How Companies Can Secure Their Data Against Threats
In the modern world, data is the new oil, with companies collecting, storing and analysing huge volumes of it every day. Data is increasingly being used by business leaders to inform decisions and develop effective strategies for success. Organisations which make good use of data are more likely to see improvements in how they make decisions, and there’s a growing trend for businesses to collect as much data as possible.
While data analytics can be an incredibly powerful tool, companies need to recognise the potential risks that come with it. Mishandling and misuse of data can have disastrous consequences for an organisation’s reputation and may lead to increased incidences of hacking, fraud and phishing attacks. It’s important that companies secure their data properly to help protect against serious threats.
Secure Data Storage
Before collecting data, it’s important for companies to assess how they will store it securely. A strategy for how to protect the data should be formulated, taking into consideration potential vulnerabilities and how they can be addressed.
Data can be stored on a variety of different devices, and it’s important that an appropriate solution is found. You can click here to see different examples of portable memory units which are ideal for a wide range of purposes. Cloud storage is growing in popularity as it provides greater accessibility for all employees. It’s important to weigh up the advantages that each method provides against the potential security flaws.
However the company chooses to store its data, it needs to be encrypted for maximum security. Encryption prevents the data from falling into the wrong hands and ensures that only authorised users can access it. There should be clear policies for how data is collected, stored, analysed and used. In addition, it’s important for the company to consider how it will respond to potential data breaches.
Educating Employees
One of simplest ways to minimise the threat of cybercrime and ensure improved data protection is to properly educate employees. All employees should be trained to know proper data protection guidelines. Simply leaving the data protection to the experts will result in issues, as a chain is only ever as strong as its weakest link. An entire business can suffer the consequences of a single employee acting against protocol.
When educating employees, it’s vital that the importance of data security is stressed. Everyone working for an organisation needs to understand the potential consequences if protocols aren’t followed. Training should inform of cyber threats and staff should always be kept up to date with the latest methods that criminals use for phishing and fraud.
Education should be a continuous process at any company, particularly one that handles sensitive data. Protocols should be updated regularly to ensure the company stays one step ahead of any would-be criminals. Regular training programmes might be costly, but they can prevent the company from losing money due to data breaches.
Following Data Protection Regulations
Allowing a data breach doesn’t just damage a company’s reputation with its customers, it can also mean big fines and punishments from regulators. Data protection laws ensure that companies are using data responsibly, meaning customers face fewer risks of their sensitive data falling into the wrong hands.
When establishing data protection protocols within the business, it’s essential that the organisation takes these regulations into account. Companies should set up strict access controls to limit which staff can view sensitive data. This helps prevent potential breaches and also makes it easier to locate the source of a breach if it happens.
One of the best ways to ensure data protection regulations are adhered to is to ensure that only vital data is ever stored. While data can offer companies enormous advantages, simply storing it without purpose doesn’t achieve anything. All collected data should be deleted after a time, and only essential data should be kept.
Wanda Rich has been the Editor-in-Chief of Global Banking & Finance Review since 2011, playing a pivotal role in shaping the publication’s content and direction. Under her leadership, the magazine has expanded its global reach and established itself as a trusted source of information and analysis across various financial sectors. She is known for conducting exclusive interviews with industry leaders and oversees the Global Banking & Finance Awards, which recognize innovation and leadership in finance. In addition to Global Banking & Finance Review, Wanda also serves as editor for numerous other platforms, including Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.