The call by expert, Rich Preece, follows widely publicised data security breaches such as those involving Facebook, Cambridge Analytica and the South African Deeds Office.
These have placed the need for strict data security in the spotlight.
“This (risk) does not just apply to big multinational corporations like Facebook,” Preece, Global Leader of the QuickBooks Accountant Business, said.
He said data security should be non-negotiable for all businesses operating in the 21st century, including SMEs.”
Preece said as technology evolved and the world became ever more digitised, cyber security firewalls and data security software needed to be updated accordingly.
“Businesses of all sizes are adding to their client database on a daily basis and, if this personal information ends up in the wrong hands, these businesses will find themselves subject to financial repercussions, reputational damage, litigation and investigations.”
Preece added if personal information of a company’s customer base was compromised, it was hard to restore public confidence.
“This has a negative impact on an organisation’s long-term success as many existing customers lose confidence in the company and leave, and potential clients are scared off in fear that something similar might happen again in future,” he explained.
To mitigate the risk related to data security, Preece suggested businesses must select the right data security tools and applications as well as monitor their wireless network security.
– CAJ News