With each large-scale security breach, we are left feeling more vulnerable. Businesses are right to be concerned that thieves, fraudsters and scammers seem to be exploiting an ever-growing number of insecure avenues to obtain secure information and customer data. As the way we use technology evolves, businesses must be considerate of the real risks in any development plans.
Although understanding of cybersecurity is growing, it remains limited and siloed. This year’s Cyber Governance Health Check Report revealed that only 33 per cent of UK boards have clearly set and understood their appetite for cyber-risk, both for existing business and for digital innovations they have adopted. Last year, only 18 per cent of businesses had established strategies for cybersecurity , and since our vulnerability to cyber-attack is an urgent and growing threat, the rate at which businesses are beginning to understand and combat these issues is nowhere near quick enough.
Everyone may be vulnerable to the threat, but equally all businesses can equip themselves to mitigate them. With ubiquitous, simple and effective tech with end-to-end encryption that is managed by specialists, businesses can navigate an ever-changing landscape of new threats and capitalise on the opportunities they find along the way.
True innovation that’s quick to market
While 2016 undoubtedly saw revolutionary developments in authentication technology, like 3D scan facial verification technology that we’ve seen in services like Selfie Pay, “Innovations” in secure payment, document transfer and delivery that have gone to market have echoed technology of pre-existing solutions.
In 2017, security solutions must not simply build upon today’s solutions, but move beyond them. Investment in research and development by companies and governments alike will be necessary to protect from security threats and loss through shrinkage, and will revolutionise efficiency in process and procedure for every area of the business.
It’s time to combat the counterfeit trade
The 2016 cash crisis in India seemed a sudden threat to businesses and the public, but the rapid response to replace the 500 and 2,000 rupee notes signified a decisive reform to an ongoing problem. Prior to the ban, counterfeit bank notes were being created en masse using materials that were readily available to acquire, such as ink and synthetic paper. These copies were then passed off for payment.
While the move towards demonetisation appeared threatening, it signifies momentum towards reform and modernisation that will provide economic stimulus by minimising the circulation of fake currency.
This momentum is something that governments across the world should pay attention to. Globally, counterfeit goods are a significant threat to public health and safety in addition to the economic damage the trade causes. The International Criminal Police Organization (INTERPOL) seized the largest haul of counterfeit food and drink ever found in the months between November 2015 and February 2016. During that period, 10,000 litres of fake or adulterated alcohol, including wine, whisky and vodka were recovered from the UK alone.
Louis-James Davis, CEO, VST Enterprises
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