Seemingly, every week there are new security breaches reported; recently Uber and PayPal both announced that customer data may have been stolen by attackers. In the case of Uber, 57 million passengers’ data may have been leaked. Further, Uber also paid $100,000 dollars to the attackers and requested they sign non-disclosure agreements. This indicates that Uber may have intended to illegally withhold the breach from its customers. PayPal, on the other hand, identified a possible vulnerability in TIO Networks and reported that 1.6 million customer records may have been exposed. TIO Networks is a subsidiary of PayPal acquired in July that mainly processes utility bill payments at kiosk locations like Rite Aid. While the complete details of these breaches have not been disclosed these events continue to articulate the need for companies to evaluate their cybersecurity programs.
Companies can't sit back and react to cyber attacks. They must get in front of them by proactively monitoring IT threats.
While there are many reasons threat monitoring is (or should be) a key part of any successful business model, we've outlined two here.
1. Stay ahead of cybercriminals
"Businesses must stay ahead of cybercriminals by focusing on their security policies."
Cyber crimes won't decrease, and this should worry businesses. That's why it's critical companies increase their IT security measures so they can prevent devastating data breaches.
"We are facing an arms race in terms of [IT] security," said Derek Manky, Fortinet Global Security Strategist, according to CNBC. As cybercriminals continue to improve their arsenal, companies continue to fight day and night to stay one step ahead by developing their IT defense systems.