In 2022, IBM concluded that the average cost of a data breach reached a staggering $4.35 million per incident. The sizes of the corporate targets varied, but the results were the same: a loss of capital and consumer confidence. The danger to small businesses operating on limited funds is especially acute. Thankfully, taking a few simple measures can keep your company safer. Here are six tips for keeping your business data safe.
1. Engage in Data Monitoring
The business world is an increasingly data-rich environment. Data that isn’t monitored is in danger. It could become compromised or lost without your IT department being the wiser. Data monitoring is a business process in which vital data is systematically checked against quality controls to ensure standards are met. Having excellent data orchestration systems is equally critical. Orchestration means optimizing your software to make moving and processing data as simple as possible. These fundamental monitoring processes are crucial links in the broader security chain.
2. Have a Data Destruction Policy
Failure to dispose of old data properly can have massive security ramifications. Improperly discarded hard drives or physical files can fall into the hands of criminals who routinely search trash receptacles for anything of value. Shred all paper files, including invoices or receipts, before throwing them out. Include computer manuals and written-down passwords in that category. You can also wipe sensitive data from devices, but ensure your policies conform to local and federal regulations.
3. Improve Password Protection
Speaking of passwords, weak or compromised credentials have been the source of countless data breaches. Mathematics and the science of cryptology show how to strengthen them. Good passwords include a blend of alphanumeric sequences and symbols. Never create passwords that reference a personal fact since anyone who knows you might also be able to guess your password. If you must write down a password, treat it with the same caution as an ID card. In multiple ways, it is.
4. Train Employees to Recognize and Avoid Scams
Building better passwords isn’t the only thing employees should do to safeguard company data. A recent study suggested that over 80% of all corporate data breaches result from human error. Some of these mistakes were simple missteps like hitting the wrong button or misaddressing an email. Others occurred when an employee fell for a scam of some sort.
One of the more common of these is called a “phishing” scam. Sometimes, a hacker sets up a spoofed version of a legitimate website, hoping that someone will enter sensitive data. In other cases, they pretend to be legitimate institutions on the phone. Train everyone to recognize red flags and insist on proper credentials from anyone who contacts them.
5. Standardize Device Security
The collaborative nature of cybersecurity extends beyond the office. These days, many teams operate remotely in some capacity. For this reason, cybersecurity has to be on everyone’s mind. This means standardization. All user endpoints should abide by a unified set of security parameters. Installing antivirus software on all business devices is one facet of this. Good security practices are another. Using unsecured Wi-Fi connections for business purposes should be strongly discouraged, and everyone should be trained to see themselves as part of a network, even when working independently.
6. Store All Information Securely
Most organizations backup their data in the cloud as a matter of course. This is typically advisable since cloud providers usually have adequate security. That doesn’t mean it’s perfect. Consider storing your most valuable data offline in an encrypted USB drive or hard copy format. Data encryption is strongly advised at all levels. Encrypting your hard drives is helpful, as is encrypting your communications traffic. Using a virtual private network (VPN) when browsing and telecom systems with end-to-end encryption adds extra layers of defense to your network.The key to successful cyber protection is awareness. Know the threats along with the appropriate counter to each of them. Above all else, remember that keeping an organization secure means security has to matter to everyone.
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