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A cyber-attack could cost the global economy more than $120bn (£92bn) and can be as catastrophic as natural disasters such as Hurricanes Katrina and Sandy, according to a recent study by Lloyd’s of London.
A cyber-attack could annihilate a business, in a short space of time, that’s why business owners need to ensure they are protecting their organisations against any potential online breaches.
You wouldn’t go on holiday and leave all your windows wide open and the front door unlocked. So why leave your business systems open and easily accessible?
There are two key ways you can secure your business:
- Manage risk – be aware of where potential risks lie and keep your equipment, data and website safe. Watch out for any suspicious activity and act quickly to mitigate any risks
- Introduce best practice – make sure your devices are protected using the latest anti-virus software, ensure browsing and sharing of data is done in a safe manner and third parties are fully compliant with data safety.
As your business is your lifeline and its reputation key to continued success, here are three main reasons why you need to put security high on your priority list:
1. To protect customer and employee data
A criminal can access your business data using a range of tools – and they no longer need to be a technical mastermind. A huge market has emerged where it can cost as little as £5 to make a website inaccessible for an hour. Without protection, criminals can easily access your customer and employee records.
2. Customer integrity
Your customers need to know that their data will be safe in your hands, and a security breach could mean they’re less likely to do business with you. As if that’s not enough, cyber security is also likely to form part of supplier contracts with requirements to ensure confidentiality and data protection.
3. To comply with the law
There are numerous laws that may apply to you and your small business. For example, if you’re dealing with personal customer data in the UK, you’ll have to abide by the Data Protection Act 19981. Failure to comply with the Act could prove very expensive, leading to prosecution and a maximum fine of £500,000.
So, what steps do you need to take to safeguard your business against online threats? Download your free guide to safeguarding your business online or visit the UK Domain for more hints, tips and tools to help you grow your business online.