How valuable is your data?

17 Apr, 2018

Our world is changing at a rapid pace. As technology continues to evolve, we’re struggling to ‘stay connected’ with the latest developments.  The result? A rise in cyber-attacks! But what exactly are these hackers after? Your data, and they want it for their financial gain.

Your data is an asset to your business. If it was being held to ransom, would you pay it? You may, but this wouldn’t guarantee you would regain control.  Could you recover it from a backup instead? If you couldn’t, what effect would this have on your business? The damage wouldn’t just be to your bank balance but to your reputation too.

On the subject of your bank balance, how many bank details do you hold? What about proof of identity? If you don’t hold this information for your customers, you almost certainly do for your employees. A hacker can earn over £200³ on the dark web for such personal information.  With SMEs having up to 250 employees, hackers can watch the pennies, or rather the pounds, roll in with a potential pay out of £50,000.

With online data volumes set to be 50 times greater than today by 2020¹ and the cost of global data breaches to reach £6.07 trillion by 2022², what can you do to protect yourselves? It’s not as simple as just updating your hardware or software.  Instead, you need to think about the people and processes as well as the technology.  This is exactly what the ISO 27001 Information Security Management System encompasses.

ISO 27001 promotes the efficient management of your data (both electronically and physically), highlighting vulnerabilities to ensure you are adequately protected against potential threats. Other benefits you could enjoy are:

• Cost reductions due to avoiding incidents
• Smoother running of operations
• Improved business image
• Stronger relationships with your clients/suppliers
• Low risk of accidental exposure of confidential/sensitive information
• Reassurance for customers and supplies that you are meeting data handling security guidelines

An ISO 27001 Certification can be achieved in just eight weeks, regardless of your business size or sector. Once you are certified, we work with you to ensure you stay on track. We help you monitor your progress with a six monthly review from our expert auditor and an annual recertification audit.  We also provide over the phone support all year to help you keep on top of things.  Explore what ISO 27001 can do for you by visiting our website or give our experts a call on 01905 670303.

Is there anything else you could do? Research has revealed that there is a critical need for better education around the risks of cyber security² and potential solutions.  We offer CPD Accredited ISO 27001 Information Security training.  Whilst our course is based on the core principles of ISO 27001, it is suitable for anyone managing data security within your business.  View our course dates and content for further information.

Implementing a management system and educating your team are just two of our recommendations. For further advice on your cyber security, take a look at the Information Commissioner’s Office or Cyber Essentials websites.

Sources:

1. CSO Online Cyber Security Business Report 2017: https://www.csoonline.com/article/3110467/security/cybercrime-damages-expected-to-cost-the-world-6-trillion-by-2021.html
2. The Department for International Trade: https://www.gov.uk//government/publications/cyber-security-export-strategy
3. How Much is Your Data Worth to Hackers?: https://www.moneywise.co.uk/news/2018-03-21/how-much-your-data-worth-to-hackers