You may have heard the term "cyber security" before, but what does it actually mean? In this comprehensive guide, we will break down the cyber security must know and what it means for your business.

It is important for firms to note why cyber security is so important in the workplace, the different types of cyber security roles and what measures should be taken to protect businesses from ever-evolving online threats.

There are many different aspects of cyber security that will need to be considered when choosing a cyber security solution for your company or building out a security team function.

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What is Cyber Security?

Cyber security refers to the practice of protecting electronic information from unauthorized access or theft. This can include preventing malicious software from infecting your computer system, ensuring that sensitive data is not accessed by wrongful individuals, and protecting your website from being hacked. 

In short, cyber security is all about keeping your electronic information safe from harm.

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What is a Cyber Threat?

Common cyber threats are any type of attempt to gain illegal access to your computer system or data. There are many different types of attacks, but some of the most common include viruses, spyware, phishing scams, and denial-of-service attacks. 

A successful attack can result in the loss or theft of personal data, the corruption of important files, data breaches, or the shutdown of your entire computer system.

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What Are the Consequences of Cyber Security Breaches?

The costs and consequences can be significant. In some cases, an attack may only result in the loss of a few important files, however, more serious attacks can result in the theft of sensitive data, the destruction of important systems, and even monetary loss due to ransom demands. The consequences of a successful attack can be devastating to both individuals, consumers and businesses.

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Why is Cyber Security Important?

With the evolving implementation of cyber security within organisations, it's important to understand why cyber security is important. Firstly, cyber attacks are becoming more common and more sophisticated due to the advancement of technologies. As the number of attacks increases, so does the potential scope for damage. 

Secondly, the costs associated with a successful attack are also on the rise, in some cases, the cost of repairing damage caused by a cyber threat can end up costing significantly more than an initial salary for a cyber security professional.

Finally, investing in cyber security is important because it can help protect your reputation and brand image. A successful attack can tarnish your company's reputation and make it difficult to attract new customers.

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What Does a Cyber Security Team Consist Of?

A successful cyber security team will consist of individuals with a variety of skills and experience. This team should include individuals who are familiar with the latest cyber security threats, as well as those who have the technical skills to identify and protect against these threats. 

Your team should also include individuals who are able to effectively communicate with other members of your organization including c-suite and senior leadership, as well as those who can provide customer service in the event that an attack does occur.

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What Are the Different Types of Cyber Security Available?

There are a variety of different types of cyber security measures and solutions available, but not all are created equal. When choosing a cyber security solution for your business, you need to consider a number of factors, including the size of your business, the type of data you need to protect, and your budget.

It is also important to ensure that the solution you choose is futureproofed, meaning it will be able to effectively protect against the latest evolving cyber security threats.

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What Are the Main Challenges With Cyber Security?

One of the main challenges within cyber security is keeping up with the latest threats. As new threats emerge, old solutions become obsolete, which can leave your business vulnerable to attack. 

Another challenge with cyber security is finding the right solution for your business. Due to the number of solutions available, it can be difficult to determine which one is best for your company -  it may prove useful to consult in-house before committing to a new hire. 

Protecting your business can come with high costs. Some cyber security solutions can be quite expensive, and not all businesses can afford to purchase them.

Cyber security is a critical issue for businesses today, taking these steps even though they may seem challenging initially, you can help protect your business from the devastating consequences of a successful cyber attack.

What Are Some Common Types of Cyber Attacks?

The most common type of cyber attack is a virus, which is a program designed to damage or disable your computer system. Other common types of attacks include spyware, which is software that collects personal information without your knowledge; phishing, which is a fraudulent attempt to obtain sensitive information such as passwords or credit card numbers; and Denial of Service (DoS) attacks, which are designed to make a computer system unavailable by flooding it with requests.

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How Can I Protect My Business From Cyber Threats?

Today, cyber security is a critical business issue due to the increasing number of cyber attacks, there are many steps you can take to protect your business and different types of cyber seciurity jobs you can offer. 

The most important step is to start building out your cyber security team in place that is familiar with the latest cyber security threats, paired with the technical skills to identify and protect against them. 

Within your firm, you need to make sure that you are using the latest cyber security solutions and security measures ensuring you’re keeping your business safe. It is always extremely beneficial to educate your employees on the importance of cyber security risk oversight and advice best practices to safeguard and help protect your business.

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Looking for Cyber Security jobs within the financial services industry?

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Get in touch with us today to see if we can help you with your search, or peruse our current vacancies.