What is Cyber Security? Why This Skill is So Important in 2024?

Importance of Cybersecurity In Business

After the introduction of cyber security, you should also learn about its importance in business to know the roles and responsibilities of cybersecurity professionals better.

Cybercriminals attempt to access, change, or destroy data, extort money from users or the organization, or aim to disrupt typical business environments & operations. 

Cybersecurity measures are designed to combat security threats against networked systems and applications. IBM says the global average cost of a data breach in 2023 was USD 4.45 million, a 15% increase over 3 years in the United States. These costs include economic costs (cost of repairing damaged systems, cost of downtime, and lost revenue), regulatory costs (including regulatory fines or sanctions costs), and reputational costs (loss of consumer trust and loss of customer loyalty).

Cyber attackers target customers’ personally identifiable information (PII)—including names, addresses, national identification numbers, and credit card details—and then sell these records on the dark web and underground digital marketplaces. Compromised PII often leads to a significant loss of brand reputation and loyal customer trust, along with the imposition of regulatory fines and legal action.

Organizations with a comprehensive cybersecurity strategy, guided by best practices and enhanced with advanced analytics, artificial intelligence (AI), and machine learning, can effectively combat malicious cyber threats. This approach helps create a secure web environment and protects their hard-earned brand reputation.

Well, hope you get a clear picture of cybersecurity and why we need it!

Having said that, let’s now move on to the next section and explore critical cybersecurity subdomains & CIA Triad to understand cybersecurity and its importance!

Cybersecurity Subdomains & CIA Triad

The core importance of cybersecurity in business is that a robust cybersecurity strategy has layers of multi-domain protection to defend and fight back against cyber-attacks and protect organization data, network, and architecture from fraudulent activities. 

To best answer the question “What is cyber security” and how cyber security works, we must divide it into a series of subdomains:

Here are the critical cybersecurity domains cybersecurity experts consider to identify potential threats and protect valuable data.

• Network security - Subdomain refers to security measures consisting of the policies, processes, and practices adopted to prevent, detect and monitor unauthorized access, misuse, or denial of a computer network and network-accessible resources.
• Application security - Subdomain refers to protecting the applications software operating on-premises and in the cloud environment against various threats to minimize the chance of unauthorized access or modification of application resources.  
• Infrastructure security - Subdomain refers to protecting the computer systems, networks, and other assets that digital infrastructure relies upon for creating a secure web environment.
• Cloud security - Subdomain refers to creating secure cloud architectures and applications for companies that use cloud services and infrastructure. 
• Information security - Subdomain refers to the data protection measures covering activities, and data security frameworks, such as the General Data Protection Regulation or GDPR, which aim to secure your sensitive data from unauthorized access or theft.
• End-user education -This subdomain refers to training business staff and teams on the fundamentals of computer security. This is critical for raising awareness about industry best practices, organizational procedures and policies, monitoring, and reporting suspicious or malicious products or activities.
• Disaster recovery/business continuity planning - This subdomain refers to practices and procedures for responding to unplanned odd events, such as natural disasters, power outages, or cybersecurity attacks, with minimal disruption to key operations.
• Storage security - Subdomain refers to the group of parameters for solid data resilience with numerous safeguards to support restoration or data recovery, minimizing the impact of a cyber-attack.
• Mobile security - This subdomain refers to protecting organizational and personal information stored on mobile devices like tablets, smartphones, and laptops from threats such as unauthorized access, device data loss or theft, malware, and viruses.

All the critical subdomains are an integral part of the end-to-end Cybersecurity Model to defend the network from cyberattacks that are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting or hampering business operations & processes.

Next, we help you explore what cybersecurity CIA Triad is and how it plays a foundational role in security systems development to keep your data safe and secure against growing cyber threats.

What Is Cybersecurity CIA Triad?

The CIA triad refers to an information security model comprising three principles: confidentiality, integrity, and availability. Each of these components represents a fundamental objective of information security, vital for enhancing data security posture, and helps organizations stay compliant with complex regulations, and ensures business & operation continuity.

  

• Confidentiality: The confidentiality principle asserts that only authorized parties can access sensitive information and functions. It addresses the need to protect sensitive, private information from unauthorized access.
• Integrity: The integrity principle asserts that only authorized people, authorities, and means can modify, add, or remove sensitive information and functions. An example is an unauthorized user entering incorrect data into the database.
• Availability: The availability principle asserts that systems, functions, and data must be accessible & available on-demand to authorized users based on agreed- terms & conditions.

Priority of these principles may suffer, depending on an organization’s security goals, industry, regulatory requirements, or nature of your business.

For a better understanding of what is cybersecurity and the importance of cybersecurity in business, let's explore some of the most common but critical cybersecurity threats, which are malicious attacks seeking that seek to unlawfully access data, disrupt digital operations, or damage critical information. 

Industries Under Cyber Attacks

Depending on the nature of the business, some industries are more vulnerable to cyber threats than others. An organization that holds sensitive data or personally identifiable information is a common target for hackers. Types of institutions or organizations that are most vulnerable to cyber attacks include

• Financial Institutions: The database contains customer credit card details and bank account details.
• Education Institutions: The database holds information on enrollment data, financial records, and personally identifiable information like names, addresses, and billing info. 
• Government Agencies: The database contains a wide range of sensitive data, from payment information to social security plan details, budgetary information, and more.
• Healthcare Institution: The database contains patient records such as social security numbers, billing information, and insurance claims.
• Corporate Organizations: Database has data such as intellectual property, marketing strategies, client and employee databases, contract deals, account transfer details, and more. 

The frequency of malicious breaches is growing at a massive pace. The volume of sensitive personal and financial information stolen is higher than ever before and the industry is confronting a heavy shortage of cybersecurity professionals.

“Cyber Security services, which include planning of cyber security strategies, policy development, and building security architecture, are expected to grow at a compound annual growth rate (CAGR) of 9.7% over 5 years to become a market worth over $345 billion by 2026.”

These stats are more than enough to show you the growing demand for skilled cybersecurity professionals in the coming years.

In the introduction to cyber security paragraph, we've already mentioned how huge the demand for talented cybersecurity professionals is in the job market. Now, if you wish to learn about cybersecurity and build a growthful career in cybersecurity, let’s move ahead and explore cybersecurity career trends and growth scope.

Cybersecurity Prerequisites

Before you apply for your first cybersecurity role, you must know these Cyber Security Prerequisites: 

• Bachelor’s Degree in IT/Computer Science or a similar field.
• Knowledge of security firewalls, latest Cyber Security trends, and hacker tactics.
• Possesses great ability to work under pressure in a constantly evolving, fast-paced environment.
• Must have technical skills with sound knowledge of languages/tools such as Java, C/C++, disassemblers, assembly language, and scripting languages (PHP, Python, Perl, or shell), Node, Python, Ruby, Go, or Power Shell is an added advantage.
• Possess the right eye for detail and outstanding problem-solving ability.

Top Cybersecurity Certifications

Many employers often demand certifications as a prerequisite for employment, having Cybersecurity certifications validate an individual's level of knowledge & expertise. Let’s see the most demanding cybersecurity certification for beginners & experienced levels.

The most in-demand cybersecurity certifications:

• (ISC)⊃2; Certified Information Systems Security Professional (CISSP Course)
• ISACA Certified Information Systems Auditor (CISA)
• ISACA Certified Information Security Manager (CISM)
• CompTIA Security+
• EC-Council Certified Ethical Hacker (CEH Course)
• GIAC Security Essentials Certification (GSEC)
• (ISC)⊃2; Systems Security Certified Practitioner (SSCP)
• CompTIA Advanced Security Practitioner (CASP+)
• GIAC Certified Incident Handler (GCIH)
• Offensive Security Certified Professional (OSCP)

Accredited cybersecurity courses and enquiring about any of these cybersecurity certifications can help you earn good salaries. Here are some more benefits of acquiring a cybersecurity Certification.

Next, we are going to explore the most demanding cybersecurity job roles with their median salaries.

Cybersecurity Job Trends & Median Salaries

Suppose you’re new to cybersecurity and want to have a career. In that case, you can start in an entry-level IT role, such as a help desk technician, network administrator, or security software developer. You can enter this field as a junior information security analyst after gaining some experience in IT. Individuals who seriously want to grow their careers in cybersecurity can explore this cybersecurity salary guide for a much-needed motivational boost. 

Some Career Opportunities In Cybersecurity

As already mentioned, organizations are in dire need of cybersecurity professionals with the right amount of awareness and hardware and software skills. Let’s explore some of the security roles with a raving demand:

1. Chief Information Security Officer (CISO)- The Chief Information Security Officer (CISO) is responsible for implementing the security program throughout the organization and supervising the operations of the IT security department.The typical base salary for Chief Information Security Officers spans from $218,617 to $275,578, averaging around $243,943 per year.
2. Chief Security Officer (CSO)- A Chief Security Officer (CSO) is the executive in charge of both the physical and cybersecurity aspects of a company.The average annual salary for a Chief Security Officer in the United States is $148,746.
3. Computer forensics analysts- Computer forensics analysts investigate computers and digital devices linked to cybercrimes to prevent future cyberattacks. They uncover how threat actors accessed networks and identify security vulnerabilities, also preparing evidence for legal proceedings. The typical yearly salary for a Computer Forensics Analyst in the United States averages $101,672.
4. Security engineers- These IT professionals safeguard company assets from threats, emphasizing quality control within the IT infrastructure. In the United States, the average annual salary for a Security Engineer is $152,773.
5. Security Architects- These individuals are accountable for planning, analyzing, designing, testing, maintaining, and supporting critical infrastructure within an enterprise. The projected annual earnings for a Security Architect amount to $223,951, with an average yearly salary of $154,684.
6. Security Analysts- These IT professionals strategize security measures and controls, safeguard digital files, and conduct internal and external security audits. The projected annual earnings for a Security Analyst amount to $151,661, with an average yearly salary of $111,199.
7. Security Software Developers- These IT experts develop software and ensure its security to prevent potential attacks. In the USA, the average salary for security software development is $142,291 per year, which equates to approximately $68.41 per hour.
8. Network Security Architects- Their responsibilities include defining network policies and procedures, configuring network security tools such as antivirus and firewalls, and enhancing security while maintaining network availability and performance. In the United States, the average annual salary for a Network Security Architect is $190,177.
9. Penetration Testers- Known as ethical hackers, these professionals test systems, networks, and applications to identify vulnerabilities that malicious actors could exploit. The projected annual earnings for a Penetration Tester in the United States area amount to $136,710, with an average yearly salary of $108,157.
10. Threat Hunters- These IT professionals, also known as threat analysts, proactively seek out vulnerabilities and potential attacks to mitigate risks before they can impact a business. A Cyber Threat Hunter earns an estimated total pay of $152,777 annually, with an average salary of $100,952 annually.

The top 5 paying industries for a Cyber Security Engineer in the United States, estimated by Glassdoor:

Security is not just about mastering technology; it is about contextually applying it. The key is knowing the environment and applying appropriate controls. Enterprises look for professionals who have knowledge of both. As the industry confronts a severe shortage of cybersecurity professionals, it often becomes challenging to get the right talent, which is why organizations are willing to pay them heavy checks. Go through each role in detail and research on the net, and learn about the Best Cybersecurity Certifications for the Year 2024. You can also refer to this blog on how to become a cybersecurity expert for some help and start your rewarding journey in this domain.