Hacking group LulzSec has ensured data security has been in the news recently with its raids on global giants Sony and Nintendo.
“From a single injection, we accessed everything,” the hacking group was quoted as saying.
They seemed aghast to find customers rely on such flimsy security and this begs the question: why do we put our faith in companies that allow themselves to become open to these attacks?
A data security breach is one of the biggest threats to blue-chip businesses, and Nintendo and Sony have suffered damage not just to share price, but more critically to their long-term reputations.
Cyber-hackers are becoming more and more sophisticated. To protect customer data and the methods of moving it, lenders must use IT security in every aspect of their business.
Technology providers can improve data security systems, making the cyber-hacker threat much less daunting.
Relying on IT security to keep data secure is not only necessary, but is continuing to increase.
Cyber-hackers will become more tech-savvy and lenders will have to counter that threat with even more advanced IT security.
It is worth noting that, of all the companies that have suffered a major loss of business data, almost half never reopen, and only one in 20 have survived long-term.
The lesson? Invest in data security, because secure data equals a secure reputation and confidence in your business.