As a business owner, you may be surprised to find out how many areas of your business depend on the use of confidential information. Consider every area of your business from pricing strategies to human resources. Every decision you make that involves the use of this type of information is unique and may be of interest, not only to your competitors but also to cyber criminals.
The new EU General Data Protection Regulation (EU GDPR) is bringing more stringent regulations for all businesses that store personal information regarding EU residents. Companies will now be required to conduct privacy impact assessments, have a data protection officer and notify breaches within 72 hours.
Information Is Not Static
Not only is information not static, neither are cyber criminals. Information evolves and mutates every day. The techniques to steal valuable information also evolve daily becoming more and more sophisticated.
Information is the ecosystem of every business and if a single cell fails, it can bring down the entire business. Therefore ensuring a consistent and up-to-date information protection policy must be the priority for all businesses – no matter how big or small.
Size Doesn’t Make A Business Immune to Attack
Cyber attacks are happening to businesses of every size on a daily basis. Unfortunately, a recent study on 821 IT professionals around the world showed that an alarming 97% of the organizations polled did not have a plan in place to adjust to the new regulation.
Europol recently warned that ransomware is one of the biggest online threats. Ponemon Institute’s 2016 State of Endpoint Report reveals that 56% of companies surveyed said they are not ready to fend off ransomware attacks, and just 38% said they have a strategy to deal with destructive software.
How will you protect your business and its valuable information? You can choose to implement costly computerized systems or employ highly paid, full-time staff responsible solely for the protection of your business secrets. With so many options available, it’s easy to become overwhelmed especially in such a quickly evolving technical arena. What is most helpful to business owners is the professional advice of a trained cyber-security consultant to determine the most effective solution to a business’s specific needs. The deadline for having a cyber security plan in place is early 2018.