Data Security: What Your Business Needs to Know

Data Security is critical to maintaining a thriving business in the digital era. While it may not evoke immediate excitement, understanding the significance of security best practices is vital. 

 

This article will explore the importance of data protection, uncover actionable tips to safeguard your company’s information, and highlight the benefits of investing in security measures for any business.

The Scoop on Data Security

Imagine owning a thriving business; you have many customers, and your digital presence is on point. 

Everything is excellent, right?

Well, not if your data security is not up to standard. That precious customer and financial information is a treasure trove that cybercriminals would love to get their hands on – and that is where breach prevention measures step in.

Companies like Agileseventeen are rocking the digital world by ensuring we invest in top-notch data encryption. We keep our clients’ information secure while showing that we value their trust. 

You might wonder, “Can’t I keep customer loyalty by providing excellent services?”

That is important, but here is what is at stake if you do not divert some of that energy into network security. 

  • Financial Loss:

 Cyberattacks can lead to significant financial damage. That could be the costs of recovering from a breach, potential fines, or legal penalties.

According to the Harvard Business Review, publicly traded companies’ stock value decreased by 7.5 percent following data breaches in 2022. Their average market value also went down by $5.4 billion, and it took the lucky businesses about 46 days to recover to pre-breach worth

  • Risk of Reputation Damage:

A 2021 study by Oxford Academic’s Journal of Cybersecurity found that the most significant data breaches lead to a 5 to 9 percent decline in a company’s power. Interestingly, average-sized cyber attacks led to a 26 to 29 percent increase. 

Forbes suggests that minor data breaches with little negative media attention allow people to learn more about the business and its services.

In comparison, cyber attacks can have a negative impact if investors or the public are already unsure of the company’s reputation. 

This one definitely varies, but in the age of multiple options due to a saturated market, why risk ruining your reputation to potential customers or losing loyal ones? 

  • Legal trouble:

Companies that collect and store personal information from users have a legal obligation to protect it. Experian suggests that data like your medical records, passport, and diplomas can sell for up to $2000 online, so businesses must install security systems that prevent hackers from generating an income from your personal information. If not, a law corporation, The Lyon Firm, lists several class action lawsuits an organization may be liable for following a data breach.  

The stakes are high, and you definitely don’t want to gamble with your business’s future.

Making Data Security a Priority

Whether you are starting a new business, inheriting one, or want to update your cybersecurity – consider the following approaches. We do, and they have helped keep our clients’ information away from insidious, prying eyes.

Let’s take a look!

  • Educate your team:

    Cybersecurity firm Kaspersky says 90 percent of data breaches originate from email scams like phishing. Ensure your employees know potential threats through regular training sessions and workshops that educate them on best practices for data security.

  • Invest in security tech:

Don’t skimp on security software and tools. Antivirus, firewalls, and other compliance regulations are essential for protecting your data. eSecurity Planet lists the top 43 cybersecurity companies to try based on use cases, product features, and analyst reports (among other variables). We recommend starting your information security search there .

  • Regularly update your systems:

Cybercriminals are constantly evolving – so your security measures should too! Keep your antivirus or endpoint security apps updated to stay ahead of the attackers. We also suggest establishing an incident response plan so you can quickly act should a breach occur.

  • Partner with experts:

Consider working with expert companies to help you implement and maintain the best data security practices for your business. 

 

  • Establish third-party risk management:

Evaluate your vendors’ and partners’ data security practices. Require them to adhere to strict data protection standards and conduct regular audits to verify compliance

 

  • Foster a culture of security:

Make data security a part of your company’s values, and encourage everyone to take responsibility for keeping information safe. 

 

In today’s digital age, businesses must prioritize data protection to ensure success and maintain the trust of their clients and partners. 

Contact us @talkagile@agileseventeen.com to see how we can help your business thrive in the digital age, securely and confidently. 

 

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