From: LSE Business Review
The digital era brings opportunities, but also the obligation to protect firm and customers from its pitfalls, writes James Jarvis
Speaking in 1941, a renowned businessman said “I believe that every right implies a responsibility; every opportunity, an obligation; every possession, a duty.” While John D Rockefeller was speaking at a time when the likes of drones, driverless cars and virtual reality were distant dreams and works of fiction – the central tenet of the quote is firmly applicable to the dilemma businesses face today when engaging in the “digital revolution”.
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As the IoD’s new report on Cyber Security argues, such is the scale of the cybercrime challenge that the defining business challenge of the 21st century will be to ensure that data, bank accounts and intellectual property remain secure. According to ONS figures, there were 5.6 million fraud and computer misuse crimes in the first half of last year. For an individual business, the financial and PR implications of an attack can be devastating.
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