Cyber crime, and why you should act now to protect your customer data
We live in a world where the threat
of cyber attack is ever more real – and the business cost of these attacks
Today’s businesses need robust
security systems and controls in place to defend their customer records and
sensitive information against data breaches and malicious attacks. What’s more,
these systems must enable corporations to quickly detect – and act upon
– any security threats that arise.
With organisations everywhere
needing to take a critical look at the way they manage their data, we focus on
the importance of government-grade encryption hardware, and why it’s the only
option for businesses serious about avoiding the risks of cyber attack.
Data theft in the business world
Just this week, pub chain JD
Wetherspoon became the latest British casualty of a significant cyber attack,
after over 650,000 customer records were stolen by hackers. The Financial Times has evidence that
these records have already been offered for sale on the dark web, where
criminals trade stolen information. 
The recent hack on mobile phone provider TalkTalk cost the company an estimated £35 million. And that’s before you consider the irreparable damage to the business’s reputation. Shares immediately fell, as panicked customers – shocked at the loss of 157,000 confidential data records – fled to TalkTalk’s competitors. 
cyber attack on digital toymaker VTech
Holdings exposed the data of 6.4 million children – a stark
wake-up call for parents, that took high-profile cyber crime to a new low.
The true cost of data loss
The cost involved in notifying
hundreds of thousands of customers that their personal data has been
compromised is immense.
Suddenly, reviewing security
measures to mitigate the risk of cyber attack has been bumped to the top of the
agenda for company directors everywhere. A robust security strategy must be
closely aligned to a company’s business objectives, and many corporations need
a lot of work to get there.
It’s a big concern for the business world,
though many senior executives lack a comprehensive understanding of the action
they need to take to protect their valuable customer data. Is software
encryption enough, or should you invest in hardware? As the Chancellor of the
Exchequer, George Osborne, said in a recent speech to GCHQ employees, the cyber
threat is developing, and we need to make sure our capabilities develop to
Encryption: hardware versus software
With the threat of hacking and theft of data now ongoing challenges, software security applications and firewalls – however robust – is no longer enough to keep the cyber attackers at bay. Businesses that currently rely on COTS (commercial off-the-shelf) software solutions to protect their sensitive information and customer data need to review their security measures in the face of increasing risk to data networks.
encryption solutions are designed to work on general purpose processing
platforms, leaving them open to inefficiency and vulnerability, and presenting
a wide attack surface for hackers to infiltrate with bugs and malicious code.
Though these solutions
can go some way to address phishing attempts and malware, they are far from
robust enough to protect customer data against ever more sophisticated security
effectual security strategy might involve a combination of software and
hardware encryption – effectively double locking the doors to hacktivists
and cyber criminals – hardware encryption is the best way to respond to
growing challenges in the threat landscape.
hardware encryption devices reduce the attack surface and effectively protect
classified information, providing an exceptional level of data confidentiality
and integrity. They incorporate incredibly sophisticated algorithms that have
been developed to protect Government top secret information.
the ground up to meet the most demanding specifications, these high-grade
devices have built-in fault tolerance, and are designed to shut down elegantly
and safely in the event of a data breach or malicious attack, making them
completely useless to an adversary.
The risk of
cyber attack may be on the increase, but sophisticated, robust encryption
solutions are now widely available to help financial institutions and
corporations stay one step ahead of the cyber threat. Isn’t it time your
organisation became cyber safe?
About L-3 TRL
With more than 30 years of
experience at the forefront of technological development, L-3 TRL is an official supplier to Her
Majesty’s Government, and part of the Cyber Growth Partnership (CGP). Our high-grade
best-of-British hardware encryption products are accredited and approved by
CESG, and hold a Queen’s Award for outstanding innovation.
For more information, visit www.l-3com.com/TRL