5 Key Reasons To Protect Your Company’s Data

Many business owners don’t fully comprehend the importance of keeping their business data safe. Why should privacy matter to your company? Most businesses have at least a 25-percent chance of a data breach happening. IBM released this statistic in 2017 and it has only continued to grow. If you care about the longevity of your business, it is important to get ahead of security threats before they happen. Your best course of action is to assume a data breach at some point is imminent. Below are some of the top reasons why you need to take the protection of your business data seriously.

Data And Security Threats Are Constant

Today, almost everything we do is connected by technology. Because of this, it is practically impossible to avoid all possible hacking scenarios. Oftentimes, movies portray hackers as creepy individuals sitting in a dark room trying over and over again to crack a password. Unfortunately, hackers have arsenals of malware, social engineering tools and automation tools to use.

Hackers now have the ability to create an automated box that will search the internet each day looking for websites that have vulnerabilities. Phishing scams have been around for decades and are still a popular way for hackers to gain access to any companies’ important and private data. Even though your email provider may have filters to safeguard your business from phishing emails, there are still ways for hackers to reach you. Companies should keep their employees updated on data safety and protection procedures.

Data Breaches Can Cost Your Business

Experiencing a data breach at your company can be financially devastating. It can also hurt a company’s reputation as it puts clients’ sensitive and personal information at risk. Larger companies may have the ability to absorb these expenses, but smaller businesses can end up failing after a data breach. If a hacker is able to infect your business with malware such as ransomware, it might lead to your data being locked until you pay a large fee.

Hackers Are Evolving

Most data breaches are done to exploit a company’s privileged data. Hackers find ways into a company’s system by gaining the credentials of an employee. There are indirect ways these hackers are able to gain employees’ credentials. If you have an employee working for you who ends up using the same login information for their professional and personal accounts, data breaches from other places could compromise your own system. 

Phishing scams are common ways hackers gain access to employees’ credentials. The hackers will trick workers into opening emails to click on the links inside. These malicious links can contain different forms of malware.

Your Business Data Is Important

Accurate and private business data helps you to optimize your operations and keep an accurate record system. It is also necessary to help service your customers more effectively. It will give your business a competitive advantage. Additionally, it is an important tool for today’s business arena. It should be realized, however, that not all data is needed or useful.

Some businesses allow their useless data to build up and wreak havoc on the organization of the company. When your data becomes obsolete, it is important to periodically delete what you do not need. It is also important to make sure your data is deleted from all devices. Any printed materials with obsolete data need to be shredded and disposed of off-site. 

Even in this advanced technological era, there are still thieves and hackers who will gain information from those businesses who don’t take the necessary precautions and destroy printed materials with important private information on it.

Your Business’ Reputation Is At Stake

Another important reason to protect the data of your company is that your reputation depends on it. Any type or size data breach can be devastating for a business. The damage to your reputation can be long-term. This is even truer when it pertains to customer data. If your company keeps records of your customers’ data, those customers are trusting your business to keep their information safe. They also trust you will dispose of their private information you no longer need safely.

If you are a small business owner, never assume you are safe from thieves and hackers. No matter what size your business is, it is important to keep your information safe. Your company’s reputation depends on it.