Why data security is even more crucial to your business in 2021
Sponsored by IDeACOM ECSI
Published at | Updated at
This article is brought to you by IDeACOM ECSI, whose mission is to deliver professional data and telecommunications services to commercial clients in eastern Idaho and western Wyoming. Schedule a cyber security consultation today .
In today’s era of digital marketing and the Internet of Things (IoT), cybersecurity threats are always on the rise. Businesses are facing potential security risks such as data breaches, ransomware attacks, and threats to connected devices, creating undesirable consequences for the business. Implementing effective data security measures not only helps keep unauthorized access out of your system and data but also protects your business against reputation damage, unnecessary financial costs, loss of consumer trust and brand erosion.
What is data security?
Data security is the process of protecting corporate data from unauthorized access, corruption or loss. It involves putting protective measures in place to ensure data is available to anyone in the company who needs access and prevent outside attacks. These security protocols safeguard your business from cybersecurity threats, including:
- Out of date software
- DDoS attacks
- Ransomware attacks
- Cyber fraud
- Unpatched software
- Password decryption
- Drive-by downloads
- Malware attacks
Reasons business data security is crucial
If hackers manage to infiltrate your data, the consequences can be devastating. Therefore, businesses need to employ data security mechanisms and procedures to ensure their data’s safety and confidentiality. Besides, a robust data security system offers the following benefits:
Prevent automated attacks
In recent years, the automation of cyber-attacks, also called bot attacks, has been the biggest threat to business security. A hacker may try to gain unauthorized access to an enterprise by initiating a series of interactive commands. The intent of the attacker is to divert the attention of the security team, so they can have an easier time accessing the company’s vital system and data. Having a solid data security system will keep instances of breaches and confidential data leakage at bay.
Protect customer’s privacy
Hackers have become increasingly savvy, and they continue to develop advanced techniques to breach security defenses. Companies that don’t have strict guidelines and lack data access controls are essentially opening their doors to hackers. The vulnerability can be in peripheral equipment, networks, and websites. Adding layers of data security can deter unauthorized access to customer’s privacy and business systems.
Ensure data integrity
Data integrity refers to the reliability and accuracy of information. That means data without any compromises and variations from the original. A synchronized data security framework can protect the firm’s data integrity by offering storage consolidation or storage convergence. This not only ensures reliability but also prevents inconveniences when accessing the data.
Every company needs records of its activities, including operational data, documents, and communication records, stored and protected properly. A quality data security system can store data in a comprehensive and sophisticated database that ensures you have a backup in your servers. This allows you to retrieve the information if the original data is lost or corrupted.
Avoid unnecessary expenses
Data breaches cost firms about $3.86 million on technical investigations and regulatory filings expenses. That is because companies are responsible for financial details, confident client files, and employee information. If the data is stolen or compromised, you’ll most likely have to incur legal fees and pay for lawsuits. Besides, employees might take hours before getting back on track, affecting your business revenue significantly.
Protect brand reputation and loyalty
In the commercial world, goodwill is a powerful asset any business can have. Customers entrust you with their personal information and financial details. If your organization has weak or no data security, it puts your customers’ confidential information at risk of breaches. Besides, you might lose clients and damage your brand reputation irreversibly. That’s because customers tend to defect from a business if their data is compromised in a data breach.
Ensure business continuity
Most businesses rely almost entirely on data to conduct their operations. The data is used for risk mitigation, revenue optimization, and overall business improvement. If this data was lost due to a breach, it might cause damages that would force you to close or change your current operational structure. Data security measures ensure that routine backups are available if the original data is inaccessible or lost, thus ensuring business continuity.
According to the GDPR (General Data Protection Regulation) requirements, organizations that collect, use, and store customer data need to meet accountability standards. This EU law only comes into effect if you do business in Europe. Non-compliance consequences can include hefty fines and instructions to cease operations. Therefore, companies need technological controls and cybersecurity measures to achieve these compliances. Besides, the measures provide policy templates and automate compliance that addresses specific requirements and enables collection and reporting of metrics.
Although data security is crucial for a business, it’s not an easy thing to achieve. Hackers are increasingly evolving and improving the sophistication of their attacks, and that means not all protection can measure up to your needs. It’s therefore essential to invest in a trusted cybersecurity service dedicated to helping businesses combat these threats.