With increasing amounts of customer data being supported by fragmented technology platforms, and bad actors launching more sophisticated attacks, organisations need to recognise the importance of data protection. If they do not, they risk a data breach, in turn losing their customers' trust and potentially even their business altogether. So, how can your business improve its data protection?
Data is the most valuable resource for any company. It allows real-time decisions to be made, predicts future outcomes and identifies business risks; but it can incur a heavy cost if ever breached. It is essential that businesses recognise the value of their data and take the appropriate steps to keep it secure.
The first step in securing data is to classify it according to privacy standards, distinguishing personal data from non-sensitive data. Sensitive data can then be protected with the application of Privacy Enhancing Technologies (PETs) to anonymise it and keep it safe. Security measures such as this serve to ensure that even when a breach occurs, no sensitive information will be at risk, and customer trust will be maintained.
Complications regarding sharing and accessing data can come about when a business lacks data responsibility. In some companies, data is often available for any employee to freely access. This can lead to two potential risks: the first is that an employee falls victim to a phishing attack and a bad actor can freely access everything the employee can. Secondly, employees can save the data and use it for their own purposes (which isn’t necessarily malicious but could still lead to a data breach). Companies should therefore put in place a zero-trust framework and ensure employees only see data relevant to their work.
Businesses that share data with other partners or suppliers without being familiar with their cybersecurity measures can also put important data at risk. In all instances, data should be secured through encryption. Opting for a secure data protection platform with a provider that keeps up to date with changing regulations can ensure continuous compliance and maintain security. Many data protection platforms also anonymise sensitive data to keep it secure at all times.
Whilst it is essential for businesses to focus on growth and innovation, it is also important for them to be aware of their cybersecurity limitations. A lack of familiarity with a business’ cybersecurity team and policies can cause a host of detrimental issues. Today, many companies are integrating new technologies such as AI, and if cybersecurity isn’t considered valuable data could be breached, costing millions in lost customers. Businesses must be equipped with the appropriate data security measures to support growth. Companies should also be aware of their overall cybersecurity, and ensure they have multiple defences layered throughout their network to effectively control and mitigate risks at every level.
Penta offers complete IT solutions for data security, regulatory compliance, and support. Designed for businesses in sensitive industries such as the financial and legal sectors. Based out of two of the world's top financial capitals.