Government bodies across the globe are becoming increasingly cautious of cyber-attacks and are promoting ways that can be utilized to protect the national security through cyber-security. Currently, government bodies are grasping what challenge comes with cybersecurity and what their roles in it could help save the economy, mainly in the private sector.
Why is Cyber Security Important?
In May of 2016, the UK Government faced a cyber-attack that hit two-thirds of the nation’s largest companies. This cyber-hack wasn’t just big—it was very different than the ones that happened in the past.
This is exactly why cyber-security should be incorporated. Cyber security in a government is essential because every country’s military, government, financial, corporate and medical sectors contain a lot of confidential data in their computers and other devices. These confidential data files often contain financial data, personal information, and other sensitive information that can bring negative consequences if fallen under the wrong hands.
By taking necessary precautions against this, the government needs to demonstrate that a nation, sate, city or region is safe for business online. They can do this by deterring any sort of cyber-related crime and protecting critical national data. All while maintaining a consistent technology-friendly environment.
Effects of Cyber-Attacks on a Country’s Economy
There’s no denying that the frequent cyber-attacks place a high-security risk to a country’s economy. It’s reported that on a daily basis, companies and organizations face the risk of being a target to cyber-attacks. This may be due to the not having the necessary advance measures in incorporating proper security strategies to protect their data.
When companies suddenly experience a cyber-attack, they are more or less vulnerable to whatever losses might be caused by the hackers. This causes severe repercussions in the national market, which includes loss of market capitalization, negative brand reputation, revenue, and reduction of total market share. Then again, companies who know the severity of the situation do tend to take investments in security seriously. However, these are only a few among others.
Governments need to understand that investing in cyber-security is a good way to prevent economic loss and increase its growth.
How Can Governments Prevent this?
Governments don’t really have a strong hold on cyber-security itself, since there’s a trust-relationship with the private sector. However, these official bodies need to more emphasis on the importance of cyber-security, and allow companies to believe that it can actually help protect their sensitive data while also protecting the country’s economy.
A variety of attacks can be prevented by simply adding up-to-date security measures in businesses and organizations. It’s also important to educate large operations on tackling cyber-criminals. Israel is one of the countries that has recognized the importance of cyber-security and has invested in incorporating it into its educational curriculum for high-school students, and national military service. Through this, they are thriving more in the global market.
Singapore is also example that has collaborated with the National Cybersecurity R&D Programme that supports various public–private research partnerships.
As threats continue to stand-out in the digital world, government must also work hard in combating these advances in order to protect national security and help increase the economic prosperity of their respected countries.