To an ever greater extent a company ‘s value is defined by its data. A breach of that data, particularly when it involves customer information, is unforgiving. Look no further than Target’s tragic Q4 2013 mishap when millions of credit card numbers were stolen.
The reputation that Target had spent years building for variety, competitive prices and service, was pounded with a 10% drop in customers after the data breach and a drop in Q1 profits of 16%.
While Target heals its wounds we brace to see how eBay will fare in the wake of another massive data security failure.
“Increasingly those [companies] that can manage cyber security risks have a clear competitive advantage.” said David Willetts, Head of British Innovation Agency.
5 short Steps for securing your business
STEP 1. Create a security strategy
STEP 2. Promote Awareness
STEP 3. Take a password audit and start using password manager apps
STEP 4. Encrypt before uploading
STEP 5. Monitor activity