Whether You’re A Startup Or Large Enterprise, Know How To Defend Your Data

CyberSecurity

Data breaches have become a reality for many businesses, whether accidental releases or malicious intent.

While a single incident doesn’t have an effect on customers, it chips away at the security of their identity. A data issue is devastating as it impacts day-to-day operations, leading to situations where recovery is difficult, if not impossible. It’s hopeless to stop cyber thieves from infiltrating the company, yet there are ways to strengthen security to reduce potential consequences. If your data falls into the wrong hands, it can give rise to identity theft, fraud, and similar harms. 

What Are the Biggest Data Security Risks for Businesses?  

There are several issues that can occur and they’re inherent to poor management. No company wants to experience a data breach, but it happens every now and then. It’s an inevitable consequence of our connected, technology-reliant society. Without further ado, these are the main hazards your business ought to be addressing without delay: 

  1. Social engineering threats. Social engineering is a popular approach for gaining access to target systems. Employees can be tricked into divulging credentials or installing malware. The malicious actor might pretend to be their boss, someone from the IT team, or a supplier. Employees fall for social engineering tricks because of their helpful and trusting nature. 
  2. Personal data accessibility. You collect personal data to build profiles, which can be used to push targeted goods and/or services. Your company stores sensitive information – names, addresses, biographical data, financial information, location, etc. Customers have entrusted you with these details, so make sure only the right people have access to them. Use monitoring tools to expose suspicious activity.    
  3. Third-party risk. As everyone else, you’re more dependent than ever on third-party relationships, from vendors to suppliers. Because of this, your data is spread wider than you realise. It’s likely you’ll experience an adverse effect, such as a data breach, operational disruption, and reputational damage. Do your best to secure third-party relationships. 

Data Protection Is a Legal Obligation and Is Necessary  

Rules like the General Data Protection Regulation (GDPR) were designed to impose transparency and accountability on the companies that collect and process customer data. It applies to all organisations that process sensitive information within the EU, whether or not they’re based in Europe. After the GDPR, the California Consumer Privacy Act (CCPA) came into force. It’s currently the strongest privacy regulation for consumer rights in the US. So, let’s get back on topic. If you offer goods and/or services to citizens in Europe, you’re subject to GDPR and must meet the data security, transparency, and privacy rights of customers. 

A breach of security leading to the unexpected or wrongful destruction, loss, alteration, access to, or transmission of personal data represents a personal data breach. A customer can claim compensation if you haven’t respected the data protection law and they’ve suffered material damages. Since Brexit was officially confirmed, the EU GDPR no longer applies in the UK. Nevertheless, the GDPR is retained in domestic law as the UK GDPR. A data breach in the UK entitles a person to compensation, according to the experts at https://www.databreachclaims.org.uk

Methods Your Company Can Use to Protect Sensitive Data

Regardless of size, your company must take responsibility for its actions. You can be held liable in the case of a GDPR infringement. Both controllers and processors have duties with regard to customers, so keep data safe from prying eyes. Customer trust is an important part of being a successful business. You can imagine what would happen if you fail. People want peace of mind knowing that your organisation has their back. Follow data privacy standards, don’t sell the information, and reject internet surveillance requests. 

The question now is: What’s being done to protect your data? If you’re curious to find out, keep on reading. 

Know Where Data Is and Where It’s Going

For effective risk management, it’s necessary to know precisely where data resides, who has access to it, and, above all else, what security measures are in place to safeguard it. By identifying the data lifecycle, it’s possible to eliminate some of the security risks associated with it. Many companies utilise data loss prevention tools to avoid incurring long-term losses. If not properly managed, the data will become corrupt as it’s moved to another destination. Data should be mapped, and its journey monitored internally as well as externally. You must prepare for disaster by developing a robust plan that includes strategies for regrettable occasions. 

Use of Encryption Across Your Organisation

Failure to encrypt personal data is of critical importance to the well-being of ordinary individuals. Encryption protects data regardless of where it resides. It doesn’t guarantee your organisation will remain safe from intruders, though. If your business is hit by a ransomware attack, you could be forced to give up your encryption key. Additionally, some employees use devices like USBs to store files. It’s difficult, if not impossible, to enforce security protocols on them. There’s also the issue of data used in emails and documents from the remote workforce. The IT team should have someone on standby to respond to questions. 

Educate Employees at All Levels 

Employees need help when it comes to data protection. The human factor represents the biggest vulnerability in the data protection chain. More than half of data breaches are caused by an employee’s mistake. This is why they must be informed about compliance regulations and best security practices. It would be best to schedule follow-up video calls to see if everyone is following the new security practices. Training should be done in small groups. Even the tiniest error could lead to massive losses. By leading by example, you demonstrate to the team that nothing is impossible. 

All in all, you need to protect other categories of data beyond customer information, such as financial data or intellectual property data. It would be best to have a robust plan in place. The plan should describe how to protect data and what measures ought to be taken in case something goes wrong. Don’t leave anything up to fate.