10 Fatal Mistakes that Business owners make and cost them both their Brand-destruction and also a substantial loss of Revenue
“In times of change, learners inherit the earth, while the learned find themselves beautifully equipped to deal with a world that no longer exists.”
1 Not having a clear security plan and a way to measure their protection levels
Many businesses focus on sophisticated ways to measure and improve revenue streams however pay little regard to the level of cyber security and whether it is adequate.
2 Following a generic solution
Rarely does a one size fit all approach work. We provide tailored solutions to meet the needs of your business. We take into account the different levels of exposure to risk, the skills and experience of the people involved, any industry unique issues together with the different channels from which customers can interact with our business. This area also includes internal operations, sensitive client data and intellectual property information Our unique approach allows us to design a product which is specific to your business and provides a solution which meets your needs.
3 Not being aware of the dangers
Identifying the problems you face is the first step towards finding a solution. Businesses need to be aware of the risks they face in order to ensure they take the appropriate preventative measures,
Since 2012 when terrorism groups began to utilise cyber-crime as a funding source by taking advantage of the appearance of the Internet of Things, the on line world has become a far more risky place in which to interact and do business. . The terrorists’ main goal is to obtain a financial gain and cause destruction. They seek to do this by combining disruption to trading and committing corporate espionage. This type of attack is considered, within the industry, to carry the highest risk and impact in comparison to other types of cyber attack and as a result it has come to the attention of both the world wide media and national governments as it is performed by terrorists..
This type of attack carries some specific characteristics which identifies the perpetrators as being more advanced than the average hacker. The pace, sophistication, complexity and impact of these attacks is in the scale of 10-100 times greater than anything the industry has had to address in the past. The motive of these hackers is not merely inconvenience but rather theft and espionage; they seek to destroy the IT infrastructure and in return for reinstatement a financial payoff which is then channeled into terrorist activity.
Another key difference is the nature of these attacks. The strategy of attackers has changed from targeting the organisation directly into examining the online patterns and habits of the individuals involved as a way of facilitating the hack. This approach has become to be known as social engineering.
4 Lack of information about the effect of a cyber attack on your business
Nowadays, organisations rely heavily on computers to store both sensitive corporate and customer information. In fact, information is now considered a vital organisational asset and strongly correlates to the value of the organisation.
Furthermore, the threat from criminals and terrorists targeting organisations’ information systems has grown exponentially making the protection of information a crucial part and a necessity for an organisation’s survival.
The reputation of an organisation and the organisation itself is severely jeopardised or at worst destroyed if private and personal information is accessed without authorisation. This can result in a significant reduction in revenue and the need for businesses to set aside monies to deal with claims for compensation.
5 Believing a cyber-attack will never happen to you
Attacks by cyber criminals and terrorists have become much more prolific since 2012 as a way of funding terrorist activity and organised crime groups around the world. Once they have accessed an organisation’s information they seek a ransom which if not paid, they then offer the information to the highest bidder (on the dark net). “By performing cyber attacks, they are able to accumulate funds to commit acts of terorrism, spreading fear and death to the whole world.”
It is no longer a case of if this will happen to your business but when it will happen.
6 Not being aware that prevention is better than detection or correction
If your business is faced with a cyber attack how confident are you that you it will be able to survive?
In these types of sophisticated attacks, taking remedial action after the event is rarely adequate or satisfactory. The methods and techniques employed by these hackers are advanced and therefore, once instigated it is unlikely that you can control the impact or damage caused to your business. As a result, businesses should seek to take preventative measures in readiness for such an attack in order to be best placed to minimise any losses and control the damage should such a hack take place.
7 Not being aware of the costs of prevention compared to the costs of dealing with a cyber attack.
Your business valuable information is one of the most important assets to your business. Any loss of data undermines customer trust and confidence which in turn can lead to a reduction in market share and consequently reduced revenue streams.. Your brand is a valuable and key part of the business and any rebranding exercise is costly but may be the only option if a security breach has damaged its reputation and has resulted in compensation claims and clients moving to competitors. Many businesses do not survive the impact of a cyber attack and are forced to close.
8 Trusting your Security to anyone
Cyber security is an extremely complex field which is constantly developing. When considering your security requirements you must ensure the experts you instruct have not only the knowledge and understanding of your needs but also the capability to create a solution which effectively provides the protection you require. There is very little regulation in the field of cyber security and anyone can claim to be an expert. You must ensure you undertake a proper due diligence exercise to satisfy yourself of the experts’ credentials before asking them to create a product for you. We advise you not to take security advice from people who are in other field of expertise; your IT support person is unlikely to be an expert in cyber security.
9 Not seeking assurances about the effectiveness of the security advice
When you receive advice it is necessary to satisfy yourself that not only does it meet your needs as a business but also that you are aware of any associated risks if you are to follow the advice Always seek reassurance from the provider and ask whether there are any guarantees attached to the advice.
10 Not ensuring a first class security solution which meets the needs of your business and is user friendly
Old style security solutions used to be imposed on organisations and did not necessarily respond intuitively but rather interrupted normal day to day tasks. That was due to the fact that security was an add on feature rather than as with modern day design where it is an integral part of the build, making for a much improved user experience.
How many thousands of dollars is your company risking to lose by not being properly educated and prepared for an attack by your current Security Consultant?
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