In business, protecting your data (as well as your customers’) is fundamental for mutual trust. That’s why rigorous cybersecurity is becoming the norm in all fields of business activity. More and more companies are realizing that investing in cybersecurity today is a better business decision than being stuck with the consequences of a cyberattack later on. They’re putting in good risk management procedures to counter or react quickly to possible breaches in their systems. This is very positive news compared to what was the standard a few years ago.
But unfortunate, not all companies are so rational. Let’s take the case of Tesco Bank. Multiple warnings were sent to the British retail bank regarding deficiencies in the cybersecurity measures and software they had in place. However, Tesco ignored the notices and – surprise! – was a victim of a cyberattack. Tesco Bank chief executive, Gerry Mallon, confirmed to the Guardian that following the attack, they made sure to upgrade their cybersecurity measures.
Tesco now has to pay £16.4 million ($21.5 million USD) to the Financial Conduct Authority (FCA). In addition, the bank invested massively in a “comprehensive redress programme” to improve their cybersecurity measures in order to avoid being a victim again down the line.
“We have significantly enhanced our security measures to ensure that our customers’ accounts have the highest levels of protection.’’ Mallon affirmed.
Case study after case study shows that you shouldn’t wait until after you’ve been hacked to protect yourself. As we’ve argued before, security breaches are expensive and lead to a loss of trust. Don’t let this happen to your company. Make sure you have the best cybersecurity software protecting your data. You can try our services by signing up to our free trial here.
About Evizone Ltd.
Evizone Ltd. is a revolutionary secure communications, encryption and compliance software and service provider based in Montreal, Quebec, Canada. Evizone offers innovative enterprise solutions in secure messaging (next generation beyond encrypted e mail) and encryption, encryption at rest, regulatory compliance, compliance archiving, WORM compliance, 17a-4 compliance, document life cycle management and communications governance and risk management. Evizone’s services protect organizations through best in class security, encryption, recipient controls, document life cycle management, discovery management, compliance management, compliance archiving, tamper proof WORM and 17a-4 compliance archiving and complete audit records against the enormous damage caused by communications breaches. Evizone’s patented technologies offer a level of security impossible to obtain with conventional or encrypted email and fast, powerful, user friendly compliance archiving. Evizone’s services are immediately available on multiple platforms and provide the strongest commercially available communications security and compliance archiving. You can follow Evizone on Facebook, Twitter, and LinkedIn.