- Posted by Stewart Fiori
- On October 11, 2019
Security is becoming an increasing issue for businesses, but it seems as though the hackers are always one step ahead of employees and employers. Part of the reason that security is so far behind is that many companies are more focused on productivity than security, without realizing or acknowledging that they can successfully do both. In order to retain your clients’ trust, you need to take data security seriously.
One of the biggest problems is that businesses only cover the minimum security requirements to be compliant, but often times compliant is exactly who gets targeted. This is because the regulations are often based on past experience, and businesses need to stay ahead of threats. The danger in being compliant is that the business believes that they are safe. In fact, a 2015 report showed that 70% of companies believe that they are safe from attacks and hackers, but with ransomware (or malware) attacks increasing at 350% annually, this is obviously not the case.
Devoting more time and resources may seem like a loss of productivity and revenue, but it’s just the opposite. In 2018, McAfee found that 600 billion dollars are lost to cybercrime each year, and Juniper Research estimated that this number is going to grow to 2.1 trillion throughout 2019. Obviously, it is up to the individual company to evaluate the cost of security against the cost of a breach, but every company needs to care about security as much as productivity.
When companies overstress productivity, it often affects the work that the employees are producing and can lead to security mishaps. Additionally, productivity will drop when you have to manage and correct a security breach or incident.
No matter what size your company is, you can employ good security standards and procedures.
The worrisome part is that some companies care about security because they are worried about harm to their finances and to their reputation. They should also be concerned with their clients’ personal security. Companies should consider that if they are not going above and beyond to protect their clients’ information that they will lose money, brand loyalty, and consumer trust.
October is National Cybersecurity Awareness Month. For more information, visit https://www.dhs.gov/national-cyber-security-awareness-month.
2015 Security Pressures Report by Trustwave
Economic Impact of Cybercrime-No Slowing Down by McAfee
The Future of Cybercrime & Security: Threat Analysis, Impact Assessment & Leading Vendors 2019-2024 by Juniper Research
2018 Annual Cybersecurity Report: The Evolution of Malware and Rise of Artificial Intelligence by Cisco