Businesses are in dire need of upping their cybersecurity protocols.
Earlier this month, thanks to new GDPR laws, the Financial Conduct Authority fined Tesco Bank a whopping £16.4 million for failing to appropriately address a cyber attack in November 2016. The criminals made off with £2.26 million, leaving Tesco Bank in deep remorse and with a damaged reputation.
However, Tesco was not the only institution to be caught in a cyber fix; organisations like Dixons Carphone, Facebook, British Airways and Superdrug have all also fallen victim to data hacks. In fact, in the last year, 231,028 security breaches on British businesses were recorded, resulting in compromised finances and security of private information of thousands of individuals across the UK.
Ultimately, all this has shown is that there is a serious demand for the cybersecurity industry, which makes it hot opportunity for interested entrepreneurs.
So where is this threat coming from?According to Ciaran Martin, the chief executive of the UK’s National Cyber Security Centre, the cybersecurity threat is a viable one, especially from politically opposing nations, not to mention other independent international cyber criminals.
The solution?It’s not to say that no progress has been made. Indeed, public awareness of the digital scandals has boosted business spending on cybersecurity technologies, and companies are progressively readjusting their priorities when considering cyber attacks. Evidently, cybersecurity has shown its worth as a profitable business venture.
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