Every business owner needs to understand cybersecurity and the risks associated with weak data security. Data security is an essential part of your business setup. It prevents unauthorized access to your corporation’s data. It protects your company’s data, as well as safeguards clients’ data from theft and misuse. It can save you and your business from severe financial and reputational damages.
With all the drastic cybersecurity breaches taking place around the world, it is no longer optional to have data security in place when running a business, it is essential.
We have brought together various data and cybersecurity experts and business owners to help us better understand the importance of data security.
To Prevent Breaches That Hurt Businesses
“Implementing strict security protections to protect personal data is a privacy standard that is similar to all international privacy standards and a prerequisite of all data security and privacy legal requirements. As a result, organizations that adopt these controls will see a decrease in the number of cybersecurity threats that result in data breaches. Fewer violations mean the company does not lose interest, and as a result, consumers or other forms of business are lost. It also ensures that the company will not be subjected to fines, multi-year damages, or civil suits as a result of the violations.”
Daniel Foley, SEO Manager at Litta
To Maintain And Improve Brand Value
“An Insights survey stated that the 46 percent of companies experienced credibility and brand image harm as a result of a data breach. Organizations, that make it clear that protecting their customers’ privacy is a top priority, care for their customers’ privacy, and promote that mission with straightforward and consistent privacy policies that show this care can strengthen emotional bonds with their brand, increasing brand value.”
Amber Morland, CEO & Founder of WinCope
To Strengthen And Grow Business
“According to a study, 93 percent of Americans want control over the groups and individuals that are permitted to gather data about them, and 90 percent want control over the particular types of information collected about them. These views seem to be universal. Businesses that enforce privacy safeguards and provide such controls will improve and expand their businesses, as customers will prefer them to rivals who do not provide these controls.”
Hamza Ghayas, Marketing Manager at GSDLovers
To Keep The Trust Of The Public, Investors, And Customers
“According to a survey, 65 percent of people whose personal information was compromised lost faith in the company that was breached, either directly or as a result of the breach in a few of the contracted vendors. One out of every four people who were hacked moved their company elsewhere. Organizations that fail to enforce privacy safeguards and suffer data breaches can lose confidence, resulting in lower revenues and fewer customers.”
Andrew Smith, Founder of CozySeating
Ensure Business Continuity
“Data has become a key asset at the center of most business processes and decisions in today’s data-driven environments, and most companies are unable to survive without it. Imagine waking up one day to discover that all of your data has disappeared due to a data breach, equipment failure, or natural disaster. A company would be unable to operate if any of these incidents occurred. Data management ensures that regular copies are made and made available in the event that original data is lost or unavailable, allowing for business continuity.”
Erwin Caniba, Co-Founder VPNThrive
Cyber Attacks Can Affect Businesses Of Any Size
“I believe that many small and medium-sized companies make the mistake of believing they aren’t vulnerable to hacking. Hackers, on the other hand, have been known to target any form of company, large or small. Fast-growing small companies, in particular, are the most vulnerable to a cyber attack because they lack the ability to clean up the mess. While it’s not advisable to disregard data protection only because you’re in a good financial place, a large corporation can at least manage the financial burden. No one would want to waste money or harm the brand’s image unnecessarily.”
Miklos Zoltan, CEO & Cybersecurity Researcher Privacy Affairs
Your Company’s Assets Include Your Data
“Anyone in charge of a corporation is also the owner of information about the company. It contains information about the company’s services or products, financial and business strategies, and information about the consumers of the services or goods. Other company data is used to boost sales, risk reduction, and overall company performance. Data is an invaluable asset for your company because it can create potential benefits. Data protection is vital to protect your company’s assets and all assets used to improve your business must remain confidential and safe.”
Mike Dragan, COO at Stream Live
Data Security Is Important For Every Business, Small And Large.
“I often hear ‘oh I’m too small to be hit with a cyberattack’, there is no such thing as being ‘too small’. Right now, ransomware is your biggest threat. Hackers are sending out thousands of emails at a time in hopes of gaining at least a few victims (they don’t care who). These malicious actors are relentless and will not stop. They are becoming smarter and smarter every single day, leaving your store-bought antivirus just about useless.” says Tom Kirkham, the CEO of IronTech Security. He recommends advanced data security for protecting your business:
“You must have cybersecurity defense in place to prevent these threats from attacking your business. Not only are you protecting your data, but your clients’ and customers’ data as well. How would they feel if their information was leaked on the dark web because of a data breach within your business? It takes years to build a reputation, a data breach could ruin it in a matter of seconds. It’s not ‘if’ you’re hit with a breach, it’s ‘when’.”
Kirkham advises multiple layers of security for effective protection, “Take the proactive approach and have defensive layers in place (more than one). This is known as defense in depth, or layered security. We recommend having a technical control like an EDR and an administrative control like continuous cybersecurity training. Ttwo security layers that will dramatically improve your security posture.”
Tom Kirkham, Founder and CEO of IronTech Security, provides cybersecurity defense systems and focuses on educating and encouraging organizations to establish a security-first environment to prevent successful attacks.