Over the last 3 decades there has been a significant increase in instances of data breach for both small and large business alike. Even though the threat is clearly increasing every day, it is not something businesses perceive as an immediate threat. No matter how small or large your business is, you have to consider your information and data as your assets.
Some of the things that are directly in the harm’s way for you as a business are customer database, equipments, money, client list, pricing information, manufacturing processes and product information. Since there are wide varieties of things to consider when it comes to securing your business, you might want to understand more with regards to this, click here to further your knowledge.
All Businesses Are At Risk
Maximum news coverage goes to security breaches at bigger companies and organisations. For example in the year 2013 credit card data of almost 40 million Target store users was compromised.
In the following year Home Depot released a statement that 56 million of its user’s data might be hacked.
Now although these are major attacks, an interesting stat is that almost 45% of cyber attackers target medium and small size business. Subsequently close to 60% of small scale online businesses go out of business within 6 months of such attacks.
Increasing Threat and Decreasing Professionals Available
It is estimated that cyber attacks will cause a revenue loss of close to 6 trillion dollars by 2021 while private and public institutions are struggling to protect themselves. While the threat is increasing, it is estimated that by 2019 there will a shortage of close of 1.5 million professionals.
A lot of universities and private institutions in the education sector are identifying this need and skill gap and creating specific programs like Masters of Technology to address it. These individuals will be trained to manage a team of security professional and lead from the front.
Here Is Why It Is Important To Keep Updating Your Company’s Security System:
- Client trust: A lot of online businesses fail to protect customer’s banking and card details which often lead to legal consequences and bad PR. These things spread like wildfire and if such data breaches happen often users will lose faith in your business and consider alternative options.
- Loss of confidential information: If your security system is not up to date there is a chance of a Trojan horse being planted in your internal systems and software. This will allow hackers to get access to your trade secrets and sell them to your competitors. They can also access your financial records.
What Are The Elements Of A Good Security System?
A good security system should have a holistic approach keeping all aspects of your business in mind. It should have information of what data is covered and what isn’t. Furthermore it should assess the risks your company might face and how to mitigate them.
- Security officer: You should have a designated security officer that makes sure that your system is up to date. He should coordinate with other team members and take responsibility of executing the updates and testing them for bugs. Ideally this person should respond to a senior member outside of the IT team.
- Risk mitigation: Any good security system should make attempts to identify all possible threats and have practical solutions to mitigate them. It is important to manage this in a cost effective way. You can assess the risk in following ways:
- Physical loss: A business can lose data due to natural calamities such as floods or fires or due to man made errors like disk failures.
- Data corruption: This can happen intentionally or unintentionally. Intentional corruption includes attempt to modify data by use of Trojan horses or other viruses. Unintentional corruption includes software errors.
- Policies: After you have assessed the risk it is important to have a structure policy and procedure in place. This might include the following:
- How will you protect your physical data, from damages and unauthorised access
Authentication and accountability process for giving access and revoking access to confidential data. This should include how logins will be created, password encryption and trail maintenance.