In today’s digital age, C-suite executives are all too aware of the hugely negative and costly impact data theft or loss can have on their business. As well as physical consequences to the business, the damage to brand reputation can take years to heal. The past year has seen cybersecurity move from mid-way down the priority list to top of the agenda as an increasing number of data breach cases are exposed.
Most recently, the Chinese software firm Baidu has captured the headlines as security researchers reported a case of personal data collection and consequent insecure transmission from users of their apps. Millions of Chinese seem to have been affected by the data leaks, which revealed location, search history and ID numbers of owned devices. As China’s largest search engine, worth a reported $71.4 billion and thus seemingly with budget-a-plenty for security systems, this news certainly made business owners stand up and review their own internal structures.
This issue of data theft goes far beyond hacking and the transmission of data, just as it affects business small and large alike. 2016 has seen a continued increase in business email fraud and there is no indication that this is going to slow down. ZapFraud have reported that business email compromise (BEC) now accounts for 4 percent of total scams, while in 2011 this was only sitting at 1%. Despite general assumption that email scams are easily recognized and no longer pose a genuine threat, this has cost global businesses more than $1.2 billion over the last two years.
Baidu’s data breach was not due to an email scam, but instead due to insecure coding on thousands of apps made by the company in the form of security and privacy shortcomings. Four years ago, around one third of companies considered cybersecurity when making large company decisions. Today, 80% of corporate boards state that cybersecurity is high on the agenda with 46% admitting that it was discussed at most meetings. As the digital age progresses and continues to steer every element of the workspace, companies have no choice but to be vigilant at every step.
Does your company have clear data security measures in place? For information on how to ensure physical and cyber security within the workplace, get in touch with our team or join in the conversation over on LinkedIn.