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Why is Cyber Security Required?

Compliance Knowledge Base | Cyber Security

Posted by: India Wentworth Published: Tue, 14 Aug 2018 Last Reviewed: Tue, 14 Aug 2018
Why is Cyber Security Required?

Having strong cyber security should be a priority for all types of businesses, whatever the sector or size. By maintaining a stable level of protection, organisations can not only keep themselves safe from hackers, but also keep their customers safe too; a quality that means their reputation is strengthened through being known as trustworthy and safe.

Failing to adopt adequate cyber security measures within an organisation can quickly lead to serious issues. For both small and large organisations, hackers can create problems by gaining access into networks and systems to steal valuable information. It can be a misconception that SMEs would be the prime target for hackers to exploit due to having smaller resources and a smaller budget to protect themselves with, but business heavyweights such as Sony PlayStation, eBay, and Uber all show otherwise. They are just a few big names that have become victims of cybercrime, all of them losing information and finances as a result, highlighting that hackers aren't picky with who they target as long as a profit is on the horizon!

As our reliance on technology increases, spreading to not only all areas of society, but also all corners of the business world, the frequency of cybercrime grows. This frequency highlights how important it is to maintain secure protection against these threats. Choosing to ignore the threat could not only lead to financial and information losses, but also seriously damage your organisation's reputation and standing within the business community.

Laws in Cyber Security

The legal compliance aspect to cyber security is something to pay attention to, with new rules and regulations being a painful surprise to wake up to if you fail to meet the desired standards.

The GDPR and Data Protection Acts of 2018 aim to strengthen the data rights for consumers to ensure they are treated fairly when it comes to the use of their personal data. By making it more accessible for people to actually know what information companies have on them as well as what they use it for, consumers are kept in the loop to make sure that data is always processed lawfully, transparently, and for relevant purposes only.

If you control or process personal data relating to EU residents, you are bound to the GDPR, meaning that in short, the GDPR applies to almost every organisation.

Any leak of sensitive information will bring about hefty penalties, including fines of up to 4% of annual turnover. These stricter rules should prevent businesses from cutting corners in security and consequently maintain a stability in protection that consumers can trust.

Why is Cyber Security Required?

Steps to Security

Creating a compliant culture builds a proactive workforce that will lead to the threats being taken more seriously through a better understanding of the crime. Investing in cyber-security awareness training means your staff will be ready to deal with threats that head their way, allowing your organisation to build up a strong reputation in customer security and privacy.

Regular staff training on how to securely receive emails, use social media, and update software means that an understanding of the threat posed by hackers will grow. Focusing on the importance of compliance in a refreshing way means that an organisation goes way beyond what the GDPR requires, and instead cyber security is maintained in the long term.

By implementing the correct measures when dealing with cyber crime, a business can quickly limit the chance that they will become the next victim to hackers. With a 145% rise in computer malware and cyber attacks in 2017, security should be a major concern for any business.

Industry experts stress how organisations need to respond with new ways of defending themselves as hackers continue to develop new methods of attack through growing skills and techniques. They aren't set to tire of the crime any time soon either, as the popularity and accessibility of selling stolen data increases through more and more online "how-to" guides in hacking popping up on the internet, and a sophisticated black market in valuable information to make the hackers the profit they want.

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