Why the Facebook – Cambridge Analytica scandal is absolutely relevant to SMEs today.

Today is a big day in the life of Social Media Giant Facebook’s founder, Mark Zuckerberg, where he faces not one, but two, congressional hearings following the recent Cambridge Analytica scandal where the company stands accused of using the personal data of millions of Facebook users to influence how people vote.  And while the world’s media stays focussed on Mr Zuckerberg and his involvement or awareness of the serious breach of data privacy, this media headline is a small drop in a very large pond of a much bigger problem: Cybercrime

Indeed, accessing private and personal data of millions of online users all over the world is fuel to a very dangerous fire and gives rise to huge cybercrime opportunity. Our entire lives are online. We are at risk of sharing way more than we should, on platforms that we assume are secure – but when it comes to entire risk management, how confident are you that, just like Facebook or any other digital platform with all kinds of checks and measures, your data will stay exactly where you enter it?

And more importantly, as a business, how protected do you really feel? If something as complex and “secure” as Facebook could so easily provide access to a 3rd party, how much more is the drive to infiltrate the core structure of business security to take advantage of massive capital opportunities?

In a report published in January this year, the Office of National Statistics (ONS) reported that despite an overall decrease in fraud and computer misuse in 2017, incidents involving computer misuse and malware against business are way up – in fact, by 63%.

Just let that sink in for a minute. 

As platforms become more secure and intelligent, so do the personas lurking behind the crime – and it’s only a matter of time before your secure core of confidential information becomes the new playing field for the latest bug, hackware, malware or trojan virus.

56% of fraud incidents in 2017, were cyber-related, 23% of computer misuse incidents (410,000) involved loss of money or goods relating to computer malware and DDoS attacks, and computer misuse crime referred to the NFIB by Action Fraud increased by 63%. That’s not a small figure, by any means.

The report also stated that: “The latest figures suggest that while consumer-targeted attacks might be falling, as consumer-grade security improves, cyber criminals are now shifting their gaze to the potentially more profitable enterprise sector.”

All the more reason why high-growth businesses, like the businesses we deal with on a daily basis,  who are looking attractive to investors, innovating with the latest must-haves and catching the attention of main-stream media, are at the forefront of threats when it comes to cybercrime.

Remaining ignorant to a very real, very big threat, is simply not an option for us – as we delve into the operational stability of many of the clients we work with. Arming them with ALL the business tools to be able to build a growth strategy that is fundamentally based on action, managed risk, accurate forecasts and strong leadership, is absolutely critical to their success – which is why simply overlooking the threat of loss and compromise that comes in the form of cybercrime, is just not an option.

And it’s for that reason that we chose to partner with a global initiative whose sole purpose is to combat cybercrime and address systemic cyber issues methodically – so that we, as a responsible business partner to our clients, truly hold their secure future at heart and work with them on growing, securely, year on year.

For more information about our partnership with the Global Cyber Alliance, and how you benefit – click here. 

2018-04-10T15:08:38+00:00 April 10th, 2018|News, SME Growth|Comments Off on Why the Facebook – Cambridge Analytica scandal is absolutely relevant to SMEs today.