Whether it is an individual, a small organization or a large one, data privacy and security is now important more than ever before.
The size does not matter when it comes to data protection and confidentiality.
Most especially for businesses, a breach in the data may cost millions of dollars to a company and might even bring the organization to a standstill.
The impact of data breaches in companies can range from loss of confidence by client to a total collapse of the business.
People who own small business might be wondering how cyber security is important for their small business.
Since each day, new ways of utilizing data analytics in marketing and driving sales are being discovered, the safety of the data becomes relevant to small organizations as well.
While large data is used to crunch numbers and details for analysis of a security breach in it will turn risky for the company.
Why Data Protection is Important?
With today’s digital transformation where everything is now digitally driven, computer data security can not be handled lightly.
In business, all the basic data like customer details to the complicated numbers like the sales predictions, everything is being stored in digitized form.
This data is used to perform certain operations and transform the way the business is being run.
For example, using customers’ experience data analytics, the company would be able to improve customers service and satisfactions.
Improving customers experience would enable them to have repeated order with you and in turn build up loyalty.
This data can be used to increase sales and drive revenue growth.
While the customer details are saved in the company’s database, it poses a threat as the company is responsible for the safety of the data.
It’s even unfortunate that cyber security threat is on the increase and the statistics of attack is showing uptrend in the cases of cyber fraud.
Many companies hold confidential data apart from the customer data and employee data.
This poses a significant threat as the expert hackers find new mechanisms to hack into the systems.
This situation forces companies to step up their data breaches prevention plan
and safeguard against data breaches in the workplace using advanced technology and following standardized practises in preventing any privacy breach.
In certain situations, organizations even face heavy fines for not taking care of their data properly and allowing a data breach to happen.
As a company grows, the cost of a data breach grows along with it. This is because when the size of the company increases and more data gets accumulated, it increases the liability and the risk factor.
In case a data breach happens then it will take a lot of time for the company to come back from it.
Considering this, it is ideal to secure your data beforehand.
Is the Investment on Data Breach Prevention worth it?
Investing in data security might be a questionable case for some organizations depending on the size of the company and financial resources.
So it is essential to figure out if it is really worth it.
In the case of a business, customers tend to buy their products or services based on the trust factor.
Through any purchase, some part of the customer information is placed with the company.
In this case, the customer trusts the company, be it big or small business, that his or her information is safe with the company.
In case a data breach happens then this trust with the customer would be lost.
The data of the customers stored in the company’s database can be hampered by a hacker which will put all the relevant data at risk.
This might even put the future of the business at risk.
And it will take the company a long time to recover from this attack and gain the trust of the customers back.
There are times when the trust has been lost forever.
To take such a risk is not wise, especially with the growing techniques the hackers are using.
At present, the cyber attacks are carried out with the help of automated systems.
There are bot attacks which will force the data security team to concentrate elsewhere and in the meantime, these automated bots will take control over the system.
These attacks if happen to an organization will cost hefty. This cost will include the loss of data, confidential information, financial details as well as the huge fines levied by the government.
Since companies are expected to invest in data security and safety, in times of attack, if the corresponding organization find out that proper safety is not established then the fine will be high.
Is it possible to be a Victim of Data theft?
The main mistake companies make is that they are ignorant of the safety of their data.
They believe that a data breach will not happen to them or even in case one happens, they can handle it.
This should be avoided and the security systems should be reviewed.
By implementing secure firewalls, stopping visitors without a genuine source, having a back-up are some ways to protect your data.