The Business Exchange Bath & Somerset Issue 11: Spring 2019 | Page 29

TECHNOLOGY REVVED UP Learning the hard way... In our digitised society, cybercrime spent much of 2018 in the headlines as it was proved, once again, that no one is immune to the threat of a data breach. Nathan Baranowski Today, malware and cyber-enabled fraud costs the UK approximately one billion pounds every six months. It’s an alarming figure, but with the current pace at which technological advancements are taking place, it’s easy to see how we arrived here. However, companies that were compromised in 2018 are not without blame. Last year, a shameful number of industry leaders failed miserably in setting examples of best practice with regard to data protection. Facebook, for example, saw $35 billion wiped off their market value because of their involvement with the Cambridge Analytica scandal. Their stock prices tumbled even further in September when hackers stole the keys that unlocked 90 million user accounts, allowing them to use the accounts as their own. As a result, Ireland’s Data Protection Commission has opened a formal investigation into the breach which could result in a fine of $1.63 billion. For a tech company in possession of such gargantuan amounts of data, it’s shocking that one flaw in the network’s ‘view as’ feature lead to an attack of this scale. They aren’t the only ones though. Facebook’s flaws were preceded by issues with Google+ which allowed developers to access the personal data of third-party app users. To make matters worse, they intentionally tried to cover up the breach in a bid to avoid reputational damage – an action that under the GDPR will now incur severe punishment. A cyberattack on FIFA lead to the leaking of 3.4 terabytes of data, and 500 million Marriott guests had their sensitive information compromised because of a vulnerability in the company’s reservation platform. The list of high-profile breaches goes on and on. It wasn’t just the big names that were targeted either. According to global insurer Hiscox, a small business in the UK was hacked every 19 seconds in 2018, each commanding ‘clear up’ costs of more than £25,000 per year. With the cyberwar between hackers and information security experts spilling over in 2019, cybercriminals will continually capitalise on technological advancements to keep on meddling. The development and adoption of artificial intelligence has a role to play on both sides of the cyber-arms race, but considering the amount of information companies will come into contact with there is a need for organisations to prioritise cybersecurity. If there is one over-arching lesson for last year’s events, it’s that a lax attitude to data protection is a one-way ticket to substantial business damage. Fail to invest in security measures and it isn’t just a hefty GDPR fine your company could face, but a significant loss of public trust. In 2019, cybersecurity should be at the forefront of your business priorities. To find out how we can help you protect your organisation, get in touch with a member of the team at OJO Solutions today on 01225 220155. @ojosolutions For more info: www.ojosolutions.com Transforming organisations through technology We work with you to create, design and develop digital solutions that enable you to improve the way your business operates, as well as adding value to your customer experience. From beautifully designed and functionally rich websites and apps to technology strategies that automate and streamline your business, get in touch to find out how we can digitally enable your organisation. 01225 220 155 CONSULTANCY [email protected] DESIGN DEVELOPMENT ojosolutions.com THE BUSINESS EXCHANGE 2019 29