Five Benefits of Building a Business IT Strategy
February 8, 2024The importance of information security for businesses
If you’re wondering how important information security is to your business, here’s some food for thought: according to a government survey, 32% of all UK businesses reported a cyber-attack in the period of March 2022 and February 2023.
With phishing and ransomware attacks ever persistent, if you’re not taking the importance of information security seriously, it’s probably time you did. Especially when you consider that 20% of those affected businesses reported a negative outcome because of a security breach – including sizeable financial costs/losses.
What is information security?
Information security (or infosec as it’s often referred to) is the management and methods employed by organisations to keep the data they deal with safe. With the ever-increasing reliance on digital systems and software being used within businesses, awareness and education around cybersecurity is a key aspect of any infosec strategy.
For every form a user completes on your website, every purchase made online, you’re handling data. You’re storing it, using it... and have a responsibility to keep it secure.
Whether digital or physical, all information is at risk from theft or unauthorised disclosure; paper files or equipment can be stolen and accessed, and threat actors could infiltrate your digital systems. Developing and implementing an effective information security strategy will ensure you meet your obligations to keep it secure.
Sensitive data
The data you have a duty to protect can be at differing levels, but for most SMEs, the onus will be on PII, or personally identifiable information. These are the details that give a profile of an individual’s unique specifics, such as name, address, date of birth, phone number, or more sensitive information types such as that about their health and medical condition.
Who’s responsible for information security in your business?
The overseeing of information security for businesses is often primarily undertaken by the IT team, application and system owners, or a manager – but it’s a responsibility for everyone to uphold.
Information security training should be given to all staff, and all staff should take a conscious responsibility when performing their day-to-day duties. Ultimately though, senior executives are responsible for overseeing the management of information security.
Business risks of poor information security
As a business, you’re putting yourself in a position of trust to every person or organisation you process data on behalf of. Failure to implement a well-advised infosec/cybersecurity strategy - or worse, not implement one at all - leaves you open to significant business risks.
With the obvious risks of data breaches, alongside the legal consequences of failing to meet regulations, your business could face:
- Financial costs/losses from penalties, compensation, system recovery etc.
- A loss of trust and loyalty from your past and current customers
- Reputational damage from bad PR, leading to potential lost future customers
Ultimately, reputational damage can be impossible to repair and recover from.
Improving information security standards
While you can, of course, simply do the bare minimum, that won’t do much for your company credentials, and it certainly won’t arm you with the best defence against physical or digital attacks.
If you don’t have in-house resources, and you want to improve your information or cybersecurity, then it might be time to draft in expert, external support – such as a fractional/virtual Chief Information Security Officer (CISO) – who can help you build a robust strategy and then support you to implement and continually develop it.
With their understanding of the importance of information security for businesses, they’ll tailor an infosec solution that offers the best level of protection for you, your customers and your brand. Recommendations at this stage will likely veer towards increasing current standards, by implementing either (or both):
- ISO 27001 – internationally recognised information security management standard
- Cyber Essentials – UK Government-backed cyber security standard certification
Getting a hold of your information security is essential, but don’t be fooled into thinking it’s a one-hit wonder. It’s an ongoing process that requires a strategic roadmap, catering for business growth (helped by your glowing infosec standards) and developments in technology and most importantly, the ever-changing landscape of potential data attacks.
Tailored, expert infosec support
As much as infosec improvements aren’t that one-hit-wonder, there’s no one-size-fits-all either. Every business is unique, with different vulnerabilities, data volumes and operational intricacies that require consideration, independently and as a whole.
A holistic, bespoke infosec strategy is the only way to build a fortress around your business data, and ongoing professional support is the army that responds to any breaches or weaknesses in your walls.
If you’d like more information about information security for your business, or to see how Economit could help you, on your terms, please contact our friendly, experienced team for an informal chat.