I was chatting to a good friend of mine last week about a very hot topic in the online world which is cybersecurity. Bharat Bhise HNA has dedicated his life to this topic and he helps many businesses to beef up their levels of online security. Bharat has been banging this drum for a very long time and finally people are beginning to listen to what people like him have to say about the very real threat of cybercrime. In fact the EU have recently launched a program which puts pressure on companies to heighten their levels of cybersecurity and meet the requirements set out by them. So why is this so important to people like the EU and Bharat Bhise? Let’s take a look.
One of the driving factors behind the EU’s decision to implement this program is the protection of personal data. If a cyberattack occurs and a business’ system is breached, the hacker will have access to a huge amount of customer information such as names, addresses, bank details and phone numbers, which they can then use for nefarious purposes or sell on the black market. Companies have a responsibility to their customers to protect their data and this is exactly why cybersecurity should be of such high importance.
The Cost of a Breach
One of the reasons why so many business owners haven’t listened to people like Bharat Bhise is because they don’t want to foot the cost that is involved in increasing, or implementing cybersecurity. The irony however is that the cost of a cyberattack to a business can run into the thousands, far outweighing the cost of increased protection. The Douglas and Sarah Allison Center for Foreign and National Security Policy estimated that US businesses lose an average of $15.4 million every year, an incredible amount of money which can be avoided.
It is not just the financial cost of a breach which needs to be considered, there is also the issue of trade secrets which can also cost companies untold amounts of money. Furthermore if we consider the amount of money which a business will lose as a result of its reputation being destroyed, the figure continues to rise.
Internet of Things
The more advancements that we make online, the greater the opportunities are for hackers and the Internet of Things falls into that category. The ability to monitor data and the movements of consumers can give them a better and faster service, and businesses can use it to market to their target demographics. Unfortunately so much data with information about people is also an opportune target for any hacker, which is why it is so vital that this data is kept well and truly under lock and key. If breached these devices can give hackers untold access into the lives of many, which is bad for all involved.
Cybersecurity is big business and it is absolutely vital that every company is paying a great deal of attention to this.