Think you can scrimp on the business end of cyber security? History is full of examples of why that’s a bad business decision.
Cyber security is no laughing matter. Ten or twenty years ago, we didn’t know that there was a need for it. The last two decades have taught the business world some harsh lessons about the importance of a tight cyber security protocol strategy to protect your business from hackers. Yet still, too many SME owners believe they are safe from the potential harm caused by a data scandal. We are here to tell you that ignoring the data protection needs of your business will cost you long term. If a hacker sets their sites on your customers data, you could find yourself on the wrong end of a hefty fine.
The Growth of Data Protection
The growth of data protection goes hand in hand with the growth of the dot com world. The first websites went into operation back in the mid-90s and nobody batted an eye over the information shared. However, like all advancing tech, as soon as we created it there were those seeking ways to exploit it. Soon, hackers were attacking sites made out of sheer human advancement. The need for data protection was born.
Before the world even reached the yar 2000, governments were waking to the threat that online information posed. If people could pay for goods and services online, then others could see the pages with their bank information on it. They needed to be stricter, to tighten the laws regarding data storage. The UK government paved the way, introducing the Data Protection Act in 1998, only 3 short years after those first sites went live. The government have regularly reviewed the act and it was updated in 2018 to fall in line with EU laws.
Cut forward a few years and the 2018 generalised data protection regulations come into force for all EU countries. This means users must give express permission for companies to store information on them. This led to a massive rise in Cyber Security Jobs, as we placed increased emphasis on avoiding data scandals. The new legislation placed more onus on the companies themselves to protect the data, rather than focusing n the hackers that stole it.
Data Scandals Cost Millions
Let’s move on. We want to reinforce the need for companies to have adequate cyber security systems in place. To do this, lets take a look back at the worst data breaches in recent history.
Cambridge Analytica and Facebook
Everyone remembers in 2018 when Facebook gave the data of 87 million Americans to Cambridge Analytica to exploit their details for political gain. Facebook suspended tens of thousands of apps as a result. There was a massive investigation, the company went bankrupt, Facebook faced massive legal actions, and the government fined both firms to the tune of hundreds of thousands of dollars.
Let’s not repeat the mistakes of the past by following in the footsteps of either brand. We can employ cyber security experts from the outset of trading and avoid all of this. It’s just good business sense.
