The Growing Importance of Cybersecurity to Business

Cybersecurity & It's Impact on Business

In today’s online age, the number of threats to businesses and their customers increases every day. The largest obstacle in cybersecurity is the perpetual security risk that quickly evolves over short periods of time, leaving businesses with a widening gap in manpower and the resources needed to protect their data. Almost daily, more information about cyberattacks makes its way into the headlines – for example, on May 15th, hackers struck Disney claiming to have the newest Pirates of the Caribbean movie, and threatening its release unless a ransom was paid.

Big Business is not the Only Target

The lion’s share of news coverage often comes from larger companies. In 2013, hackers stole data from up to 40 million credit and debit cards owned by shoppers of Target stores. In September of 2014, Home Depot admitted that 56 million payment cards could be at risk due to a cyberattack. These security breaches were constant in the news cycle, but what you’ll rarely see in the news is the fact that 43 percent of cyberattacks target small business, and 60 percent of small companies go out of business within six months of a cyberattack!

CyberAttacks on Business, Lead to Attacks on Customers

From May 2015 to May 2016, 50% of small business respondents said that they had data breaches that targeted customer and employee information. As a consumer, consider the amount of data that you share with the companies you do business with. If you make an online purchase, the business is likely to have a record of your email address, your home address, your phone number, and potentially even have your payment information stored.

If hackers are able to access a marketing database, they may only need your email to use phishing techniques to trick you into providing more sensitive information. You may think you’re communicating with a reputable business, but in reality you’re communicating with hackers who are stealing your information. Businesses and consumers should take care to learn more about protecting themselves from cyber threats, and err on the side of caution whenever interacting with a suspicious email or communication.

Growing Threats and a Shortage of Cybersecurity Professionals

Cybercrime damages are expected to cost the world $6 trillion by 2021, while businesses and government institutions are scrambling to protect themselves. By 2019, experts foresee a cybersecurity skills shortage of nearly 1.5 million open jobs. Recognizing the need for skilled professionals in the field, Northcentral University launched the Master of Science in Technology and Innovation Management program, specialized in Cybersecurity. With the cybersecurity field growing, there will be a need for individuals trained to manage threats, along with essential leadership skills needed to manage teams of talented cybersecurity specialists. Learn more about the Cybersecurity degree programs at NCU.

For more information on Cybersecurity Job outlook in 2017, visit Cybersecurity Ventures 2017 job report.

For more information about our graduation rates, the median debt of students who completed programs, and other important information, please visit ncu.edu/program-disclosures.

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