Security in the digital economy

04/06/2021

3

min read

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onsidering the impacts of the pandemic on our lives, the economy, society, and the world, new security challenges emerged. While some companies started looking for new ways of keeping the digital environment safe, cybercriminals saw an opportunity to take advantage of people, and cyberattacks rise. By 2021, cybercrime-related damages are expected to exceed $6 trillion, and since the beginning of the pandemic, cybercrime has increased by 300%.

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"This suggests the urgent need for collective action, policy intervention and improved accountability for government and business" (World Economic Forum, 2020) because without taking actions, cybersecurity can become a barrier for cyberspace to develop to its full potential and will be difficult to manage trust within new technologies”.

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‍New Security Challenges

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One of the key challenges the digital environment has to manage is cybersecurity. Society has increased the adoption of digital technologies in the public and private sectors and has become part of our daily lives. That's why cybersecurity should not just be seen as a simple issue for protecting systems and networks; instead, companies and governments need to join forces to ensure security and integrity in the complex technology ecosystem. "Businesses must be ready to play their part in the ethical use of technology respecting the privacy of the customers and employees, while also understanding that cybersecurity is not an esoteric technical discipline; it's central to their digital strategy. I suspect governments and regulators will increasingly be reminding businesses of that fact" (KPMG, 2020).

Technologies create opportunities but also threats

We all agree that technologies made many things more accessible, but it doesn't mean it is safe. Digital threats continue to grow, and it is essential to find better ways to meet society's needs in terms of cybersecurity because our current approach is unsustainable.

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"We must build the regulatory capabilities and frameworks best suited to Industry 4.0 and a new industrial revolution, exploring which market interventions will drive the right behavior" (KPMG, 2021). Society is expecting an increase in digital protection with transparency, integrity, and reliability.

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Security threats can come in the form of adware, ransomware, spyware, phishing, computer viruses, and many more. And year by year, these threats become more common, and by 2023 is expected that cybercriminals steal 33 billion records.

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At Sigma, we help you create a trusted digital world for your business.

Staying Safe

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By integrating cybersecurity into your business, you ensure your employees will be safe from potential risks and threats. Also, you will see productivity increased since viruses can slow down computers and interfere with your employees' performance. Also, your customer will benefit from keeping your business safe because they'll trust that their data will not be compromised and they're in a secure digital environment.

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