Dr Bright Mawudor is the head of cyber security services at Internet Solutions Kenya. He explains why businesses cannot afford to ignore cyber security.
1. Data security
Businesses collect all sorts of data in their day-to-day operations, from customer names and IDs to phone numbers and account details. You can’t afford to have this kind of information fall into just anyone’s hands. Further, some businesses need this data to function, so losing it would effectively kill the business.
2. Reputational losses
Everybody who collects data is called a data controller and they must be concerned about how and why data is collected. To be operational and effective, they have to keep three elements in mind: confidentiality, integrity and availability. Any data breaches would, therefore, severely hurt their reputation.
3. Loss of revenue
If a company gets hacked, its banking details could easily be compromised, which could lead to money being diverted into the hackers’ accounts. This could bring a business to its knees in no time.
A start-up is not intended to be a start-up forever, and the more it grows, the more the data it will hold and the higher the number of people it will deal with. These customers will have to be protected from attacks, which calls for more investment in technology and security systems. Attacks automatically expand as you scale up.
5. Assurance to investors and consumers
Investors want to know that their money is safe, so they won’t invest in a company that can’t guarantee cyber security. Consumers will have to get assurance that the data and information they’re sharing is safe with you if they’re to continue using your product or service.
6. Evolving trends in tech
Things never stay the same, especially in technology. To keep up, you need to upgrade and adapt to innovations like machine learning and artificial intelligence. And when it comes to cyber security, the secret to staying safe is ensuring you stay ahead of the curve so that you’re able to seal any security loopholes as soon as they appear.
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