It is important for businesses of all sizes to take steps to prevent data and cyber security threats. Most often small and medium-sized business owners think that they are not large enough to face cyber security threats. The cost of cyber crimes is expected to reach £1.4 trillion this year and hackers don’t make a distinction between what size of business they are targeting.
SMEs are more vulnerable to cyber attacks because most of them don’t invest in powerful security systems. Enterprise level businesses at least have the resources to meet the financial consequences. Customer data security breach can result in lawsuits with huge penalties. So if you think data security, privacy, and cyber security is not important to your business, you need to give a second thought to it.
1. Customer Privacy is Crucial to Your Business
Every business has some kind of customer data. When your customers allow you to access their data, you become responsible for protecting that data and ensuring that it is not accessed or used by a third-party without their permission. Even when someone visits your website, you get access to some of their data.
Ensuring customer privacy and data security has become crucial under the latest laws and any failure to comply can put your business at risk of legal action. For example, the latest proposals in UK data protection laws can provide Britons lots of control over how their personal information is used.
2. Business Reputation & Growth
Any case of data loss for your business can mean an adverse impact on your organisation’s reputation. It can affect public perception and affect your business prospects. Such an incident can provide an edge to your competitors to get ahead of you.
The protection of customer privacy and all kind of business data is important to your brand’s growth. There lies a great opportunity for growth for both small and large enterprises.
3. Internal Threats
It is not just external cyber attacks that can put your data and business at risk. Data security threats also exist from within the organisation. Your employees have easier access to not only company data but also customer data, making it important for you to monitor your systems for any instances of employee misconduct. Secure data encryption, data access control and monitoring, and backups can help in addressing these concerns. Cyber insurance is an emerging and promising strategy for organisations of all sizes and types to protect themselves and their customers from such threats.
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