Cyberattacks are a growing threat to businesses and individuals in our digitally connected world. They can lead to financial losses, intellectual property theft, operational disruptions and damage to a company’s reputation. For organizations and institutions that rely on critical infrastructure, they can have national security implications as well.
Hackers pursue a variety of motives in carrying out cyber attacks. Some are looking for monetary gain by stealing money directly or credit card and other personal information (PII) that can be sold on the black market, while others attack for business intelligence by stealing trade secrets, proprietary data or source code. Others seek to exploit technology weaknesses by attacking Internet of Things (IoT) devices, industrial equipment and supply chains. Terrorists are another significant cyber threat because of their ability to cause widespread destruction and impact the global economy and public safety.
The ease of data access has driven an increase in the number and scale of cyberattacks. Passwords and other PII can be stolen easily from social media or other sources, then cracked with the help of readily available software and used to target individuals and companies. These cyberattacks are a form of identity theft, and their effects include lost revenue, damage to a company’s reputation, and regulatory fines under privacy laws such as the General Data Protection Regulation in Europe or Health Insurance Portability and Accountability Act in the United States.
Some cyberattacks are launched for a personal reason, such as a disgruntled employee trying to harm an organization that treated them unfairly. And some, called white-hat hackers, are simply doing it for the challenge or to test their skills. But the vast majority of cyberattacks are malicious in nature, and the resulting damage can be devastating for businesses that need to operate securely.
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