Listen up, because I’m about to save your business from financial catastrophe and irreparable reputation damage.
You there, smugly patting yourself on the back for meeting all those pesky cybersecurity regulations in your company? Stop it. Right now.
Because here’s the cold, hard truth: Those regulations you’re so proud of following? They’re about as effective at stopping modern cybercriminals as a paper umbrella in a hurricane.
Don’t believe me? Chew on this: In 2022, 39% of UK businesses identified a cyber attack. For large businesses, that figure skyrockets to 82%. Still feeling smug?
Shocked? You should be. But don’t worry, you’re not alone in this delusion. Countless businesses are walking around with this same false sense of security. They think their shiny “compliance certified” badge will protect them from the relentless onslaught of cyber attacks.
Newsflash: It won’t.
Just ask Marriott International. In 2018, they suffered a breach that exposed the data of 500 million guests. And guess what? They were “compliant” with regulations.
Let me paint you a picture. Imagine you’ve just spent a fortune ensuring your company meets every single cybersecurity regulation out there. You’ve ticked all the boxes, crossed all the T’s, dotted all the I’s. You’re feeling pretty good about yourself.
Then, faster than you can say “data breach,” some hacker in a dimly lit basement halfway across the world bypasses all your “compliant” security measures and makes off with your customers’ sensitive data.
It happened to British Airways in 2018. Hackers stole the personal and financial details of more than 400,000 customers. The cost? A whopping £183 million fine from the ICO. Still feel safe behind your compliance shield?
Suddenly, those compliance certificates don’t look so impressive anymore, do they?
Here’s why: Cybercriminals don’t give a rat’s behind about your compliance. They’re not sitting around thinking, “Oh, this business meets all the regulations, better leave them alone.” No, they’re constantly evolving, finding new ways to exploit the tiniest vulnerabilities in your system.
And those regulations you’re following? They’re always playing catch-up. By the time a new regulation is written, approved, and implemented, cybercriminals have already moved on to the next big thing.
Case in point: The 2020 SolarWinds attack. This sophisticated breach affected 18,000 organizations, including government agencies and Fortune 500 companies. Many of these entities were fully compliant with cybersecurity regulations. Fat lot of good it did them.
So, what’s a savvy business to do?
Simple. You need to go beyond compliance. Way beyond.
You need to start thinking like the criminals who are trying to breach your systems. You need to be proactive, not reactive. You need to be ten steps ahead, not struggling to keep up. That’s what we did at Avacote when we developed AssuredTransfer (assuredtransfer.com) we designed it whilst thinking from the perspective of a hacker.
And if you think I’m exaggerating, chew on this: The average cost of a data breach hit a staggering $4.35 million in 2022. That’s enough to make even the fattest cat’s whiskers twitch. Still think your compliance checkbox is going to save you?
Here’s what going beyond compliance looks like in practice:
- Continuous Monitoring
- Ethical Hacking
- Employee Training
- Adaptive Security
- Assume Breach Mentality
Now, I know what you’re thinking. “But Robin, this sounds expensive and time-consuming!”
You’re damn right it is. But you know what’s more expensive and time-consuming? Explaining to your stakeholders why your business just took a nosedive after a massive data breach. Watching your hard-earned market share evaporate as customers flee to your competitors. Dealing with lawsuits, regulatory fines, and a brand reputation that’s circling the drain.
Just ask Equifax. Their 2017 data breach cost them $1.7 billion. Or Capital One, whose 2019 breach resulted in a $190 million settlement. Still think going beyond compliance is too pricey?
The choice is yours. You can stick with your comfortable compliance checklist and pray you don’t become the next cautionary tale in the business world. Or you can step up, go beyond compliance, and truly protect your business and your stakeholders.
Remember, in the world of cybersecurity, good enough never is. So stop settling for “compliant” and start aiming for “impenetrable.”
Your business’s future depends on it.
