Cyber security determines corporate success

This blog post briefly explains why data is a valuable asset, what consequences data leaks or cyber attacks can have and how customer data can be best protected with appropriate cyber security.

Data is considered the most important currency in the digital world. They allow companies to deepen customer loyalty and increase market share. At the same time, hacker attacks and data theft regularly make headlines. The Twitter hack, for example, made headlines this month on social media, in newsrooms and at the regulars' table. The attackers were able to view personal information such as e-mail addresses and telephone numbers, and possibly other confidential information of the Twitter users concerned. It can be assumed that Twitter will have to struggle with the consequences of the hack for a long time to come. Politicians and journalists are now calling for comprehensive clarifications and demanding that Twitter be held accountable. Cyber attacks can cost millions and cause irreparable damage to the reputation of the company. Many companies need years to recover from the consequences of hacks and data theft, as customer trust is destroyed in the long term. It is therefore vital that you protect sensitive customer data as best you can against unauthorized access by cyber criminals.

Focus on cyber security: That's why data is so valuable

Data are omnipresent, exist in different forms, and create combined Pattern. If these patterns are networked with other data sources, the following patterns are formed Cluster. It is assumed that the amount of data will increase exponentially will increase. Without appropriate evaluations and analyses, data is of little value; they have to be put into a context in order to create value for companies donate. Large amounts of data are stored independently of source and format processed. The right data and patterns help to reduce business-critical to make decisions. Data scientists are convinced that Companies in all industries benefit from the targeted use of data could.

Personalised advertisements, the differentiation of regular customers and first-time visitors in the online shop or sounding out the market potential for a new idea: customer data enables companies to continuously deepen and improve the relationship with their customers, expand the offer and increase market share. If a company has access to a representative amount of user data, its chances of positioning itself successfully on the market increase. In a 2019 survey by consulting firm Deloitte, 96 per cent of respondents said that data analytics would play a more important role in their organisations in the future. Just under half of all respondents (49 per cent) believe the biggest benefit of data analytics is the ability to make informed decisions. Nearly two-thirds of survey participants said that data analytics plays a central role in advancing business strategy.

Internal company However, data is not only valuable for the respective company. With the help of of your customer data, competitors could gain insight into the needs of Win target group, improve their offer and increase their own market share enlarge - by poaching customers from you. Cyber criminals have also often targeting credit card information. According to the Swiss Data Protection and public relations officers may, in principle, appoint all personal data must be sensitive and therefore worth protecting.

Why cyber-security is crucial for business success

Company must guarantee the security of all stored personal data. Both employee and customer data must be protected in the best possible way. Will inadvertently or intentionally compromises these data and is the cyber attack or data leakage, the affected company had not taken appropriate safety measures, may be subject to fines and sanctions. As mentioned at the beginning, journalists and politicians are calling for the Twitter hack, for example, comprehensive clarifications and answers from the Short news service company. Some media went so far as to say a "global security crisis" or an "unprecedented cyber attack talk.

The Swiss Data Protection Act (DSG) provides for penal provisions, but only in the case of intentional breaches of the obligations to provide information, report and cooperate and of professional secrecy. The DSG is currently being revised. The revision is intended to create greater transparency and strengthen the co-determination rights of the persons concerned. The draft revision is based heavily on the EU Basic Regulation on Data Protection (DSGVO). Companies with customers in the EU area are already subject to the DSGVO, although since 2018 far higher fines than before have been possible for the effective enforcement of data protection law. Cyber attacks can cost millions, cause irreparable damage to reputation and lead to criminal investigations. Many companies take years to recover from the consequences of hacker attacks or data theft, and for quite a few businesses cyber attacks mean the end of the road. "Information technology is known to be making tremendous strides, making it possible to collect and connect enormous amounts of personal data. Unfortunately, the security awareness of data processors often does not keep pace with technical innovations," writes the Swiss Data Protection and Publicity Commissioner.

How customer data can be protected

As described above, data leaks or cyber attacks on companies can cause high costs and reputational damage. Companies should regularly check their cyber security concept for possible vulnerabilities. Carry out all relevant updates of the security software and ensure that the latest version is always in use. When working with an IaaS provider, the external partner usually takes care of the security of the IT environment, performs updates and takes over the monitoring and reporting of suspicious activities.

At the Choice of an IT infrastructure provider should for data protection reasons also the location of the company must be taken into account. In times of data leaks and always perfidious hacker attacks is something that most companies and their End customers know where their data is stored. Most hyper scalers like Amazon or Microsoft have their headquarters in the USA, where access to company data by means of the Patriot Act without judicial review. In the Switzerland, on the other hand, is not allowed to do so. According to the Swiss Data Protection and public relations officers, data protection should ensure that in proportionality is observed in all cases. This means that only as much personal data as necessary and as little personal data as possible collected and processed, and that as a data subject, the has the possibility to make the processing of the data about himself as far as possible control and if necessary prevent.

Conclusion

Personal data is one of the most valuable goods in the digital world. Cyber attacks and data leaks can have devastating consequences, ranging from financial loss to criminal prosecution and loss of reputation. Our cyber security and data protection experts advise companies of all sizes to regularly review their security concept. In this way, any weaknesses can be discovered and eliminated. When working with an IaaS provider, the external partner usually takes care of the security of the IT environment.

The company location plays an important role when choosing an IT infrastructure provider. Local providers comply with Swiss data protection laws and can therefore guarantee the highest data security standards. Our infrastructure is located in data centres in the cantons of Aargau and Zurich and all customer data is subject to Swiss data protection laws. Xelon received ISO 27001 certification in July 2020, the leading international standard for information security management systems and the most important cyber security certification.