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Enterprise Security Magazine | Friday, April 15, 2022
Web security issues will only worsen as people rely more on the internet, creating new vulnerabilities for attackers to exploit.
FREMONT, CA: Web security threats are a type of internet-borne cybersecurity risk that can expose users to online harm and unwanted actions or events. As a result, web security issues can be extremely damaging to businesses and individuals.
Computer viruses, data theft, and phishing attacks are common web security threats. Web security issues, while not limited to online activity, involve cybercriminals using the internet to cause harm to victims. They typically cause computer and network access denial, unauthorized access to and use of corporate networks, theft and exposure of private data, and unauthorized changes to computers and networks.
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With the rise of smart devices and faster mobile networks, web security threats and approaches have become more sophisticated. In addition, increased web adoption via popular communication and productivity tools and the Internet of Things (IoT) has outpaced most businesses' and end-user security awareness and readiness.
The Economic Impact of Web Security Breach
Web security threats may have a significant impact on businesses of all sizes. Global cybercrime is expected to cause $6 trillion in damage by 2021, making it the world's third-largest economy if measured as a country.
The following are the most significant effects that web threats can have on businesses:
Costs of Money
Knowing that web security threats abound, businesses strengthen their defenses, secure their data and users, and implement tools and processes to mitigate any damage caused by an attack. This includes the cost of cybersecurity expertise and technology solutions, public relations assistance, and insurance premiums.
In the event of a successful attack, organizations are likely to incur additional financial costs to:
- Repair any damage caused by an attack.
- Pay ransom fees to recover frozen or stolen data. Notify affected parties if a breach occurs.
- Fines from regulatory bodies may also be imposed if organizations fail to comply with data privacy and security legislation.
When this occurs, they must also pay for legal representation. Web security issues can also cause organizations to lose revenue as customers shift their business elsewhere.
Business Operations Have Been Interrupted
Because threat actors infect networks and systems with malware, delete critical business data, and install malicious code on servers, web security threats can cause significant disruption to regular business operations. As a result, online stores may be taken offline, preventing customers from purchasing goods. Business disruption is a popular tactic used by hacktivists who attempt to breach the networks of major corporations and government agencies to make a point.
A successful attack can also have a significant negative impact on one's reputation. This type of damage may be more difficult to quantify. Still, web threats in network security that result in data loss can lead to customers losing trust in an organization and switching to a competitor, resulting in a loss in market value.
Loss of Intellectual Property (IP)
IP, such as corporate strategies, product designs, and technologies, is one of a company's most critical and valuable assets. Unfortunately, this information is valuable to attackers, who frequently use web security threats to steal or sell corporate intellectual property.
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