Cyber security is a major issue that concerns all businesses, regardless of size and all employees, regardless of their position. As was the case for well-being at work and safety rules, the arrival of the (GRDP), invites leaders to grant more importance to cyber security to protect their data. In the period of all connected (machine tools, printers, refrigerators, etc.), we could argue that cyber security, security and safety are one. You have to think twice about the added value of a connected object in relation to an unconnected object.
Four ways cyber security investments help businesses gain a competitive advantage:
- Reduce compliance risks and fines – Legal provisions such as GDPR, HIPAA and PIPEDA affect the way companies conduct business and fines can be significant. Did you know that GDPR violations can cost up to $ 20 million or 4% of annual revenue (whichever is higher)? Since EU citizens are covered by the GDPR even when they are outside the EU, international companies can remain in compliance by using proactive encryption measures based on policies.
- Reduce Unnecessary Costs – The average cost of a single breach of data protection is US $ 3.6 million. But the breach at Target has cost 55 times more than that amount, which is why a cyber security strategy that protects against all these disadvantages is so precious. For example, investing in a flexible encryption platform means that encryption can be automated to fit any business situation and keep data safe – without any inconvenience.
- Protects the company’s brand image – Unintentionally allowing malicious organizations or hackers to access your customers’ personal information is a quick way to reduce or destroy their trust placed in you. Imagine. Investing in proactive cyber security measures like encryption helps protect this delicate relationship of trust in the digital world.
- Providing a win-win solution – Your customers may not be able to keep up with the ever-changing world of cyber security, but they expect protection to be an integrated element when they do business with you. Proactive cyber security measures make online business safer and more reliable, saving customers time, simplifying their user experiences and adding real value.
Cyber security planning
Complete the cyber security self-assessment tool in Appendix A of this guide. This will highlight gaps and options for cyber security in your business;
- List all business assets (such as computers and business information) and determine their importance and value to the business
- Discuss cyber security threats with employees or outside experts (as needed) and determine which assets could be harmed if one or more of these threats materialize
- Rank the risks by priority according to the scale: high, medium, low
- With the help of employees or external experts, determine what can be done to reduce these risks
- Set accessible timelines for all cyber security-related tasks and any safeguards you plan to purchase
- Determine the resources that will be needed to implement the plan in the first year, including people, time and money
- List any issues that could be detrimental to your plan (such as lack of staff or insufficient budget)
Start putting the plan into action