It’s Not Too Late to Secure Your Business

Image Credit:    XKCD

Image Credit: XKCD

Your personal information has already been compromised. Your business may already be infected. 

There have been so many breaches of user IDs over the years that it is almost certain there is a login/password combination for almost everyone somewhere on the dark web.

One of the striking revelations of many breaches is how long the bad actor has been lurking in a system before being discovered – sometimes months.

Almost everything we do is digital, and most of it is in the cloud. It can be catastrophic if it fails or is compromised. 

Cybersecurity is becoming increasingly important for businesses and governments alike. It has to be addressed at the board level, and not stop at the CIO. It is simply necessary to take the time and make the investment to do it right. This goes for every enterprise of any type, and any size – including financial institutions, manufacturers, retailers, law firms, accounting firms, social media companies, charities, and government. 

The consequences of getting it wrong can be severe: fines, customer churn, remediation costs, reputation loss, and business losses.

Consider for example:

  • British Airways and Marriott hotels are facing huge fines under the GDPR for privacy breaches – 300 million pounds in total.

  • Facebook is facing a $5 billion privacy settlement with the FTC.

  • Gartner predicts that by 2020, 60 percent of digital businesses will suffer a major service interruption because their IT security teams won’t know how to deal one or more of the sophisticated cyber-threats that come their way virtually every day.”

  • The US Department of Treasury found that US businesses in 2018 wired around $301 million per month to business email compromise (BEC) scammers.

  • Data breach stats are alarming.  For example, 91% of cyberattacks start with a phishing email, and 6.4 billion fake emails are sent every day.

The best time to get your cybersecurity under control was years ago – the second best time is now.


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David Canton