Every year, the personal and sensitive data of millions of individuals and businesses – from small firms to big corporates – are subjected to a data breach in some way or the other. In the first half of 2018 itself, the total number of compromised records stood at 3,353,172,708. Can you even begin to imagine how serious it is?
Data breaches are so rampant now that they have become part and parcel of the technological domain. A host of different reasons causes data breaches – some are caused by criminal hackers; some occur due to website glitches, and some even happen due to the mishandling of data by company employees.
The 21st century has witnessed some epic data breaches. Take the infamous Yahoo hack of 2013 – not only did it compromise over three billion Yahoo email accounts, but the hack also jeopardized Verizon’s bid to acquire the company for $4.8 billion. Due to the hack, nearly US$ 350 million was knocked off of Yahoo’s sale price, causing a massive loss for the company.
Then again, Marriott International fell victim to cyber hack spanning across four years from 2014-18, during which over 500 million customer data was reportedly stolen. This hack compromised the sensitive data of the customers of Starwood Hotels in 2014. When Marriott acquired Starwood Hotels in 2016, the hackers were still in the latter’s system and were not discovered until November 2018.
Not to forget the Cambridge Analytica scandal!
There are several other data breaches like these that have jeopardized the sensitive information of customers and led to enormous losses for the companies.
The Rising Importance of Cyber security
Every day, 6,500,715 data records are compromised, which means that nearly 75 records are compromised every second!
While advancements in technology have helped us achieve new goals and new levels of sophistication, it has also opened a door for tremendous possibilities for hackers. For hackers, one tiny glitch or pathway is enough to break through a company’s data records and violate it in ways that can reap immense rewards for them.
Also, both cybercrimes and their techniques have evolved dramatically over the years. Using modern-day “exploit kits” hackers are now everywhere, preying on system vulnerabilities and human weaknesses to make their mark.
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This is why cyber security has now become increasingly crucial for business across the globe.
The escalating cost of breaches
According to the recent reports, the global average cost of a data breach has gone up by 6.4%, standing approximately at US$ 3.86 million. Apart from costing businesses a truckload of money, data breaches also harm the reputation of a company.
Sophisticated and trained hackers
Like we said earlier, today, hackers are no longer the “script kiddies” they used to be – they are highly trained and even well-funded professionals who can perform extremely coordinated cyber attacks on companies.
Modern-day hacking tools
Thanks to the Internet’s sprawling collection of easily accessible and advanced hacking tools, the incidences of data breaches and cyber hacks are rising every day.
The increasing penetration of IoT devices
Global IT giant CISCO maintains that by 2021, there will be around 27.1 billion connected devices globally. As everything becomes more connected, it will become easier for hackers to control and access both personal and business data.
The rising incidence of cybercrimes and data breaches is forcing governments around the world to take stringent steps to combat the same. GDPR is a good case in point. The law mandates businesses to take cyber security very seriously, and failing to do so would amount to exorbitant fines for companies. Regulations like this also encourage companies to tighten their cyber security domain.
The Top 5 Job Roles in Cyber Security
In light of the rapidly increasing cybercrime wave, the need for skilled cyber security professionals is at an all-time high. According to the Global cyber security Outlook 2019 report of Indeed, the demand for cyber security professionals has increased by 7% from 2017 to 2018.
The top 5 promising and highest paying job roles in cyber security are:
1. Network Security Engineer
Network Security Engineers are responsible for ensuring that the security systems are implemented efficiently to counter potential cyber threats. Their primary responsibilities are maintaining security systems, implementing and enhancing automation, and identifying system vulnerabilities.
Average salary – Rs. 4-8 LPA.
2. Cyber Security Analyst
Cyber Security Analysts plan, implement, and upgrade security controls and systems. They monitor the security systems and perform security audits, vulnerability testing, and security risk analyses to ensure that there are no glitches in the systems.
Average salary – Rs. 6 LPA.
3. Cyber Security Manager
Cyber Security Managers administer and maintain the security protocols of a company. They design plans and techniques according to best industry standards and practices to enhance the network and Internet security of IT projects.
Average salary – Rs. 12 LPA.
4. Security Architect
Security Architects research, plan, and design various elements of security. They are professionals who design and build the network and computer security architecture for businesses.
Average salary – Rs. 17 LPA.
5. Chief Information Security Officer
A Chief Information Security Officer is a senior executive in a company who oversees whether the company’s cyber security plans are in sync with the company’s goals and visions.
Average salary – Rs. 2-4 crore per year.
Corresponding to the growing demand for cyber security professionals and the shortage of enough talented professionals, the salary packages of the various job roles in this domain depict an upward moving trend. According to Indeed’s report, almost all of the top ten highest paying jobs in the field fetch an annual salary package of over $100,000 million.
There’s no better time than now to build a promising and lucrative career in the domain of cyber security. All you need to do is enroll in a cyber security certification program and by the time you are done with the course, you would have mastered cyber security!