In this data-centric era, businesses are more worried about data security than ever before. With the growing cyber-attacks, data breaches, and similar other data-centric issues, customers are now more concerned about how their data is collected, processed, and handled by an organization. In such situations, data security plays a key role in setting up such security infrastructure that minimizes data breach chances. Therefore, setting up robust data security is as vital for businesses as delivering quality services. In this blog, we will provide a comprehensive guide on data security and its importance in the present era.
What is Data Security?
Data security is a proper mechanism set up by a company to protect its data from unauthorized access, cyber-attacks, or other data loss situations. It involves proper evaluation of the data sensitivity, possible data breach chances, different approaches to secure data, and picking up the best tools and tactics to set up a solid data security framework.
6 Key Reasons Why Data Security is Important
It is very difficult for any business to grow without ensuring proper data security because cyber-attackers will leave no chance to make an impact if they find any security loopholes. Following are the six key reasons that showcase the importance of data security:
1. Avoid Data Breach
Every year, the scale of cyber-attacks is growing exponentially. Cyber-criminals are deploying more advanced and sophisticated tactics to breach through networks. Small businesses are more attacked by them because of the poor data security measures. Small businesses believe that their operations and business scale is small, so hackers won’t be noticing them. But the reality is a bit different. Small businesses don’t spend much on data security, which leaves multiple loopholes in their system. This way, hackers have more chances to breach through the systems. But large enterprises are also on the radar of cyber-attackers. Therefore, there is a need to take data security seriously and put up more advanced measures to leave no room for cyber-attackers.
2. Ensure Business Continuity
In the present digital era, it is impossible for businesses to operate without data. Data has become the main part of business operations and decision-making. If data is so valuable to businesses today, then what will happen if out of a sudden the data is lost? For example, there can be sudden data loss due to a cyber-attack, natural disaster, hardware and network drives malfunction, software failure, etc. If a business suffers data loss, then it not just loses customers’ trust, but might also face regulatory constraints. In short, business continuity can become a questionable thing. But if a company has set up proper data security measures, with different layers of protection/backup for different kinds of data, then it is very rare that it would face a severe data loss situation.
3. Avoid Unauthorized Access
Today there are many ways to get hands on the business crucial data and one such way is unauthorized access. It can be due to a silent breach made by a hacker or it can be done from inside the workplace due to no proper authorization mechanism. Not all employees should have the same level of access to all kinds of data. Because if employees can easily access any data, then the unintentional human error might expose that data to cyber-criminals looking for such mistakes. Therefore, businesses have to set up such security systems in place where only certain employees should have access to business-sensitive data, while the higher authorities should be able to monitor who is accessing data. Similarly, more advanced data security measures should be set up that can detect system loopholes beforehand and address any possibility of unauthorized access before any damage could occur.
4. Protect Company Reputation
As mentioned earlier, customers are now more concerned about how their data is processed and handled by a company. Imagine your company encounters a data breach or other such situations that caused valuable data loss. Other than getting severe financial damage, your company’s reputation will also be ruined. You will lose customers’ and investors’ trust, and if you are a small business, then the game might be over for you. Now imagine if your company has set up sophisticated data security measures that prohibit most of the data loss situations and provide top-notch protection to individual files and all business-sensitive data. In such a case, your customers and investors would be more comfortable with your company security measures and your company reputation will keep growing. So, directly or indirectly, your company reputation is associated with how well you set up data security measures.
5. Avoid Unnecessary Expenditures
Small businesses are often hesitant about spending significant time and budget in setting up a proper data security infrastructure. But they don’t realize the monetary damage they have to bear if a data breach occurs. Data such as business financial details, customers sensitive information, employees’ details, and similar other information are some of the core data assets that no corporation wants to lose. But if they remain hesitant towards adopting initial backup and advanced data security measures, then losing such data assets might turn into serious monetary damage.
6. Possibility of Data Backup
Data security does not just focus on protecting data from outside threats, but it also helps to avoid data loss by setting up proper data backups. There are two ways companies can set up data backups, as follow:
Local Backup: A local backup is an on-premises data backup, where an organization backup the data in an on-site server, external hard drive, etc. There are different tools that help organizations to perform the manual or automatic local backup of data hassle-free. This way, organizations have created a separate copy of the data that can be used in case of primary data loss.
Cloud Backup: A cloud backup is a remote (cloud) data storage, where a company backup the data in the cloud using the third-party cloud backup service. Usually, cloud storage services provide a web interface that allows companies to backup, access, and restore data. Such online backup services also provide file sync feature, data access via mobile device, and similar others.
With the presence of an unlimited number of data vulnerabilities, it is not possible to say that a business can survive without proper data security measures. Data security gives peace of mind and also encourages more customers to trust the services. Spending few bucks on data security saves thousands of dollars, along with the surety of business continuity. In a nutshell, data security is as important as increasing the customer base and delivering top-notch services.