Data Security - After the Horse has Bolted
We all know what that phrase means, another similar one is “the damage has been done” both very common in my world. I get it, nobody wants to spend money that they don’t have to but in my opinion they’ve got it the wrong way round.
What really brought this home was the breach of CEX (the retailer) at the start of September, their response was “We have now employed an information security expert”. Great, but for the customers who have had their data breached (circa 2million customers) a little too late!
Let’s play out this scenario in a similar way to that of Talk Talk, negative media coverage, huge reputational damage, 40%+ drop in market value, loss of customers, and fines. Nobody wants to be in that position, but Talk Talk are renowned for not doing the right thing in this regard. Talk Talks approach of cost not investment and our clients data isn’t important has cost them over £63 Million so far (only £500K in fines). Pretty hefty hit I think!
And it’s not just large companies, a business turning over £300-400k was recently fined £60k by the ICO for poor security, that’s huge in turnover terms and the change in data protection law is likely to see those fines increase significantly!
Making sure you have the right information security processes in place not only protects your business, your reputation and your pocket, but it is the right thing to do by your clients as it helps your business comply with Data Protection Laws.
It’s an investment that can have huge benefits beyond protecting your business.
If you want to find out more please get in touch, jgobran@i-Secured.co.uk or call me on 07714492290