Why Protecting Your Digital Data Is Vital for Business Success

Firms rely on employee data to figure benefits, wages, days off, and to detect promotion candidates. They use customer data to develop marketing strategies, personalize their content, simplify the sales funnel, and much more.

Large or small, multimillion or barely making ends meet, each company ought to be dedicated to following the best data security practices. After all, digital information is at the center of virtually every business, and it has to be protected.

Data may be used to raise revenues, but they may also be the reason for financial and legal issues. Data breaches are very common and can be due to different factors — human error, bad selection of a hosting provider, cyberattacks, vulnerabilities into your site’s layout, to name but a few. So, it’s crucial to protect information on all fronts if you would like your business to flourish.

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Better Legal Compliance (GDPR)

GDPR, or General Data Protection Legislation, was created by the European Commission as a way to reform data security in the electronic age. Essentially, it is a regulation that protects private data by dictating how companies can collect information, manage, use, and protect it.

Even though the regulation was primarily made for the EU, GDPR compliance is vital even to companies outside the EU. US companies that process data of customers, customers, and partners within the EU need to get GDPR compliance.

If you are unable to abide by the GDPR and protect sensitive company data, you could face legal implications and be forced to pay exorbitant fines and penalties. More serious offenses could end up costing you around $20 million (∼$23 million), or up to 4 percent of your whole global turnover.

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Prevent Breaches and Stolen Data

According to a market study done by HostScore.net, the first quarter of 2020 saw a substantial growth in both the amount and quality of DDoS (Distributed Denial of Service) attacks. A DDoS attack can easily lead to the loss of confidential information, which puts you, your customers, and your business partners at risk.

If confidential information is exposed or compromised, you and your business partners could face heavy fines, though your customers’ personal data like credit card information may expose them to credit card fraud.

A data breach often leads to significant financial losses and opens you up to suits, so preventative measures will need to be taken seriously.

Some of the basic preventative measures include updating your firewall and patching any vulnerabilities it’s, using secure protocols like HTTPS rather than HTTP, having intrusion detection systems that monitor your system, and using back-ups to avoid loss of information.

Although a lot of SMB owners think that they are not at risk of a data breach as a result of limited funds and financial assets, they really are. The most frequent cyberattack targets are, in actuality, small businesses with inadequate security practices.

So, it’s vital to guarantee a bulletproof strategy for site security, point of sale protection, cloud safety, and much more.

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Protect Your Reputation and Brand

A data breach or a cyberattack does not only lead to legal and financial troubles. It may cost you your reputation. Yahoo experienced one of the greatest data breaches back in 2013. The breach was discovered just three decades later, and the moment the information dropped, the provider’s value went down by $350 million, and its reputation went down the drain.

Building an fantastic reputation is an arduous undertaking. You need great client relationship management, experienced staff, superior products/services, and years in the business. However, all that hard work could go to waste after one security violation.

Reputation is a delicate concept requiring intense dedication and can be dropped in an instant.

The biggest problem here is that while establishing your reputation is challenging in itself, rebuilding it’s even more so. Rather than risking it by lenient cybersecurity practices, make sure your employees know how to adequately protect information, invest in powerful firewalls, track your website for vulnerabilities, use protected web hosts, and have rigorous cybersecurity policies in place.

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Clients Want Companies That Protect Their Information

The average customer does not know much about information protection, but they know they need their information to be secure. They want the companies they come in contact with to operate on protecting their information.

Any hint that an internet business isn’t serious about information security will push them to leave this company and go to their opponents. Many customers will avoid sites using the unsecured HTTP protocol rather than the HTTPS. They’ll search for trust seals such as”Verified” or”Secure,” they will start looking into the URLs, and assess for secure payment seals. Although few will read it, many clients will try to find the privacy policy. They will avoid websites with suspicious pop-ups and a lot of advertisements.

It doesn’t require much effort to go from competitor to competitor online, and it is far better than risking private data by sharing information with an unreliable company.

If you wish to enhance customer experience and ensure their loyalty, you want to show them that you are taking data security seriously.

Q&A

Protecting digital information is a complex process which may leave many confused. To glow light on the subject, here are a few of the most often asked questions about information security and their succinct answers.

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What’s Data Protection?

Data protection is the practice of keeping sensitive data protected from theft, corruption, or loss. Sensitive data includes customer names, physical addresses, telephone numbers, credit card information, email addresses, social security numbers, previous transactions, and much more. Businesses will need to keep this information secure from data breaches and cyberattacks, unauthorized access, and distribution.

How Can a Business Comply With GDPR?

The first step towards ensuring GDPR compliance is analyzing how information moves through your organization. Have a standardized procedure for data collection, be clear about which sort of information you are collecting and why, explain the best way to save information, whether you share it with third parties, and how you dispose of it.

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Produce a comprehensive privacy policy and often perform data analysis. Establish strict data security policies and be certain all your employees follow them.

How Much Can a Data Breach Cost Me?

Determining the specific cost of a data breach is dependent upon your particular business and industry. According to research, the typical cost of a breach is $3.86 million. However, bear in mind that it is not only your financing that could be in danger in the event of a data breach. Your reputation can have a substantial hit, costing you both new and old clients alike.

What’s Personal and Business Data?

Personal data is any information which may be used to identify your customers, employees, or partners personally. Including names, credit card information, home addresses, telephone numbers, SSNs, and much more. On the other hand, business data is any sort of data pertinent to your company. It can be your company’s net worth, number of employees, earnings and losses, and much more. Personal and business information can, occasionally, be amalgamated, and it is critical to keep them both protected.

Final Thoughts

Data security is nothing to be dismissed. Any info breach or data corruption could open you up to lawsuits, financial losses, and business issues. Make certain that your information is kept secure at all times.

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