Data security has been a topic of concern for both small businesses and large organizations, across all industries. 7 out of 10 organizations reported a significant increase in their data security risk in 2017. This proves why companies need to stay up-to-date on most current cybersecurity threats, while also stepping back to understand the trends that are driving them.
Data in the wrong hands can be detrimental to the development of your business. Considering that 54% of companies experienced one or more successful attacks that compromised their data or IT infrastructure, data security readiness is a major priority for any business. It’s important to invest in a strong data security strategy in order to fortify the trust that your customers and various business stakeholders have on you.
Here are four good reasons why such an investment should matter to your business:
Complying With the Set Regulations
Data security regulations have a major role to play when it comes to the success of your business. Some businesses will only prefer working with companies that have met the set guidelines on data handling. Both your internal and third-party data security guidelines should be geared towards protecting your business by reducing some of the common threats.
For instance, if you’re in the food manufacturing industry, complying with set data security regulations will increase your business’ credibility both in the eyes of clients and other business partners, according to EMMA International: Leading FDA Compliance Consultant. Additionally, it will help you avoid audits by the regulatory bodies which can result in serious fines.
The Cybersecurity Threat Is Dynamic
Cybercriminals understand that cybersecurity companies are always aiming at eliminating threats in their industries. To retaliate, they, in turn, come up with even more potent ways to cause data breaches. In case your company is not prepared for these threats, the chances are that you may lose critical data, which always comes with potential credibility damage.
Having a strong cybersecurity team will help you take a proactive approach in dealing with cyber threats and data breaches. In case your IT department might find monitoring and battling the new cyber threats as a challenge or you have limited resources to do so, then you should consider working with well-established third-party security companies.
Mobile Devices Are Quite Insecure
Due to the increasing need for employees – both in the office and in the field – to access the company systems on the go, mobile phones have become omnipresent in the lives of the modern-day workforce. However, the increasing prevalence of the BYOD trend is way ahead of the efforts made to secure the devices, according to Security Magazine. Smartphones can be stolen or are more open to the threat of phishing emails that can lead to data breaches.
For a company that isn’t paying attention to their data security, a major breach can easily bring operations to a standstill. Educating employees about the possibility of a cyber-attack arising from their smartphones is a sure way to mitigate the risk. Additionally, let them know about how to create strong passwords, why to avoid unsecured Wi-Fi connections and the need for using an antivirus in their devices.
Not All Cloud Providers Are the Best
If you offer your data to cloud storage vendors without necessarily scrutinizing the security of their systems, you’re taking a huge risk. By doing so, you’re typically leaving your customers’, partners’ and business’ data in the hands of providers who may or may not expose their data to security threats. Since cloud storage has become more of a necessity than a privilege, companies that exercise data security readiness can learn to choose the right vendors.
Ask some critical questions. What is the history of the vendor’s data breaches and will your data be safe enough? Getting the right answers to such questions, combined with other factors like the vendor’s data security team will also determine the safety of your data. Be sure to evaluate any potential cloud storage vendors to protect the interests of your business.
Data security is an ever-evolving field. In case your company falls behind in keeping up, huge losses resulting from data breaches are imminent. Consider evaluating your data security strategy to fortify the trust between you and other stakeholders in your business.