Hackers and cybercriminals are out there, targeting both large and small businesses.

At-risk are your company’s financial information, business plans, and private data about the goods and services you offer. When this sensitive data falls into the wrong hands, it can be a financial nightmare and risks tarnishing your company’s reputation. Investing in data security to protect your digital assets is crucial.

Continue reading to learn more about data security and why data protection is essential for your business.

What Is Data Security?

what is data security

The process of protecting your organization’s digital data is known as data security or cybersecurity. In the event of a security breach, system failure, cyberattack, or the presence of any unwanted or unauthorized users, more than just your company’s plans for the future are at risk of falling into the wrong hands. Hackers will try to get access to your employees’ private data, including social security numbers and addresses, as well as confidential and secure client information.

Hackers have created advanced methods of circumventing traditional security measures to evade safety walls and identify vulnerabilities within your organization. Additional security measures must be implemented to prevent such a data breach.

Who Is at Risk of a Cyberattack?

who is at risk for a cyberattack

Businesses of all sizes are at risk of a cyberattack. Large companies may have more customer data and big data. Still, small businesses are more often targeted by hackers because they have fewer resources to protect their sensitive information.

Why Protecting Your Data Is Important?

why protecting your data is important

There is a lot of implicit trust between consumers and the companies they interact with daily. Some confidence includes handing over their data, such as their address, birthday, or credit card number. A data breach can go beyond legal consequences, and it can damage the trust you spent years building with your clients.

There are four main ways a data breach or cybercrime could impact your company

Financial Damage

According to a data breach report put out by IBM and the Ponemon Institute, the cost of a data breach in 2021 was a staggering $4.24 million, which is 10% higher than it was in 2019. This cost estimate considers several factors, including legal fees, regulatory fines, technical activities, loss of brand equity, customer turnover, and a decrease in employee productivity.

Reputation Damage

Customers put a lot of trust into the organizations they do business with. After a data breach, it is hard for a company to gain that trust. One of the most extreme examples was the Equifax data breach in 2017. The sensitive data of more than 140 million customers was stolen. Almost five years later, the company is still suffering from the negative aftermath of the catastrophic data breach.

Employee Damage

A data breach or cyberattack is complex on its customers and its employees. Not only are workers at risk of burnout, having to work long hours to clean up the mess, but someone inevitably must take responsibility for the event and resign from their post.

When Uber was under fire for a data breach in 2016 that exposed the personal data of 57 million customers, the chief security officer and CEO were eventually fired. Many high-profile cases involving the replacement of top-level executives have followed because of data leaks. This is because data security is the responsibility of all employees, as keeping data safe is an essential part of any good business strategy.

Data Integrity Damage

Data integrity refers to the reliability and accuracy of your data. Your company’s data must be complete without compromise or variations from the original to be considered reliable data. When a data breach occurs, the data your company presents may no longer be trusted.

How to Protect Your Data

how to protect your data

Your IT security specialist will put in place data security measures. This are the best way to prevent hackers and cybercriminals from accessing your company’s confidential information. And the more security solutions you have, the better protected you are.

Below are just a few of the many steps, data protection regulations, and protective measures your IT specialist and security team will recommend taking to enforce data security.

Examine Your Safety Mechanics

It is essential to review your security strategy and tools regularly to ensure they are processing and handling data. In your review, you should also try to identify areas of vulnerability, such as unsecured portals, networks, laptops, or other smart devices.

Assign Role-Based Access Control (RBAC)

An easy way to decide who should have access to sensitive information is by basing the level of data access on the job title. This works for both large and small businesses.

Implement Endpoint Protection Software

Endpoint protection software is a program that makes it so employees cannot access unsecured web pages, which is a common way hackers can gain access to your data and other sensitive information.

Use Traditional Security Methods

Using antivirus software, backing up your data on the cloud, setting up firewalls, and investing in recovery software are all simple ways of keeping your company’s data safe. Ensure these methods are kept up to date to keep your data from unauthorized access and data corruption.

Benefits of Investing in Data Security Measures with STEADfast IT

Your company’s information is one of its most valuable assets. You deserve the best-in-class data security to keep your confidential and sensitive information out of the hands of scammers and hackers.

STEADfast’s data security options are adjustable to fit your company’s ever-changing needs. Our IT support security professionals will personally select the right information security programs your organization needs to protect your valuable data from malware, phishing, and ransomware attacks. We can also assist with reliable real-time backup and cloud-based solutions to improve business operations and provide further data privacy protection.

If you’d like assistance with implementing data security for your business, our team can help you choose the right services to fit your unique needs. Contact us to set up a free, no-pressure consultation with one of our remote IT specialists.

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