Business Needs To Lock Down Cyber Security
Businesses worldwide are aware of the increasing range of threats they face online, but as many smaller organisations seek to cut costs in the wake of the Coronavirus outbreak, skimping on cyber security could prove a costly error, according to security researchers at AtlasVPN.
They suspect that smaller organisations may no longer be able to make cyber security a key priority during the COVID-19 lockdown recession.
In 2020 nearly half of organisations internationally reported a significant investment increase in cloud security and this is predicted to rise from $636 million in 2020 to $1.63 billion in 2023 according to Atlas VPN. But outsourcing network security to a third party cloud service provider is only part of the mosaic or risks that organisations face.
What Are The Risks Of Cyber Security Breaches?
A major risk for cyber security breaches is reputational damage, where companies, or clients, or the general public realise that a company is not complying with the proper data privacy regimes or not properly protecting and securing data that's given to them. That can be a devastating consequence for companies running their business operations. So, reputation is a major concern when it comes to cybersecurity incidents.
Another issue is in relation to data privacy regimes and their sanctions. For example, the GDPR regime came into effect in May 2018 and since then, a lot of companies have been on high alert as to what happens if there's a data breach since GDPR rules require that if a data breach is discovered, it must be reported to the regulator within 72 hours.
Not only is there this really tight notification period, the GDPR penalties are draconian. It's 4% of the global annual turnover of the company, or EUR20 million, whichever is higher. How can you manage those risks?
Have A Plan Ready To Manage Risks
An effective plan should set out all the potential steps that need to be taken in order to first, securely safeguard all the data that's collected; collect it in a manner that is proper and in compliance with the laws, and ensure that all people handling the data are trained in those methods in order to keep it secure, to store it properly, to destroy it properly.
Furthermore, people need to have the training to be alert as to what the risks are, and what to do if there's a security breach or unauthorised disclosure of any sort. In the future, technology is probably going to continue to feature as a major turning point for many businesses. One significant feature will be the use of blockchain to help businesses to adapt to the changing risk environment as well improving overall business performance.
For more advice and recommendations on cybersecurity training please contact Cyber Security Intelligence for sensible and economic training for employees.
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