Perhaps one of the greatest cyber security fears for organisations is that malevolent forces are seeking to crack open their databases and steal away customer data. But, while hacking is certainly a serious threat, it doesn’t constitute the entire picture.
We’ve put together an incredible investigation into the truth behind the cyber security risks facing your organisation, and what you can do to protect yourself and the data you hold.
The True Cyber Security Threat
Headlines aren’t always the greatest indicator of truth. If you believe the headlines of the big stories about cyber security, you’ll believe that the greatest threat facing your organisation is a malicious hacker working tirelessly to break their way through your security systems. And that just isn’t true.
While conducting research for this free white paper, I discovered that it is, in fact, mistakes, lapses of judgement, and simple human error that are the biggest cause of personal data breaches. I was startled to learn that human error was responsible for 88% of data breaches in 2017/8, and it was human error that resulted in the cyber security incident suffered by currency exchange firm Travelex at the end of 2019.
Data breaches can be costly, and not just in terms of reputation. The Information Commissioner’s Office can exact hefty fines against organisations that suffer data breaches, but that’s not all.
We often only think of the cost of data breaches in terms of these fines, but my research uncovered a long-term cost: share price. Companies that suffer a data security incident see their share prices fall on average 2.89%, and underperform in the stock markets by over 15% over three years.
I also discovered that a lack of training and missing security policies contribute to an environment where employees can inadvertently leave your sensitive information at risk.
But it isn’t all bad news. While organisations need to start considering the dangers within as well as external threats, there is plenty that can be done to ensure that a simple mistake doesn’t result in a costly data breach.
What Can Be Done To Protect Your Organisation?
As one of the UK’s leading providers of ISO 27001 certification to SMEs, we know of plenty of methods you can use to protect yourself against a security incident.
Our white paper is a deep dive into the cyber security risks facing your organisation today. We’ve worked hard to put together a powerful resource that reveals:
- The surprising financial impacts of a breach
- How and why breaches occur
- The true cyber security risks facing your organisation
- What you can do to protect yourself
