What is it about cyber security, information management and trade secrets and why should I bother?

…also stated as:

• ‘this is not for me I am too busy setting the strategic direction of the business’
• ‘I am not a techie so why are you bothering me with that geek stuff?’
• ‘trade secrets all sounds a bit too James Bond-ish and that is not for us’

Don’t believe for one second a data breach will not happen.

When there is a data breach:

1. What is your procedure?
2. Who will you call? (How will you call them?)
3. What does your insurance cover?
4. How and who will (you) manage external communications?

This is now an essential (and existential!) area of consideration for all businesses and all areas of business.

On average most companies take six months to work out they have been hacked, and this means the external hacker (thief) has 6 months start to utilise what they have gained from your business; this could be your launch plans, pricing, remuneration, strategy, inventions, secret code and algorithms etc.

SEC rules now require public companies to report how they are managing risks connected to the loss of any asset that, if stolen, could have a material impact on future earnings.?

Most companies will talk about cyber resilience, insurance, technical support, MSPs, and ISO standards. These are all good to an extent but not enough!?

When it comes to a data breach: ‘Your single biggest weakness is your people’

What most businesses do not realise is that the majority of data breaches are now caused by insiders, yes, your own colleagues or partners! This is the Insider Risk.?

When it comes to a data breach: the largest single area of damage is to Reputation (and Brand). What will happen to customer, investor, supplier perceptions of your business in the event of a data breach? How will you manage the narrative??

This sensitive data breach risk is very real and potentially very costly, but what can you do immediately?

Let me start by asking you a question: ‘Would you ask a third party to tell you where you have hidden your treasure’? You likely replied that this is nonsensical, but think for a minute, because do you actually have an up to date list of all the sensitive data items in your business grouped by value?

Without this how do you know what you are protecting and how do you know the value of what has been stolen?

The next key question to concerns your people. Do your colleagues all understand what they can and can’t do with your information? What is and is not sensitive? Why confidential information, knowledge and trade secrets are important?

Without this how can they be expected to defend and protect your sensitive information?

?Why not get started today with a free consultation?

Best wishes,

John Pryor

[email protected]

+44 7587 885 131

Follow on Linkedin https://www.dhirubhai.net/in/john-pryor-gb

WEBSITE: https://exaltip.com ?

To book a meeting: https://calendly.com/john-ip/30min

https://www.youtube.com/@exaltip

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I am John Pryor, a full-time strategy consultant focussed on intellectual property and dedicated to supporting people and business to make the best use of all available IP to compete and win in the marketplace.

My aims are to maximise people’s understanding and to help develop their skills, so that they can deploy IP in their business successfully and cost effectively, to help achieve a higher valuation.

In these articles I explain some of the most important aspects of intellectual property in ways that make it relevant and accessible to business people.

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