Privacy is the key!
Across the globe there is growing concern about the use and manipulation of an individual's personal data. Consumers are very concerned about where their personal data goes and want to know who and how it is being handled. Customers and suppliers are also very concerned about whether the companies they do business with have procedures in place to ensure the privacy of their data.
Governments are creating laws and regulations to make companies adhere to cybersecurity procedures and standards to ensure more transparency and secrecy in the handling of the data that flows over the network.
Cybercrime is a growing threat to privacy
Criminals today are sponsored by terrorist groups that have access to sophisticated tools capable of launching denial-of-service attacks (DDos), data hijacking (ransomware) as well as espionage and data leakage via malwares.
The question is not if, but when...
Companies around the globe - even governments-are unprepared for the growing number of attacks on companies, critical infrastructure and supply chains. Increasingly sophisticated and in growing numbers, cyber-attacks hit all types of companies regardless of size. It is only a matter of time before a company receives a devastating attack or even be forced to pay a ransom to get its data back.
“Reasonable” Security
Is the legal term that states that if your company has been breached and your case goes to court, you will be asked to show "due care". It is also the term that judges use to describe "reasonableness" i.e. companies must take steps and use safeguards to ensure that the risk is reasonable to the company and appropriate for other stakeholders at the time of the breach.
Due care
Several measures can help your company demonstrate "due care"; one of them is to change your attitude towards your cyber risks, adopt a standard such as CIS Controls, implement a vulnerability management process, among other initiatives.
Conclusion
Companies that take a proactive approach to cybersecurity can demonstrate "due care". These are companies that take the privacy of their employees, suppliers and customers seriously. They also do risk management, have the human and financial resources to keep their posture always active, while fortifying their defenses.
In return, they are recognized by their employees, customers and suppliers as always looking to be more secure, reliable, and stable. At the end of the day, this results in more business for the company.
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