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Have you ever experienced identity theft that forced you into a zero-cash state for an amount of time that feels like forever? Or have you ever wondered how that app knows you so well—your habits, your route to work each week, your interests? The more we shift towards personalization, the more data is collected about your every move.  And that’s borderline cyber stalking, no?

This makes cyber security ever more important. What is it, you ask? According to TechTarget:

“Cyber security is the body of technologies, processes and practices designed to protect networks, computers, programs and data from attack, damage or unauthorized access” [1].

For any app, website, or technology in this online economy that collects personal data, one may hope that the company does just as much to protect it. However, this is an area that constantly faces challenges. A survey conducted by the ISACA and RSA showed that 76.6% of respondents expected an increase in security attacks in 2014 compared to 2013 [2]. In fact, the top 5 cyber security risks for 2015 as mentioned by CNBC are as follows [3]:

  1. Ransomware: Malware that restricts access to your own data and then requires ransom payments for re-access.
  2. The Internet of Things: Vulnerability of physical devices connected to the internet.
  3. Cyber-espionage: A war between national governments fought on the keyboard.
  4. Cyber theft increases: Stolen financial information, such as credit or debit cards, on the black market
  5. Insecure Passwords: Passwords that can be cracked effortlessly

These are no small risks and they appear to be inter-related to a degree. Moreover, cyber security is a national security issue and a hot topic among presidential candidates – a cyber war against China and Russia [4]. Additionally, according to a report on CNBC, China attacked Apple’s iCloud to steal data related to iMessages, photos, and contacts [5].  Apple has the reputation of ultimate security, yet weak passwords and public access to data make it easier to crack passwords and answer security questions. On the other hand, as technology companies increase privacy and security on apps and devices, the country’s intelligence services will continue to go dark reducing their capability to prevent such attacks. Perhaps this is why cyber security continues to be a challenge, it is an ever-lasting complex battle with a lot of gray area.

Fortunately, VCs are continuing to invest in cyber security startups each year. In 2014, 240 cyber security startup deals collectively amounted to $2.5B in funding, and 2015 is on the same trajectory [6].  As startups continue to mobilize, founders should ensure that an adequate amount of resources are invested in cyber security.

Sources

  1. http://whatis.techtarget.com/definition/cybersecurity
  2.  http://www.isaca.org/cyber/Documents/State-of-Cybersecurity_Res_Eng_0415.pdf
  3. http://www.cnbc.com/2014/12/19/top-5-cyber-security-risks-for-2015.html
  4. http://www.wired.com/2015/08/lets-school-presidential-hopefuls-cybersecurity/?mbid=social_gplus
  5. http://www.cnbc.com/2014/10/21/china-targets-apples-icloud-with-hacking-attack-report.html
  6. http://www.inc.com/will-yakowicz/cybersecurity-companies-on-pace-to-raise-2.5-billion-2015.html

By: Shemeka Neville

 


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