Why Data Protection should be your Top Business Priority – Part I

One of the biggest news that emerged last week was the security breach that happened at Yahoo.

In summary, Yahoo, one of the most successful and technologically advanced company faced huge cyber security attacks which were reported in 2016 leading to the compromising of data of 500 million users. It has been hard to believe for everyone as Yahoo has been one of the most innovative, robust and stellar technology company.

Thereafter, as Team Foetron was discussing the impact of such a breach, we asked ourselves how well is your business protected against such breach and how frequently are Indian businesses actually attacked by cybercriminals? We did some discussions after doing little basic research and here is what we found.

  1. India is ranked second by cybercriminals for cyberattacks as per Internet Security Threat Report 2015
  2. 71% of security threats targeted small businesses

We were startled with this finding as our close interaction with 350+ businesses had revealed that such data loss causes several major problems for the business growth. The problems like:

  • Financial losses
  • Loss of critical company data including sales leads, financial and audit data
  • Loss of credibility in the market
  • Regulatory compliance issues which can cause legal as well as commercial problems for any business

Yet, we were wondering that why and how businesses could become victim of such attacks despite their generous investments in IT and other latest technologies. Thereby, we discovered lots of interesting insights which we will share in our next post on next Monday. Stay tuned and have a productive week ahead!