If you have been following the news or are active on social media, you would have heard about big data breaches. Some of the biggest companies, which are supposed to have extensive firewalls have been found wanting from cyberattacks.
Having your data taken by anti-social elements can be disastrous for businesses. It does not erode the credibility of the business, but also leads to a loss of customers, sales, and revenues. According to gartner master data management, businesses need to pay attention to the safety and security of their data.
Not taking enough care towards the same can make your data management efforts to be counter-productive. In this article, we are going to discuss data safety and why it should be a top priority for businesses.
List of 5 Ways Businesses can ensure the Safety and Security of their Data
1. Look after your Internal Processes-
According to experts, fifty percent of all data breaches take place from within the organization. This means that a disgruntled employee or a wronged accountant can cause a problem much beyond their payroll. It is important to change passwords and remove clearances from employees who have left the organization for some reason or the other.
2. Fix Accountability and Responsibility for the Data-
Everyone in the organization should not have access to all data. While business owners take pains to keep the finances confidential and discreet, this should be extended to work and other processes. Only some members of the team should have access to all data. If there is a breach, you will be able to identify and pinpoint why the problem has emerged in the organization.
3. Reinforce your Data Security-
You might think that the software you are using might be enough to protect you in case of any attacks. What you should be aware of is the fact that cybercriminals are adopting more and more advanced ways and strategies to engineer data breaches. Taking help from an advanced firewall suite can be a good investment for a business looking to boost the security of their data.
4. Keep changing Passwords routinely-
Simple things like changing passwords weekly can go a long way to ensuring the safety and security of your data. This can also eliminate most of your problems with internal sabotage. Ensure that your password follows the best practices and is encrypted for the best results. Cybercriminals invest a lot of time and effort in attacking specific passwords. This will deter them.
5. Do adequate Homework and Research before going for Software and Cloud-
Experts suggest that businesses, which are looking to work with cloud solutions and other software should check for their security protocols. While some software products are good, others compromise on the security aspect to reduce their pricing. Ensure that you go for a solution by looking at its safety and security reviews.
Can Data Breaches Harm a Business in Different Ways?
As consumers become start becoming more aware of their information, businesses have been forced to make data much more seriously. Any data breach, especially financial and personal data can result in something as drastic as the closure of a business.
A breach of data is taken to a breach of the trust of a business. While you might be genuinely attacked, news cycles might be able to manipulative the headlines to say that you sold off the data of your consumers. Companies who are storing sensitive financial information need to be properly prepared for any safety or security issue.
Maintaining your data management in a secure fashion can also allow you to get positive feedback from your investors and banking partners. A business, which values the safety of its data is considered to be more genuine and credible than others.