In 2022, data breaches have become a common threat to companies of all sizes and kinds. That’s why responsible company owners need to take cybersecurity and the prevention of data breaches seriously.
Data corruption and stolen information can cause irrevocable harm and become a financial burden. As a matter of fact, the cost of a data breach in 2021 averaged $4.24 million, and it took approximately 270 days on average to identify and contain a data breach.
In that regard, no matter your business size, you must take proactive measures to protect your data and information, and prevent data breaches before they happen. Because when a business experiences even the slightest data breach, expenses can add up quickly.
Having cyber liability insurance as a standalone policy or as an add-on to your BOP coverage can help you survive the financial repercussions of an eventual cyberattack by paying for recovery costs. Nevertheless, it’s best to adopt strategies within your working operations to avoid these unwanted breach scenarios.
Here are some proven ways that you can use to effectively keep your data safe and protect your company from a data breach.
Evaluate Your Current Security Protocols And Procedures
First, you should look at your existing security procedures and protocols. For instance, layering your security capacities is the best approach since hackers will now have to infiltrate through multiple safeguards before conducting any data breach.
Tools like encryption, secure file-sharing software, firewalls, and antivirus software can all help you protect your sensitive data from getting into the wrong hands.
In addition, if your cloud-based data storage provides security tools, it would be best to configure your own safety measures as well. For example, limit the cloud access only to employees and always use an extra layer of protection, like single sign-on or multi-factor authentication.
Last but not least, make sure to frequently back up your data so that your system can promptly restore your most current data in case of a data breach.
Train Your Workforce To Follow Security Protocols And Procedures
Your company’s data security largely depends on your workforce understanding the above procedures, policies, and protocols. To do that, clearly define password requirements, user access rules, and other security measures.
Even though most people can immediately spot email scams when they read them, take the time and teach your employees how to recognize even the less apparent ones like phishing, where emails seem to have come from official organizations but contain malware.
In addition, data breaches can come in many different forms, and even hard copy files are also susceptible to theft. For that reason, institute a clean-desk policy so that no employee leaves files visible at the end of their shift.
Also, don’t allow documents to stack up while they wait for shredding. If you can’t destroy them quickly, perhaps it’s the right time to consider hiring a service to shred your unnecessary files.
Make Your Company PCI Compliant
If your business stores, processes, or transmits credit or debit card information, then you need to ensure that your business operation is compliant with the Payment Card Industry Data Security Standards, or PCI DSS.
Failure to be in full compliance with these standards could lead to costly fines and penalties if you experience a data breach.
Insist On Top-Notch Security Measures For All Company Devices
Modern-day employees appreciate the possibility of having their work-issued laptops, smartphones, and tablets with them away from the company premises. Nevertheless, for companies, it’s easy to lose track of these important company assets in the form of devices or to be careless about how and where they get stored.
For that reason, insist that your workers follow certain policies when it comes to using company devices. Your company policies and protocols should prevent leaving company devices out in the open or taking them to unsecured, public locations. Stolen and lost devices are a significant security concern and represent a chance for a data breach, so warn your employees accordingly and make sure they follow the organization’s security measures.
Final Thoughts
Keeping your business’s information and data secure and preventing data scrutiny involves more than just one step. As the days when a username and password offered enough protection are definitely over, businesses of all sizes need to make cybersecurity a much higher priority.
To achieve that, make sure that your company uses the latest software to safeguard your data, evaluate and upgrade your security protocols, and educate your employees on how to follow your security policies. Additionally, make your company PCI compliant, track your company devices, and of course, get insured in case something goes south. This way, you can minimize the risk of an eventual data breach, and if an attack does occur, your company will be better prepared to respond.