Protect Your Data, Protect Your Business
Data is an important asset for your business, and with the increasing amount of data being generated every day, it has become more critical than ever to manage and protect it. If your data is breached, your clients lose trust, your assets are in danger, and your team is thrown into turmoil as they try to recover.
If you think that you’re too small or insignificant to be targeted, think again. Small businesses are easier targets who are less likely to be able to retaliate. Educate yourself now and take action to protect your data.
Data security involves protecting data from unauthorized access, use, disclosure, destruction, or modification. An increasing number of cyberattacks has made data security more critical than ever. Cybercriminals can use stolen data for financial gain, identity theft, or espionage. It is, therefore, essential to implement security measures such as access controls, encryption, and firewalls to protect data.
Several high-profile data breaches have occurred in recent years, resulting in significant financial and reputational damage to the affected companies. It can happen to anyone.Data breaches can have severe consequences for organizations like financial losses, legal penalties, and damaged reputations. Organizations that suffer data breaches may also be subject to regulatory investigations, lawsuits, and fines. The loss of customer trust can also have long-term consequences that are difficult to recover from.
Equifax: In 2017, Equifax, a credit reporting agency, suffered a data breach that exposed the personal information of 147 million customers. The breach resulted in a $700 million settlement with the Federal Trade Commission.
Capital One: In 2019, Capital One, a financial services company, suffered a data breach that exposed the personal information of 100 million customers. The breach resulted in a $80 million fine from the Office of the Comptroller of the Currency.
SolarWinds: In 2020, SolarWinds, an IT software company, suffered a data breach that affected several government agencies and major corporations, including Microsoft and FireEye. The breach was a supply chain attack that compromised the software update process, allowing the attackers to gain access to sensitive data.
Data security is important for any business that collects, stores, and uses data. The consequences of data breaches can be severe. Be sure to have a clear picture of your risks, proactive practices in place to protect your data, and a speedy response and recovery plan for when a breach happens.
Not sure where to begin? Use our Cybersecurity Policy Worksheet to assess and create a policy for you and your team. Identify your risk points, plan to protect them, train your people, and prepare for worst case scenarios. Don’t put off protecting your data until something happens. Make data security a priority today.