The Importance of Online Security in the 21st Century

We live in an era where security is a constant threat. Whilst the online world has revolutionised the way we do business and the way we live our lives, it has also brought about many challenges that have impacted so many people, so greatly. 

The most common internet security issues faced in the 21st century are from hackers, viruses, spyware, worms, data breaches, spamming and identity theft. The worst part – there is a hacking attempt launched every 39 seconds and more than 50% are aimed at small businesses1. Whilst this article highlights the implications on large corporations, that in no way removes small businesses from the same threat. All online companies are at risk, the critical factor is how they mitigate that risk. 

Here are some key examples of large corporates significantly impacted by security breaches and the subsequent cost implications on their business2:

  1. Yahoo

Date: 2013 – 2014

Impact: 3 billion users

Cost implication: $350 million

Reason: hacking 

  1. Uber

Date: late 2016

Impact: 57 million users & 600,000 drivers

Cost implication: $20 million

  1. Home Depot

Date: September 2014

Impact: 56 million customers

Cost implication: $161 million

It can take many years to recover from such a significant security breach, not only in terms of financial loss, but in terms of impact on brand awareness, brand value and reputation. How do you gain the trust of your customers again? Or instill faith that this was a once-off occurrence?

As an online platform servicing thousands of parents from schools Australia-wide, My School Connect is continuously developing its security infrastructure, ensuring that the system remains protected and safe for all users, at all times. We understand that security is something that all of our users want peace of mind on, and we can ensure you that it’s one of our number one priorities as we grow. This is an ever evolving process and something our dedicated technical team is committed to for the long-haul!