One Man’s Loss is Another Man’s Gain! Cybersecurity Works Like That

Cybersecurity in simple words can be understood as the protection of internet-connected systems which includes hardware, software, and data from cyber threats. Cybersecurity protects an organization's critical systems and sensitive information from digital attacks. And individuals and enterprises practice it to protect against unauthorized access to data centers and other computerized systems.

With Artificial Intelligence, a vigorous cybersecurity strategy can furnish a good security posture against malicious attacks designed to access, alter, delete, destroy or extort an organization's or user's systems and sensitive data. Cybersecurity is also used as an instrument in preventing attacks that aim to disable or disrupt a system's or device's operations.

Importance of Cybersecurity

With the gradually increasing number of users, devices, and programs in the modern enterprise, united with the increased spate of data, a large number, is sensitive or confidential, continues to grow the importance of cybersecurity. The growing number and sophistication of cyber-attack accelerate the problem continues further. Cybersecurity with AI protects the business against cyberattacks and data breaches. It gives protection to end users and endpoint devices. AI and Cybersecurity improve confidence in the company's reputation and the trust of developers, partners, customers, stakeholders, and employees.

Global cyber-attacks continue to touch the sky at a rapid pace, with a rising number of data breaches each year. A report by RiskBased Security revealed that a shocking 7.9 billion records have been exposed by data breaches in the first nine months of 2019 alone. This figure is more than double (112%) the number of records exposed in the same period in 2018.

The tragedy of some has been a blessing for others in the crypto space this year. The increase in stunt to cryptocurrency platforms causes loss for millions of people funds have activated the work of these firms. Crypto exchanges, wallets, and blockchain bridges are investing a large amount to protect their sites from these hackers, including hacks sent by North Korea. With the increase in cybercrime related to cryptocurrency, the industry has surged the work of firms devoted to evaluating and ensuring the security of crypto trading companies. The demand for cybersecurity has significantly increased because of attacks subsidized by North Korea's hacker army and other criminals against Western cryptocurrency platforms.

Career opportunities in cybersecurity

As the cyber threat landscape continues to grow, companies that are dedicated to evaluating the weaknesses of crypto platforms and providing cybersecurity have packed up with lots of work these days. And the business continues to expand exponentially. While in other sectors companies are laying off staff, security firms are giving job opportunities to hundreds of cybersecurity auditor technicians. Cyber security professionals continuously work to increase their knowledge of threats and cyber security information, earning an online cyber security master's degree to meet those Cyber Security Threats. A few cybersecurity careers include security consultants, data protection officers, cloud security architects, security operations manager (SOC) managers and analysts, security investigators, cryptographers, and security administrators.

Boost in Service fees

This has resulted in wages rising, service fees rising, and revenues for cybersecurity companies escalating. According to Data, a cybersecurity auditor can earn up to $400,000 a year. balance sheets in companies figure out that fear of sophisticated hackers is driving this sector. Based on data provided by Chainalysis, in spam of the first half of this year (i.e., from January to July) cybercriminals have stolen from decentralized finance (DeFi) companies, dedicated to trading and lending cryptocurrencies, about 2 billion dollars in digital currencies.

Despite of heavy dropdown in trading of cryptocurrencies and other digital assets due to the collapse in prices, the volume of thefts keeps constant. And this has made a shout for crypto security services to become "must-have" expenses, regardless of their size. A successful man-in-the-middle (MITM) attack can turn into a significant financial loss and affect the cyber security of an organization.

CEO of crypto firm Morpho Labs Paul Frambot disclosed to Bloomberg an unprecedented escalation in spending on security audits. He conveyed "Security is, in my opinion, not taken sufficiently seriously in DeFi". Morpho has multiple code audits in the previous year, according to Frambot. These audits include expert reviews of the code, which identify bugs and other security issues to prevent hackers from breaching them.

On the Flipside

The cybersecurity business has also been adopted by investors on a large scale, who were looking for a fresh niche to invest in. Concerning data compiled by CB Insights, thus far this year, venture capital funds have invested $257 million in security and crypto audit companies. Last year the investment was USD 185 million.

Ever since the cryptocurrency industry took off, cybercriminals have been on the slink. Companies themselves have exposed their vulnerability because of some failures in protocols and errors. With so much money at stake, hackers very smoothly perform their misdeeds. Essentially the cryptographic bridges have become the main targets of attacks. This protocol failure will cause the loss of significant portions of people's savings.