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Why is Cyber Security so Important?

Compliance Knowledge Base | Cyber Security

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

The importance of having strong cyber security cannot be stressed enough. Failing to comply with the rules and regulations brought in by the GDPR can lead to hefty compliance fines alongside financial and reputational damage, all of which can be make and break for an organisation.

Consequences of a Breach

The GDPR brought in new fines for data protection in 2018, aiming to bring about change for security teams in business. It means professionals will work closely with compliance officers to maximise data governing policies. This push towards a compliant culture within the workplace means that data protection policies and regulations are met consistently. With fines taking up to 4% of a company's annual turnover, it is hoped that the penalties of cybercrime will finally be taken seriously.

How strong your cyber security is can decide if customers will trust you with their business, and therefore impact the success of your company. Worryingly, only 17% of customers said they trust companies now, compared to a decade ago, highlighting how the developing technology has reduced the overall level of trust within the business world. If customers cannot trust you to look after their sensitive data, there is little chance of prosperity in the future.

Good cyber security can reduce the likelihood of hackers getting into systems and networks, and in doing so, ensures that the business in question never becomes known for being careless or irresponsible, maintaining a positive relationship with its customers.

Remember, first impressions are everything. If customers are happy with the service and protection you supply, the word will spread. An increasingly digitally-aware public means that reputation is everything, so if cyber security education and training creates a stable business, the customers will follow.

Why is Cyber Security so Important?

Tighter Regulations

Many breaches in the past highlight how much tighter the current legislation is. The level of punishment has increased severely, suggesting that if a breach is dealt with badly, the financial implications could ruin a company.

Yahoo is a perfect example of how attitudes around the topic have changed. 3 billion of their accounts were hacked into between 2013-14, equating to the largest data breach in history. What made things worse was how long it took them to own up to the full scale of the breach. Rather than reporting the attack within the 72 hour period that the GDPR now requires, it wasn't until October 2017 that they fully acknowledged the depth of the breaches that took place.

Not only would they have been fined due to the lengthy timescale they took to deal with it, but with an annual income in excess of $4 billion in 2012, the new GDPR fines would have taken up to $160 million from them had the legislation been active then.

Had GDPR, or similar regulations, been in effect during breaches like this one, it is presumed that companies would have reacted more efficiently, showing how the attitudes around cyber security are now taken more seriously because companies can't afford to ignore it due to the potential punishments.

Protect Your Business

Creating a compliant culture within the business environment influences attitudes around the topic through a shared understanding in the workplace. Investing in cyber-security awareness training means your staff will be prepared to detect and report suspicious activity, serving as the first line of defence for a company. This means your organisation can then build up a strong reputation with customers, making their right to privacy a front running priority.

By educating staff on how to use the internet securing through emails, social media, and updating software, the understanding towards the threat of hackers will grow efficiently. Focusing on the importance of compliance in a refreshing way means that behaviours within the organisation will be influenced to ensure cyber security training goes way beyond what the GDPR want.

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