New research has shown that 46% of UK businesses identified at least one cyber security breach or attack in the last 12 months. May is fast approaching and with it the implementation date for the new General Data Protection Regulation (GDPR), so it’s time to start thinking about whether you are up to date with your data management.
As a small business it is important to be diligent with data management, as neglect could end up loosing you a lot of money you can’t afford to lose. The average cost to small businesses is £1,570, rising to £19,600 as the firm size grows — these figures are enough to put a smaller brand out of business.
In recent months the news has been flooded with reports of cyber-attacks on high profile companies such as the NHS, Netflix and Equifax. If brands like this are at risk of attacks, it’s almost certain your business is too. More than 40,000 attacks happen daily, equating to roughly 3 every minute. Small businesses are reliant on loyal customers and their level of trust, so being at risk of a data breach could mean you lose or compromise your returning customers.
When it comes to business strategy, data management might not be your biggest priority. But with more than one third of data living in, or passing through the cloud in 2020, you need to know how you can fight potential data breaches head on, before it’s too late.
Let’s look below at the twelve worst case scenarios that small businesses may face due to poor data management. The full infographic has been created by Telehouse.