In recent years, cybersecurity has become a buzzword in nearly every industry. Even companies that have never had to deal with a data breach or a cyberthreat are asking, “Why is cybersecurity important?”
Considering the number of digital platforms and the highly sensitive data they use, it isn’t surprising that cybersecurity has become increasingly important. In the current digital landscape, the opportunities for attack seem to be endless — but cybersecurity professionals are also establishing strong protection techniques to keep threats at bay.
Using the latest IT trade secrets, cybersecurity professionals curb the activities of cybercriminals and help prevent data breaches.
Importance of Cybersecurity
Now that companies are fully reliant on technology and digital tools, cybersecurity serves as the wall keeping bad actors from accessing sensitive data and taking down networks. Even a single successful cyberattack can cause irreparable damage.
Cybercriminals have the ability to steal intellectual property, customer information and other valuable data that may compromise the company and its reputation. Additionally, cybercriminals can disrupt and damage systems, meaning that normal operations often must discontinue until the problem is solved.
Cyberattacks can also be very costly — in 2022, JBS USA, one of the nation’s largest meat suppliers, paid ransomware hackers REvil (Ransomware Evil) $11 million to regain control of its operations after an attack.
Benefits of Cybersecurity
Having the appropriate cybersecurity measures in place benefits companies, employees and customers. By protecting themselves from external threats, companies ensure that their data — including proprietary data and private information about customers and employees — remains safe and secure.
Additionally, cybersecurity measures ensure that companies are free to operate without interruptions. This means employees are able to report to work and customers can continue doing business with the company.
Another major benefit of a strong cybersecurity strategy is that it avoids the financial toll taken by cyberattacks. Between lost revenue, damage to reputation or even ransom payments, cyberattacks can come with staggering costs.
Why Businesses Need Cybersecurity
Companies without cybersecurity put themselves, their employees, their customers and their reputation at risk. A cyberattack can quite literally bring operations to a halt, and some companies have taken several months to fully recover from the effects of a cyberattack, giving their competitors a considerable advantage.
Employees who are allowed to work consistently on secure networks without interruption are more productive, and consumers who trust that a company is able to protect their private information are more likely to continue doing business with that company.
Increasing Threats and the Cost of Cybercrime
Another reason why cybersecurity is important is the dramatic rise in the sheer number of cyberattacks, along with the increasing sophistication of cybercriminals’ tactics — both of which exact a significant financial toll.
New malware capabilities, combined with an increase in data breach events, have driven up the total cost of cybercrime. According to the FBI’s Internet Crime Report, 2021 was a banner year for cybercrime, with a record 847,376 complaints received by the bureau’s Internet Crime Complaint Center, a 7% increase from 2020. The potential losses from those reported cybercrimes exceeded $6.9 billion. Cybercrime Magazine projects that cybercrime will cost the world $10.5 trillion annually by 2025.
Hackers are using advanced strategies to steal login credentials for access to smartphones and computers, hacking phones through Bluetooth headsets and spying on people using public Wi-Fi. Cybercriminals are getting more and more crafty and harder to stop, and cybersecurity professionals must be able to keep up.
Demand for Cybersecurity Professionals
According to a recent jobs report published by Cybersecurity Ventures, there will be 3.5 million openings in cybersecurity by 2025. From 2013 to 2021, the research company reported that unfilled cybersecurity positions grew by 350%.
Additionally, the U.S. Bureau of Labor Statistics (BLS) reports that employment of information security analysts is projected to grow by 33% between 2020 and 2030, much faster than the 8% national average job growth. It cites the increased frequency of cyberattacks as one of the main reasons for the growth of this role.
What Do Cybersecurity Professionals Do?
In some cases, a cybersecurity professional works within a corporation as the main IT security specialist. Others may work at third-party providers or in consulting capacities.
There are various roles — from entry-level to executive — where cybersecurity professionals can use their skills, including the following:
- Information security analyst: Information security analysts are responsible for monitoring networks for security breaches and encrypting sensitive data. Analysts also research current IT security trends and develop security standards and best practices. According to the BLS, information security analysts made an annual salary of $102,600 in 2021.
- Cloud security architect: An increase of organizations migrating their assets to cloud-based servers has led to a demand for cybersecurity professionals with skills in cloud computing, data migration and remote server management. A cloud security architect’s role and responsibilities can include securing cloud environments against unauthorized users, and ensuring compliance with laws and industry best practices. These professionals are responsible for securing cloud environments against any unauthorized access or other cyberthreats. They also must ensure that data stored in the cloud is governed according to industry best practices and compliance laws. According to Payscale, cloud security architects made a median annual salary of approximately $160,000 as of May 2022.
Pursuing a Career in Cybersecurity
One of the best ways to pursue a career in this field is to earn an advanced degree such as the online Master of Science in Cybersecurity from the University of Nevada, Reno. In this program, students learn key skills in:
- Information security
- Internet security related to social media, bank accounts and other assets
- Best practices for preventing theft of personal information such as Social Security numbers
- Navigating current cyberthreats and the strategies cybercriminals use to execute data breaches
Now that you understand why cybersecurity is important, take the next step to become part of the next great wave of cybersecurity professionals. For more information about how this type of degree can put you on the path toward an exciting career in cybersecurity, check out our program page or connect with one of our expert enrollment advisers today.
Recommended Readings
The Future of Election Cybersecurity
The Ultimate Cybersecurity Career and Salary Analysis
What Is Blockchain, and How Has It Shaken Up Financial Markets?
Sources:
CNET, “A Timeline of the Biggest Ransomware Attacks”
CrowdStrike, “The 11 Most Common Types of Malware”
Cybercrime Magazine, “Cybercrime to Cost the World $10.5 Trillion Annually by 2025”
Cybercrime Magazine, “Cybersecurity Jobs Report: 3.5 Million Openings in 2025”
FBI Internet Crime Complaint Center, Internet Crime Report 2021
ProjectCubicle.com, “Five Reasons Why Cybersecurity is Important for Business”
Reader’s Digest, “20 Cyber Security Secrets Hackers Don’t Want You to Know”
UpGuard, “Why Is Cybersecurity Important?”
U.S. Bureau of Labor Statistics, Information Security Analysts