Do You Safeguard Your Company’s Data and Your Customer’s Private Information Better Than Marriott, Facebook, and Bell Canada Did?
If the answer is “No” (and let’s be honest, the answer is No) you are leaving yourself and your company open to massive liability. From lost business, to lawsuits, fines, and theft, you are exposing yourself to real, tangible risk. These large businesses spend millions on IT security but still got hacked, so it can certainly happen to you too.
Don’t believe that you’re too small to be a target. You’re not.
Many people believe they’re not important enough or well-known enough to be a target but that is not how this works. Cyber criminals and hackers will find security vulnerabilities online, and hack anyone they can, and take whatever information they can. You are risking all of your private and customer information if you’re not actively monitoring and protecting yourself.
As a Business Leader, you are hackers’ #1 Target. They know you have access to financials, employee records, company data and valuable customer information—credit card numbers, birth dates, home addresses, emails, etc.
There are legal and monetary consequences for you from these attacks.
The liability for you as a Business Leader is real. You are required to disclose the breach under Alberta’s Personal Information Protection Act (PIPA) or the federal Personal Information Protection and Electronic Documents Act (PIPEDA). Lawsuits and audits become much more likely, bringing fees with them.
The monetary effect of this on your business isn’t difficult to see. Customers are going to be angry enough to leave you, particularly if it was their information that was stolen.
There are direct costs for each compromised record too. This includes actions such as engaging forensic experts, hiring a law firm, or offering victims identity protection services. These costs are highest in Canada at about $105 per compromised record.
[Source: IT World Canada, July 11, 2018, https://www.itworldcanada.com/article/cost-of-canadian-data-breaches-continues-to-rise-says-study/406976]
Marriott Starwood Hotels, Facebook, and Bell Canada all thought they were safe. Combined they had over 433 million customer’s profiles and 5 million unencrypted passport numbers hacked.
These industry giants have massive IT teams whose job it is to ensure they are safe and secure. If they can get hacked, so can you and your organization!
As a Business Leader, you take actions every day to grow your business, grow customer relations and grow your profits. But not protecting yourself properly puts all of that at more risk! You don’t have to spend millions of dollars to take care of yourself and your customers, but you do need to be proactive.