Cyberattacks are dominating the news lately, and this is not without merit. It’s amazing how slow businesses have reacted to these stories. 60% of businesses don’t have a cybersecurity plan.
There is no challenge standing in their path. You can easily protect your company and user data with the right planning.
Let’s discuss the importance of data protection and how to protect your business.
What is a Data Protection Plan?
A cybersecurity strategy’s main purpose is to protect company data from hackers. An attacker could access your data in many ways, including employee manipulation, malware attacks, and password attacks.
These risks can be minimized by proper data protection. Systems should be monitored, data encryption implemented, and compliance with all applicable data privacy laws.
An attacker can open hundreds of “doors” to any system. If they have any of these doors open, they will get them. Here are some examples:
- Weak passwords
- Outdated software (web browsers, anti-malware, etc.)
- Physical theft (hard drives, computers, etc.)
- Lacking security
- Unsecured file-sharing
- Psychological manipulation (social engineering)
There are many other options, and more opportunities when you have remote or blended workers. A data protection plan is designed to help you close all of these doors, minimize risks, educate your staff, monitor your systems, and create a disaster recovery plan.
Also read: What is Continuous Data Protection (CDP)?
Five Reasons Why You Need Data Protection
You’re not the only one thinking data protection is not for you. Many companies will sell you software that your business doesn’t need.
This is a problem for small businesses data security should be considered an essential business purchase. Here’s why.
1. Cyberattacks are on the Rise
Ransomware, social engineering, and password attacks are all on the rise and are becoming increasingly sophisticated.
Businesses are falling prey to ransomware as a service (RaaS), and deep fake technology has seen a sharp increase since the outbreak of the pandemic.
Believe it or not, 2021 has seen more attacks than 2020 in September. 2022 is well on its way to surpassing that number.
It is becoming more critical than ever to invest in cybersecurity. This starts with protecting your most valuable asset, your data.
2. Attacks are Costly
You might be wondering how expensive it is. Cyberattacks cost small businesses an average of $200,000 and half of them have to close within six months.
Most businesses don’t notice that a breach occurred within six months. It is hard to imagine the amount of damage that could occur in six months. This explains why businesses are not likely to recover.
Investing in data protection is the best way to protect yourself from such an attack. In today’s world, It ranks alongside business insurance as a necessary expense.
3. Small Businesses are the Prime Target
A small business owner’s biggest mistake is to think they will not be attacked. They are, in fact, the most likely victims.
If you look at cybercrime from the attacker’s point of view, it is easy to see why small businesses are their favorite targets.
While large corporations might have the highest payouts for an attack that succeeds, few attackers could penetrate a company like Apple.
Individuals may be less secure than others, but the payouts are not worth it. Small businesses are the best bet. Businesses are vulnerable to financial disaster if they don’t have high payouts and security.
There are many data privacy laws that will affect you if your work is in the legal, healthcare, or education sectors. You must protect your data to ensure compliance with these laws.
You could be held responsible for incorrectly stored information in the event of a breach. It’s important to protect your data before it’s too late.
HIPAA violations could lead to fines of up to $25,000 for the healthcare industry. This is in addition to any lost business, ransom payments, or other penalties.
5. Proper Data Storage Is More Efficient
You’d be surprised at how efficiently a private cloud network can make your data storage more efficient if you have an old hard drive or another outdated system.
It not only stores your data more securely but also allows you to access it from any location in a secure manner.
Secure file sharing, remote desktop, and other data technologies allow employees and you to access and share data anywhere, without fear of data breaches.
The right GDPR data protection can make it easier and safer to transition if you have hybrid or remote workers within your company.
6. Public Relations
Let’s suppose that your data was compromised and you have been able to recover financial losses. You weren’t held responsible for any data privacy laws and you still managed to make your system as efficient and effective as possible.
If this is the case, then there is one major problem: your customers. The loss of business is one of the leading causes of a company’s collapse when user data is compromised.
Customers are more likely to shop with brands because they trust that the company will protect their data. They’re less likely to give another chance if they lose that trust.
Businesses of all sizes need a cybersecurity plan to save face and have a disaster recovery plan in case of a breach.
How to Implement Your New Data Protection Plan
You now know the importance of data protection. Now you want to learn what you can do for your business. There are many ways to protect your business. Problem is, businesses don’t use these methods.
You can end the cycle. Here’s how.
Data security is not only about staff education, it’s also a critical, yet often overlooked, aspect of data security. Your system can still be vulnerable even if you are a cybersecurity expert.
Social engineering scams like phishing are getting more sophisticated and commonplace. Everyone knows that it’s not a good idea to send money to the “Nigerian prince”, but this is no longer the threat.
Deep fake technology is used instead to create company email signatures, addresses, photos, and other information to access company data.
Your company will be more secure if your employees are more aware of potential dangers. You should also keep your employees updated on new security protocols as they become available.
Also read: What is Business Fraud and How to Prevent It
Implement Security Protocols
Protocols that require password changes every 3 to 6 months, a channel for reporting suspicious activity, and which devices can be allowed to access which networks are a good place to start.
There are many things you can do to improve your security strategy. This includes using the right tools. Cloud storage was mentioned, but that’s not all.
Any system you use should include two-factor authentication, virtual private networking (for remote workers), secure file-sharing tools, and anti-malware software.
Protecting your data is as simple as updating your internet browsers, antimalware software, or systems.
Don’t be discouraged if this seems overwhelming. The next step will assist.
Use Managed Data Protection Services
No system can be perfect in today’s world. In recent years, hackers have hacked into some of the most secure and largest systems.
We can limit our risk, however, and managed data protection services are the best way to do so.
You will not only have access to the most advanced technology, but cybersecurity experts will also be monitoring your systems for potential problems.
You will have access to cybersecurity experts who can provide you with critical advice and educational resources. This will give you peace of mind.
It’s also more affordable than you might think. Most small businesses cannot afford to hire an IT staff, but outsourcing data protection services can be arranged at a reasonable cost.