Role Of Cybersecurity In The Growth Of Digital Economy
Globalization sped up on top gear when the internet was mixed with the economy, and the combination worked so well that now no one can generally think about one without the other. How? Well, you may ask any entrepreneur or a person who wants to become one, they will state that their idea definitely involves digitizing their business or starting one online itself. These days, numerous people are willing to start and grow their businesses online, the reason behind this trust is cybersecurity. The role of cybersecurity in the growth of the digital economy is crucial, it can’t be stressed enough how much cybersecurity helps businesses online.
What Is Digital Economy?
As per Wikipedia - “The digital economy is an economy that is based on digital computing technologies, but is often perceived as conducting business through markets based on the internet and the World Wide Web.” The digital economy is also widely known as the internet economy or web economy. However, business leaders proclaim that the digital economy is comparatively more advanced and more complex than the internet economy. Internet economy simply means economic value derived from the internet.
The digital transformation in Asia is already having a significant impact on the economies of the area. Asia's e-commerce transactions account for a quarter of the global B2C industry, driven by the People's Republic of China (PRC), where companies like Alibaba and Tencent have risen at breakneck speed. The retail e-commerce business in the PRC has grown from CNY1.32 trillion in 2013 to CNY5.33 trillion in 2016 and is expected to reach CNY7.57 trillion in 2017.
Financial technologies have also ushered in new ways of delivering financial services in Asia, notably in the areas of payment and lending, promoting financial inclusion in many developing Asian countries. In 2015, Asia's fintech-based loans totalled $102.8 billion, with the development of technologies boosting efficiency even more.
Big data and digital platforms are only one aspect of digital transformation; it's also about how those sophisticated technologies may be used to optimize prospects for innovation, new business models and processes, and smart products and services. Furthermore, the digital economy is enabling regional enterprises to expand beyond their local markets and into global markets, in line with long-term trends toward market liberalization and lower trade barriers.
However, due to the rising digital skills gap and disparities in regulatory and infrastructure levels across Asia, not all countries can fully profit from the digital economy.
How Cybersecurity Plays A Pivotal role In Digital Economy?
Threats to data security can fast surpass traditional remedies as economies change to digital and online models. Governments and organizations must be more proactive than ever in developing and adjusting mechanisms to combat these dangers. By securing their operations, they will be able to better protect the information of those who use their services.
The pandemic era has pushed up the demand for the use of digital platforms for shopping and payment. E-retail businesses have bloomed post lockdown, and so have the criminal activities online.
In one four-month period (January to April) some 907,000 spam messages, 737 incidents related to the malware and 48,000 malicious URLs – all related to COVID-19 – were detected by one of INTERPOL’s private sector partners as per Interpol.
Scaling your business online without thinking about protecting it from future attacks is an utterly stupid thing to do. To prevent the whole system from potential cyber threats, cybersecurity is a must step.
Cyber security has several spheres like a site assessment, vulnerability testing, penetration testing, reverse engineering and after all the evaluation the security experts can suggest you the type of protection your system and network may need. It is always better to consult experts rather than doing things on your own.
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