Due to the rapid growth of legalizing marijuana across the nation, the industry is becoming a hotspot for cybersecurity crimes. As such, cannabis business owners need to consider ways to keep their data and their customer’s personal information protected from the dark web. The industry already has strict rules and regulations regarding the growing, harvesting, packaging, and selling of cannabis products and now there are new security weak spots to consider.
With the exponential growth seen in the past year alone, a massive amount of sensitive data collection has followed right behind it. Credit card numbers and customers identities are just two examples of what’s at stake. Ensuring that you remain compliant and proactive with your cybersecurity is critical. Here’s what you need to know.
Cybersecurity Threats For The Cannabis Industry
Depending on how you allow your customers to buy your products may change the ways you secure your data. No matter if your customers can make purchases online, through an app, and/or in-store at point-of-sale systems, all of this data is likely stored on the cloud and require up-to-date cybersecurity measures as well as appropriate protocol for if and when a data breach occurs.
Thankfully, there are companies who exist to provide comprehensive data security specifically for the cannabis industry like 420 Cyber. Since it’s not just company data that’s on the line, but also cannabis customers, there are new and evolving consumer data privacy laws in California. If you don’t follow these laws, you could be facing stiff fines and potentially even worse, the loss of trust from your customer base which could end up tanking your business. Don’t let securing your digital assets be an afterthought.
What is the Impact of Cyber Attacks?
According to a 2018 study published by IBM found that the average cost of a cyber attack rose from 3.62 to $3.86 million from 2017 to 2018. The study also found that the likelihood an organization will have one or more cyber attacks in the coming year. That’s why it is imperative that all businesses invest in cyber security.
For example, at 420 Cyber, when a threat is identified in real-time, their technology is able to identify it and alert the team who then takes action immediately to prevent data from being stolen by notifying the customer and making recommendations based on the severity of the breach. This is a similar approach that we have at Sonitrol when it comes to physical security.
While cyber security is vitally important, physical security cannot be put on the back burner. Click here to read our blog about the top 5 security precautions the cannabis industry should be aware and how our security solution, TotalGuard is the perfect system to address all security needs.