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A New Year's Resolution for Australian Businesses: Why Cyber Security Should Be a Priority in 2020
28 January 2020
What do you want for your business in 2020? Maybe you are looking to turn more profits. Perhaps you want to increase your market share or diversify your interests. You could look to launch a new service, develop a fresh product, increase employee satisfaction or increase workplace collaboration. However, one resolution your business needs to make in 2020 is improving your business security.
Cybersecurity has come a long way. 10 years ago, some companies were still getting established with an online presence. Today, almost all records are digital, and web technology is expected. With the new decade underway, it is time to move to the next step. 2020 is the year to make sure your cyber presence is secure.
Here are a few resolutions to consider to address your 2020 security risks.
1. Invest in Data Privacy
After high profile hacks in recent years, data privacy is a primary concern. No matter what industry your business operates in, data privacy continues to be vital. Your investors want to know that their money is protected. Your customers want to be confident that their personal information is safe.
Particular areas of data privacy include the following:
- Consent for data collection
- Data retention practices
- Removal of data
- Data storage
Given that many of these areas are new or unfamiliar for most Australian businesses, due to the inevitable demand for such services, competition continues to grow among third-party providers. That said differently, it is not a bad idea to look at outsourcing your privacy needs in 2020.
2. Support Better Data Sharing
Consumers and investors are becoming more aware of their data. This awareness has increased their involvement. In other words, the data kept by your business will need to be shared and accessed in whole new ways.
This demand will vary by industry. In fact, some industries are regulated to ensure that data is accessible. If you are unable to fulfil requests for data in a regulated industry, then your compliance could be called into question. Therefore, it is important to start 2020 with a fresh approach to data access and sharing.
The good news is that while demand for data access will increase, there are few consequences for failure. New regulations have not been fully implemented, which means that enforcement procedures are not fully established. Still, it is only a matter of time. Get ahead of the game in 2020.
3. Train More Staff on Cyber Security
As cybersecurity becomes increasingly important, you will need to train your staff on security issues. This training can teach employees to recognize security threats, comply with cybersecurity solutions and respond appropriately to data breaches. Human error is the most prevalent weakness in any business. In too many cases, security lapses are simply a matter of oversight by the end-user. By educating your staff on the different types of security threats, you can eliminate this weak link.
Training should be extended beyond a designated IT security team. Anyone involved with IT understands the consequences of a lack of security awareness training. Employees who interact with company data should have some knowledge of how security works. After all, web and email security affect the entire company. Therefore, everyone should play a role. Make security awareness a priority for employees in 2020.
4. Recognize the Need for Automation
Even with additional training, you will need to ramp up your security efforts in new ways. For many Australian businesses, this will mean expanding into automated services in 2020. Automation is becoming increasingly viable. There are technologies in place that can streamline many routine tasks. This includes IT security and compliance processes.
However, it is worth noting that automation has limitations. The power of automation is also its weakness. Automatic processes are likely to be targets of hackers in 2020. Therefore, you will need to continually seek new measures to assess your security risk.
5. Get a Security Threat Assessment
Finally, if you are truly resolved to protect your business from malicious threats in 2020, then start with a Security Threat Assessment. A full network analysis dives into your current environment and uncovers vulnerabilities and weaknesses, on all devices. Then you can take actionable measures to address these infrastructure gaps and build scalable mitigation strategies.
For most businesses in Australia, cybersecurity is still uncharted territory. It is difficult to know where to begin. Therefore, you need to know which risks are most relevant to your business. Is your data privacy at risk? Do you struggle meeting the need for secure data sharing? Is it time for you to invest in automation? How can you be sure your automation is safe?
These security risks are real. Start 2020 by assessing your business security threat risks. Then, resolve to address these threats to make 2020 your best and safest year yet.