Businesses have a massive digital footprint, and security online should be the key facet in maintaining your company’s reputation in the eyes of its customer base. Consumers are becoming increasingly concerned about their own data being mishandled, and data breaches seem to be on the rise. With businesses becoming increasingly digital, the risks will only increase.

• 89% of businesses have email addresses for the organisation and its employees.
• 81% of businesses have their own websites.
• 77% have online bank accounts.
• 58% have the client and customer information held digitally.

College Green Group Academy has launched a new course that offers a greater understanding of the risks of malware, ransomware, and phishing, and instructions on how to mitigate the risks associated with cybercrime.

So why do you need a cybersecurity strategy? 

According to the Department for Digital, Culture, Media and Sport, 32% of businesses witnessed a cyber breach in 2019 alone. A digital attack can cost businesses an average of £4,180 – and this is without the additional costs in preparation for any future attacks and safeguarding your business.

One massive disadvantage for businesses is the increase in remote working. The Coronavirus pandemic has revolutionised how businesses operate and many employees now opt to work at home or in a ‘hybrid’ capacity – 85% of working adults now favour this approach. The more this number increases, the more vulnerable everyone is to a data breach.

Cybersecurity software company Kapersky reports that 57% of businesses do not have a strategy in place, and Cloud-based password-protected folders make light work for a cyber-thief to work around. This poses such problems for your business as:

Financial loss: 

The cost of a data breach has risen by 12% since 2015. Costs can include compensation to affected customers, breach investigation, legal fees, and GDPR fines. Organisations in breach of GDPR can be fined up to 4% of their annual global turnover which can significantly impact your company’s valuation.

Reputational damage: 

Research shows that around 30% of your customer base will cease trading with your company if they find data has been breached. News travels fast, and despite your best efforts, your battle with the narrative will be a difficult one to overcome and will impact your ability to attract new customers and future investment.

Loss of sensitive data: 

Email addresses, bank account numbers, and biometric data are all at risk during a breach. Identity theft and any loss of personal data is a violation, as this can initiate an uncontrollable distribution of your confidential information. 

Cybersecurity is more important than ever – and as we saw with LinkedIn’s loss of 700 million users’ personal data in June, even larger businesses need to be constantly auditing their cybersecurity and prevention strategies. The most common attacks can usually be avoided, and most stem from within the company. Businesses using outdated software, or staff negligence are on the rise due to lack of investment in cybersecurity infrastructure or educating its employees.

College Green Group Academy’s “Cybersecurity for Business” course will also show you how data can be protected, how to audit data security, and help you enhance your digital awareness to identify hazards before they become reality. To book a place on this valuable course, click below.