Technology is continuously getting integrated into every aspect of our lives and the dependency is rising with every passing day. At the same time, the risk involved in case of technological failure is quite high. In the past quarter of the century, the sophistication and the impact of cyber security attack has evolved considerably over time. The number of cyber security breaches in the past one year alone has been on an alarmingly steady rise. Over 16000 security vulnerabilities have been reported in the first nine months of the year, a figure that is 38 percent higher compared to the same period in 2016. The security breaches in 2017 are estimated to have caused a damage of more than $5 billion.
The year 2017 was plagued with some of the biggest security breaches which had massive worldwide implications. The most popular one being the WannaCry ransomware that broke out in May 2017. It infiltrated the computers that were vulnerable due to the absence of Microsoft’s security patch issued in March 2017. The cryptoworm is believed to have affected over 200,000 computers across more than 150 countries, affecting in excess of 50 major entities including some of the biggest enterprises.
It is well-known fact among the hackers that there is a definite lack of preparation towards cyber security in most industries, ranging from a dearth of quality cyber security experts to inability to migrate to safer environments. The inevitability of the modern-day cyber attacks has led to the emphasis being more on responding to the attack rather than preventing the vulnerability. Market analysts suggest that cloud computing could play a vital role for the enterprises in providing high security around the core business as well as reducing the downtime after the infiltration.