It is estimated that 2.5 quintillion bytes of data are generated every day. The more data we create in a digital environment, the greater the risk to our digital security.
Cybercriminals are becoming more sophisticated. Malware attacks on mobile phones and business servers are commonplace. The latest strategies include advanced phishing techniques and remote access attacks on smart devices such as TVs, cameras and thermostats.
If the technologies deployed by cybercriminals is evolving, then cybersecurity systems installed by businesses have to evolve as well.
The Office of National Statistics reveal that people fall victim to cybercrime more than any other criminal activity; 1.83% due to computer misuse, compared to 1.75% to violence, 0.8% to theft and 0.3% to robbery.
As the UK government advances its agenda to move all business services online, there is a growing need for companies to invest in cybersecurity. Sensitive data and personal information of your customers has to be protected.
Coupled with this are laws that hold companies to account if you fail to take preventative action to sufficiently protect consumer data. With cyber-attacks becoming more prevalent, penalties could seriously damage the financial structure of your business.
The General Data Protection Regulations (GDPR) introduced by EU courts and adopted by the UK in 2018 present a real and present danger to companies of all sizes.
If you collect consumer data, you have an obligation to protect private information and demonstrate you respect the privacy of individuals. Companies that fail to install measures to prevent cybercrime under the regulations laid out by GDPR could be hit with devastating fines.
The Information Commissioner’s Office has the power to issues fines on two tiers; 2% of annual global turnover or €10m (£8.7m) whichever is higher, or 4% of your annual turnover or €20m (£17.4m) whichever is higher.
Article 83 of the directives stipulate the lower tier will be enforced on organisations that fail to integrate data protection policies or notify affected customers of a breach within 72-hours.
Although it is not clear how the penalty structure will be enforced, regulators will assess the level of incompetency on a case-by-case basis. Even small businesses with a turnover of less than £8.7m will be subject to penalties amounting to 2 per cent of your annual turnover.
Managed Cyber Security Services
The widespread use of digital technology presents cybercriminals with tremendous opportunities to reap huge rewards.
Cyberattacks are inevitable and criminals are attacking consumers and businesses of all sizes. The threat cybercrime poses to UK businesses is too great to contemplate – a breach could put you out of business.
In today’s climate, it’s imperative that you take reasonable steps to prevent hackers from breaching your IT systems. Enlightened IT provide end point cybersecurity that ensures your cybersecurity measures are as tight as possible.