Not so long ago, Garmin, a fitness device maker, had to pay out millions of dollars to deal with a ransom attack. If such a big company became a victim, it could happen to your company as well. Very easily. So make sure you backup your systems, get your employees trained and install security software on all devices. Also, every device everywhere needs to be running the most recent operating systems. It seems simple, right? However, at what stage should you start thinking about cybersecurity and data privacy?
In short, at the very beginning. Security and privacy will cost more and take more time the longer you wait. But maybe we can look into some details here:
1. The size and revenue of your company should be in direct proportion to your investment in security. For example, if your turnover is $250,000, you are not expected to pay $100,000 a year on security and privacy. However, if your turnover is $100 million, then $100,000 might not be enough.
2. Some industries need to invest more in their security. For example, suppose you are in the healthcare, financial services, or defense industry. In that case, your customer’s security expectations are much higher, and the risks you are running by not doing it are much higher.
3. Customer location is essential. Privacy and cybersecurity regulations are continually evolving and are different in different states and countries. Make sure you are compliant with the regulations of your customers.
4. Different data has different requirements. For example, credit cards and health information storage have different requirements. Make sure you understand the expectations and legal requirements of the data you are taking from your customers.
5. Conduct your risk assessments regularly. The higher the score, the higher the threat, the more attention you need to pay to your cybersecurity measures.
We encourage all our customers to take cybersecurity seriously. It always feels like it can’t happen to you, but unfortunately – it can happen to anyone, so best be protected.
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