In 2017, US Retailer Target paid out $18.5M to its customers for a data breach that compromised the credit cards of 41 million. These cyberattacks are not new, and there have been many more since. CERT NZ’s latest quarterly report showed that 1,354 cybersecurity incidents resulted in $3.8 million in financial losses for individuals and organizations around New Zealand. It was the highest number to date. News outlets tend to focus on stories from more giant corporations, where a data breach ends up costing one company millions of dollars, not to mention its customers. Yet, the impact is the same for virtually all businesses.
For smaller businesses in New Zealand, there is often the mentality that, ‘this can’t happen to me. It’s the big businesses they’re after. Why would they bother with mine?’The truth is, cybercriminals don’t care about the size of your business. Instead, they are looking for vulnerability or weaknesses in a system where intellectual property and data can be exposed. To cybercriminals, this is where financial gain lies. And today, New Zealand businesses are more exposed than ever.
Technology is evolving, and with that, cybercriminals are evolving, too. Gone are the days we rely solely on a desktop computer to do business. Businesses today rely on a multitude of devices. Plus, employees are increasingly working remotely, which leads to an even higher number of data access points. These access points become more vulnerable to cyberattacks if potential weaknesses are left unrecognized. This is why having a sound cybersecurity strategy in place is so important and the reason for our latest e-book.
The new e-book, “Cybersecurity & Your Business”, lays out why implementing a cybersecurity strategy doesn’t have to be challenging feat or costly to businesses, a misconception that leaves many Kiwi companies without a sufficient one in place. With the right elements in place and the right partner involved, a cybersecurity strategy can be a win-win. The e-book covers these critical elements with simple action points for each. Many Kiwi businesses, especially at the governance level, believe that their security measures are already sufficient. They may even leave accessing potential risks to their IT department. Yet, when cybersecurity is an ongoing challenge, it’s every manager’s responsibility to reduce risk. The potential impact on the business’s finances and reputation is far too great. It all begins with awareness. Understanding the risks and threats facing your business requires a holistic approach because vulnerability lies at all touchpoints. These days, it takes more than just ‘higher walls and deeper moats’ to protect data.
Cybersecurity’s newest philosophy ‘assume breach, zero trust’ might sound harsh, but it’s crucial in identifying the risks that better protect against a security breach. With cloud-based technologies, New Zealand businesses of all sizes can continue to grow digitally with the most comprehensive security strategy at a relatively low expense. Learn what this could look like for your business in the Cybersecurity & Your Business e-book.