Why most businesses are not equipped to handle information security risks

Oct 28, 2015

Over recent months and years it seems that news stories featuring security breaches and sensitive data are becoming more commonplace; even larger, more established businesses are falling victim to hackers and cyber-attacks putting the information that they hold in danger.
It isn’t just customer information that is at risk of attack or misuse; patents, employee information, ideas and inventions are also the types of information that can be hacked and these types of leaks can cause such major issues within the company that they can in turn go out of business.
It is thought that every occurrence of information security threats can cost a company around $8.9 million and will take around 24 days to recover from. This is money and time that many businesses cannot afford to lose.
With this ever increasing threat and the use of business tools such as Cloud technology it has never been more important for businesses to invest their time and money into information security; using the very best tools and infrastructure to protect the important data that they hold.
This is particularly true for financial organisations who hold financial information about their clients which, if obtained by the wrong people can have catastrophic effects on the reputation and standing of the company as well as costing them a rather frightening sum of money. As well as having an impact on the customers themselves.

But where to start with information risk management:

The very first step in making sure that you are approaching information risk management properly is to actually identify the risks that are present to your company.
Once you know the anticipated shortfalls that you as a company may face in your information security then you can take the steps to rectify these problems. In doing this you will be ahead of the hackers and thieves that may be looking to obtain and misuse the sensitive data that you as an organisation hold.
This may sound simple but for many companies, the idea of information risk management may be one that is alien to them. If this is the case, then it is important to use the services of an external company who are experts in the world of information risk management.
They can not only look at the risk that you face as an organisation but put in place robust methods, tools and security to ensure that you are not open to attack. They will guide you through the risk assessments that should be undertaken as well as advise you on the appropriate management and processes which will mitigate the chances of a breach of your information security.
So if you are an organisation that holds a variety of different financial information then you should take the time to speak to an information risk management specialist who can ensure that your customers data and your reputation is protected as best as it can be.

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