According to various media reports, a ‘category one’ cyber-attack will happen “sometime in the next few years” says a director of the National Cyber Security Centre (NCSC). Here we look at how businesses need to change the way they think about cyber security by switching to risk management and investing in a tailored strategy.
More data was lost or stolen in the first half of 2017 than during the whole of 2016 according to reports. According to Gemalto, less than 1 per cent of the lost, stolen or compromised data utilised encryption to make the information useless to the perpetrator: an exceptionally worrying statistic. Also worrying is that Cybercrime was responsible for the majority of data breaches. All of this begs the question, what are businesses doing to protect their data, financial position and reputation?
You know the vital importance of adopting cyber security measures. You’re fully aware of how crucial it is to protect your business and that includes its reputation and its sensitive data. You’ve quite rightly, and shrewdly, taken steps to install systems and processes to reduce the risk of technology failures that could open the floodgates for an attack. You’ve put in place a comprehensive educational programme for staff so that the human risk element is covered. You’ve even secured everything physically as well as digitally. But are you missing anything? No? Are you absolutely certain?
We see regular reports on almost a daily basis of cyber-breaches and attacks on large organisations. However, the issue is certainly not just a problem for multi-national organisations. In fact, it’s not just a business related issue at all. Anyone can be at risk of a cyber-breach including on a personal level, in particular those who hold senior executive positions or are known to be of high net worth.
In just over eight months, one of the most far-reaching and comprehensive pieces of European regulation will change the face of how data is stored, handled and protected. The Regulation will increase expectations and rights concerning data privacy, and will push organisations to follow strict cyber security practices. Could your business survive a fine representing 2 per cent of turnover? If not, read on to discover what you should be doing to get it right with GDPR.