In this digital era, nothing is more crucial than data and data security for every kind of enterprise. The customers share their confidential information with the companies; losing such sensitive data will definitely affect the consumer’s trust and reputation of your organization. Apart from this, data stored in the databases of the companies help them to make many vital decisions. If you are not able to safeguard your valuable files and folders, your competitors will take advantage and knock you out of the competition.
Security experts are constantly trying to make data security more robust. But, at the same time, illegitimate hackers are also becoming more powerful. In such circumstances, you need to pay extra attention to the security of your data and network. You should keep a backup of the data of prime importance on physical devices as well as on virtual servers.
Your information is as essential as any of your business assets. Adding extra layers of security to your critical systems and data is no longer just an option—it’s a necessity. In fact, one of your biggest threats lies within the walls of your own company. Internal employees account for 43% of data loss, according to a Ponemon Institute study. Passwords are part of the problem when it comes to lost data, not the solution.
According to LastPass, the average 250-employee company has roughly 47,750 passwords used across their organization. These passwords represent 47,750 entry points into your systems. But, what if you didn’t have to rely on the strength of passwords? The solution is Client Certificates. With Client Certificates, you can prove the identity of the user attempting to connect to a specific application, website, interface, or other systems by using a digital signature.
Sometimes the internal staff also causes data leakage. Therefore, you have to continuously audit and monitor your employee’s systems and activities. Apart from this, installing a firewall also boosts the data security of enterprises. All companies should focus on data service centers for data protection measures regardless of their size and niche because cybercriminals do not differentiate on the virtue of type and size. Companies that don’t take data security seriously face devastating episodes later on.
Consequences of Neglecting Data Security
Some of the consequences of neglecting data security are as follows -:
Negative Image
Firstly, weak data security affects the image of your brand. If any cybercriminals access your crucial file, your customers and suppliers will not trust you. A poor brand image will affect your sales and reduce the expected revenue. Not just that, you have to visit the court numerous times to resolve the issue.
A bad brand reputation is not good for the organization’s overall health. Apart from losing existing customers, the negative brand image also makes it difficult to attract new clients and business partners.
Back To Back Attack
If you do not pay attention to the data attack, the attacker will attack your company back to back. With every new attack, they will use more powerful malware or ransomware to destroy or steal your data. It’s vital to take the necessary action to make your data security more vigorous as
Heavy Fine
The governments of different countries have passed various acts to safeguard the information of consumers. All organizations have to comply with these standards. HIPAA is the most popular among all these. If your organization fails to preserve the customer’s confidential information, it will have to pay a lot of dollars for its compensation. The government will impose heavy fines on your organization, and in the worst case, can also sentence you to prison. It will badly ruin your company’s esteem and raise questions about your services in people’s mind.
Money Loss
Cyber attacks are not limited to analysis reports or stock files; attackers can also thieve your bank account and password. If they succeed in doing this, you may lose all your company’s savings. According to studies, cybercriminals have stolen around 6 million dollars in 2020, a huge amount. The money loss can impede your entire business and leave you with a heavy loan.
Government Audits
Companies that neglect government compliance not only have to pay heavy fines but also undergo costly audits. These audits are so costly that they can put a dent in your wallet. Therefore, it would be better to spend some money on data security. You can seek the help of managed security consulting agencies to save your data from illegitimate users and hackers. These agencies take care of your data and allow you to focus on the productivity of the business.
Downtime
The data loss can cause very long downtime and hinder your core operations. Sometimes this downtime is so long that organizations fail to re-establish themselves.
Wrapping Up -:
Whether you have an online business or a manufacturing company, data protection is important to protect your organization from eavesdroppers.
Infographic created by Donnelley Financial Solutions, an ESG reporting software company
