8.64 million in the United States. These costs include the expenses of discovering and responding to the breach, the cost of downtime and lost revenue, and the long-term reputational damage to a business and its brand. Cybercriminals target customers’ personally identifiable information (PII) – names, addresses, national identification numbers (e.g., Social Security numbers in the U.S., fiscal codes in Italy), credit card information – and then sell these records in underground digital marketplaces. Compromised PII often leads to a loss of customer trust, regulatory fines, and even legal action.
Security system complexity, created by disparate technologies and a lack of in-house expertise, can amplify these costs. But organizations with a comprehensive cyber security strategy, governed by best practices and automated using advanced analytics, artificial intelligence (AI) and machine learning, can fight cyberthreats more effectively and reduce the lifecycle and impact of breaches when they occur.
A strong cyber security strategy has layers of protection to defend against cyber crime, including cyber attacks that attempt to access, change, or destroy data; extort money from users or the organization; or aim to disrupt normal business operations.