Cyber crime is becoming ever more lucrative to criminals as more and more businesses implement more digital solutions. With the number of attacks growing, more businesses are suffering the financial cost.
According to IT Governance, it takes a business an average of 20 days to recover from a phishing or social engineering scam. This costs UK businesses around £960,000.
But pressure is also being piled on businesses from the government, which has been increasingly strict about adherence to legislation, such as the General Data Protection Regulation (GDPR).
This has resulted in higher fines being imposed for breaches. In 2020, the UK collected the second-highest total value of fines for data protection violations. This added up to a total of £39.7 million.
To prevent this, you need to implement an enhanced level of security across your business to keep information safe and stay compliant with the latest legislation.
One way of doing this is by setting up an information security management system, such as ISO 27001.
The benefits of this ISO include:
- Controls for legal compliance
- Enhanced reputation among new and current customers
- Risk management
- Reduced risk of expensive fines or penalties
- A culture of security within your business