Ever jumped out of a plane from 10,000 feet? Plunged yourself from a bridge into running water or dared to lower yourself into a cage with a school of hungry great whites?
Perhaps not, however, we all take risks. Particularly those of us in business, and surprisingly, it appears, even when customers credit card details are at stake.
Well the answers obvious, to free up valuable time and resources to be used elsewhere. However, in the long run, does this work out to be counterintuitive?
The answer’s a resounding yes!
Of course, you’ve heard the continual reports about cybercrime from various media channels worldwide effecting big organisations, but you've probably not heard about small – medium size businesses going bust from the fines/penalties they receive following a data breach of payment card data.
The average time it takes to detect a breach is around 6 months. Visa’s new penalties require payment of up to 18€ per customer card lost. What would the loss of 6 months of payment data mean to your business?
Avoiding dealing with cyber security can end up costing a business a lot more in the long run – after all, what gets put off today, often gets put off tomorrow too and so the cycle continues, with many businesses not putting appropriate cyber security in place… until they get breached, by which point it’s too late.
Not to mention GDPR, where potential liabilities dwarf those of the payment brands.
In short, neglecting your cybersecurity requirements is a truly false economy.
Deal with your cyber security now – you may find it’s not as difficult as you think!
Cyber attacks on SMEs have increased year on year. In 2015, over half of cyber attacks on businesses in the UK were targeted at small firms. Of companies who have fallen victim to an attack, 31% said the attack caused damage to their brand while over a quarter found the breach also resulted in customer delays. 30% said it caused a loss of clients, with 93% saying the attack had crippled the business’s ability to function.