Many small business owners take data security for granted only to learn the hard way when their personal information becomes compromised.
The fact data is stored away in computers and protected with a password is not enough protection – meaning these devices can still be easily compromised.
Here are reasons data protection is integral to the success of your business:
Protects the reputation of your business
The success of your business is tied to its reputation. People would find it difficult to do business with you if they do not trust you and your business. When your customers make a purchase on your website, they are entrusting you with their personal information; an unintentional leak can damage the reputation you have worked hard to build.
Protects from financial loss
According to a recent study by Kaspersky Lab, a data breach can cost a small business up to £100,000 in out-of-pocket expenses and indirect recovery costs. This shows how much your business stands to lose in the event of a data breach, and this figure does not take into consideration the costs you may incur from litigation. Making data protection a priority reduces the risk of a data breach.
Your data is your asset
It is important to tell your clients that your business data can be used for business related purposes such as revenue optimisation, risk mitigation, and business expansion. Because your business information can generate future benefits, it is an asset. Any asset that assists in the growth and success of your business should be secure.
Guarding against data security threats
It is common for businesses to overestimate their ability to protect their business data and deal with security threats, and this has resulted in successful data breaches. That you are a victim of a data breach is no reason to close your business, there are cloud dynamic recovery options that allow you to continue operations while putting your house back in order, but the following simple preventive measures should be taken to prevent future occurrences.
- Data Backup: Make sure you have an effective backup system for your data, such as cloud storage.
- Virus, Spam and Firewall Protection: It is vital that your business has a good security system in place. This includes virus, spam, and firewall protection.
The popular saying “it is better to be safe than sorry” is apt for data protection, as it would cost you more to recover from a security breach than to prevent one.
