Business and Cybercrime – Is it being taken seriously?

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Business and Cybercrime – Is it being taken seriously?

Cybercrime is something that should be taken seriously, particularly in businesses that handle important and personal data. As the internet becomes easier to access and we begin sharing more information online it is integral to have security measures in place, for many this includes the data your business creates and store, plus the information your customers share. 

Steve Ingram, an Asia Pacific Cyber Lead at PWC describes in their 2018 report that while “technology has been an agent for us improving the efficiency of our economy.” It has also become a “great tool for organised crime” with criminals using technology to steal identities and use the information in a fraudulent manner. 

The data from the PWC’s report presents a picture of Australian companies engaged in a constant struggle to prevent data breach attacks. It’s a “neck and neck race,” Steve Ingram commented. “The thing with crime is that you rarely get ahead of the curve. You have to keep pace. There’s no end game here. We just need to be forever vigilant.”  

David Simmon in his article, “Are Businesses taking the threat of cybercrime seriously?” echoes the sentiment, showcasing how the recent attacks on sites including Princess Polly, Canva and Kathmandu are just a few prime examples of how businesses keep falling victim to these sophisticated cybercriminals exploiting vulnerabilities in digital systems.  

Businesses need to consider how being victims of cybercrimes can negatively affect their reputation and the immediate effect of losing customer trust and revenue.  At PaysOnline, data security is a number one priority. With access to you and your employees personal data, we believe it’s integral to take every step available to secure your most valuable information; as such, we have become ISO 27001 certified for Information and Data Security.  

Business News Australia believes cybercrime will cost the world in excess of US$6 trillion annually by 2021, up from US$3 trillion in 2015. So, considering all the detrimental effects of cybercrime, are businesses taking the threat of cybercrime seriously? Apparently not.  

According to the board director of international IT governance association ISACA Greg Touhill cybercrimes are being vastly underreported but growing in volume.  

“Underreporting cybercrime even when disclosure is legally mandated appears to be the norm, which is a significant concern,” says Touhill, referencing the ‘2019 State of Cybersecurity Study’ commissioned by ISACA.  

“Half of all survey respondents believe most enterprises underreport cybercrime, even when it is required to do so.” 

According to an ASACA Report, the top three threat factors are cybercriminals, hackers and non-malicious insiders and Refinitiv details that, “almost 75 per cent of Asia Pacific organisations have been the victims of financial crime over the past 12 months.  

This high rate is due to a lax approach to due diligence checks when onboarding new customers, suppliers, and partners.   

New vulnerabilities arise every day and can often prove extremely difficult for those who don’t know, or spend time researching about cyber security. Cybersecurity and it’s blind spots are very important to be aware of if your business is going to survive in this technologically progressive environment. No one is immune to cyber security, so taking the steps to prevent it and stay one step ahead is key. PaysOnline take the responsibility of handling your most personal information extremely seriously.

For more information on how PaysOnline protects your information, you can find our Information Security Policy, Data Breach Policy and Privacy Policy on the PaysOnline website. 

Contact us today for a tailored and secure payroll system.

Source:

Business News Australia

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