Business is under attack from cyber criminals like never before and cost to companies are sky rocketing. Cybercrime is the biggest threat to every company across the globe irrespective of their size or nature of business and is considered as one of the biggest problem with mankind in the modern era. It is estimated that cybercrime will cost the world $6 trillion annually by the year 2021 a huge jump from the figure that was evaluated in 2015 which was $3 trillion.
The predication for cybercrime stands and over the past few years it has been authenticated by innumerable media outlets, universities, government officials, associations’ industry experts and technology experts who all admit the growth of cybercrime has increased and is increasing every day. In recent news the USA was taken by storm with a very disturbing news posted by The Guardian which stated that tech giant Amazon suffered a major cyber attack where confidential data of millions of users were illegally accessed although Amazon covered this breach up and did not disclose how many customers got affected, it sent a chill down the spine of the millions of users across the globe.
This type of breaches and hacking will continue if organizations do not understand the value and necessity of cyber threat intelligence and why a cyber threat intelligence team must be a part of an overall cyber security strategy to keep such hacks and breaches cornered. Cyber attacks are the fastest growing crime in the US and they are increasing in size, cost and sophistication of the methods of operation. It is quite unlikely that the cyber-criminals will go cold turkey and stop their diabolic activities. For this reason cyber threat intelligence is very crucial to all the companies whether large or small to keep the breaches and attacks at bay.
What is Cyber Threat Intelligence?
Cyber Threat Intelligence or CTI is a part of cyber-security that emphasizes on the analysis and collection of information on both potential and present cyber attacks that intimidates the security of an organization or its assets. Cyber threat intelligence is like a vaccine, it is a proactive measure to prevent security breaches and saves the company from spending huge amount of money required to clean up the mess after the breach. CTI focuses on providing the companies an in-depth understanding about ht e probable cyber-threats and how they protect their businesses in the long run.
Why is CTI Important?
Cyber threat intelligence analyses, and accumulates data about new and existing threats and the various threat players from various sources. A CTI team then draws an inference from their analysis and creates a report with all the vital information that can be utilized by automated security control solutions and management to make the decisions for the company regarding the security issues. The primary reason for this kind of practice is to help companies stay informed about the advanced threats and zero day threats that are most susceptible and how to take actions against them.
Global security experts like CyteIntelligence help businesses protect their online services from fraud, thefts, ransomware and other online threats. They also provide cyber awareness training to employees to make the organization unbreachable from any point inside or outside.
Why do you need Cyber Threat Intelligence?
Sun Tzu the famous Chinese philosopher and military strategist once wrote “If you know your enemy and know yourself, you need not fear the result of hundred battles”. Little did he know that his teachings would be applicable to the present era especially when it comes to cyber security. The cost of cyber security is rising every year and is estimated to be around 0.8% of the Global GDP, according to a study in 2018 and the telltale signs are increasing and getting worse as the availability of free or cheaper toolkits make cyber attacks easier to conduct. Cyber Threat Intelligence is the panacea to these cyber attacks that can harm and wreck havoc. Here are some reasons why cyber threat intelligence matters:-
- Lowering risks: – Cyber Threat Intelligence can minimize your overall expenses and save your business capital because upgraded defense system help reduce an organization’s risk. The impact of data breach causes a huge loss to the company both financially as well as in terms of the valuable data. Companies have to shell out a good amount of money to restore the files and cough up extensive sum of money for fines, lawsuits, investigation expenses, damage to their reputation and market position and much more.
- Awareness of Emerging Risks:- Since the digital landscape is constantly changing, cyber criminals are constantly exploring newer methods to penetrate and hack organization network. Cyber threat intelligence provides a clear picture into such emerging threats to reduce the risk of such kind of security breaches.
- Avoid loss of data:- A Cyber threat intelligence can detect suspicious IP addresses or domains when they try to communicate with your network to steal important information. Cyber threat intelligence helps in preventing or blocking such addresses from creeping in and stealing the sensitive data. If these intrusions are not reported in time it may cause extreme damage and you cannot turn a blind eye to the menace caused by the advent of ransom ware that forces you to pay a huge chunk of money for causing such damage.
Along with providing your company the proper tools to thwart any cyber attacks, cyber threat intelligence can also determine if you have already had a security lapse. Analysts can determine whether your system have been hit with a malware that, if left undetected could spin a web of trouble in the form of stolen sensitive data. It is imperative to have cyber threat intelligence to run your operation smoothly and save your company from financial loss and other intangible losses like loss of goodwill and market position.
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