Your business is more than 750 times more likely to experience cyber crime than suffer a fire, theft, injury to an employee or be sued for professional negligence and the consequences can be just as severe including financial loss, reputational damage and even closure.
It’s not just the risk to your company to think about, you have legal responsibilities to protect your customers’ data too. If they’re not already, they’ll soon be asking you what you’re doing to protect them and your approach could be the difference between them doing business with you or going elsewhere.
According to an article published on Linked In
What is cybercrime?
Cybercrime is basically any crime that uses or targets a computer. In a business environment it includes accessing trade secrets, stealing customer data, online fraud and copyright infringement.
What could happen if your business suffers an attack?
It depends on the extent and type of the attack but, for example, if hackers manage to access your customers’ data, it can severely damage your reputation, destroying the trust you’ve spent so much time, money and effort building up with your customers.
In addition you might need to compensate parties who suffer a financial loss as a result of the breach in your security or take your systems down while the issue is rectified.
Cyber crime is part of every day life on the web and its up to you to protect your clients data, be aware that new regulations are coming in the form of GDPR [General Data Protection Regulations] as from May 2018 the UK will adopt the European initiative to raise the bar to protect personal data. As custodians of data your business will be held responsible for any breach or hack which enables personal data to be lost or exposed to third parties. With the blame culture this means individuals will have the right to take action against you for the loss and any consequential losses incurred and identity damage.