- Ensure proper data management with data governance, security protocols, quality assurance, and lifecycle management.
- Comply with data privacy laws and regulations using ISO 270001 compliance services.
- Obtain cyber liability insurance to cover losses due to stolen customer information.
- Implement policies and procedures to protect against cyberattacks, phishing scams, malware attacks, etc.
- Monitor the system regularly for any unauthorized access or use of data.
Data is becoming increasingly crucial for businesses of all sizes. In today’s digital world, data can mean the difference between success and failure for any business venture. It allows companies to understand their customers better, improve products and services, increase sales, produce more efficient operations, and gain a competitive edge in the market.
Statistics show that businesses that have adopted advanced data practices outperform those that haven’t by 20% or more in revenue growth. According to McKinsey Global Institute, big data analytics organizations experience 4-6% higher profit margins than those that don’t. The same report also found that companies with highly developed data analytics capabilities are twice as likely to be in the top quartile of financial performance within their industries compared to others.
However, protecting data will be vital to the success of any business. Data breaches can cost companies thousands or even millions of dollars in lost revenue, not to mention damage to reputation and customer trust. Companies must make data security their top priority. Here are a few steps you can take to secure your data and protect your business from potential breaches:
Ensure Proper Data Management
Data management is essential to ensure data security and protect businesses from potential breaches. Proper data management can help organizations identify, store, and process data most efficiently. Here are a few essentials for effective data management:
Data Governance
Data governance provides policies, procedures, and guidelines to ensure all data is managed correctly and securely. It should include the roles and responsibilities of those who access and manage the data and how it should be stored and protected.
Data Security Protocols
Data security measures should be implemented to prevent unauthorized access, use, or disclosure. These measures may include encryption technology, multi-factor authentication, access control systems, network monitoring systems, patching software regularly, and implementing physical security measures such as locks and biometric scanners.
Data Quality Assurance
Organizations must have processes to ensure that all data is accurate and up-to-date. This includes regular audits of functions related to collection, storage, analysis, retrieval, backup, destruction of data assets, and validation checks on incoming or outgoing datasets.
Data Lifecycle Management
The lifecycle of each piece of data must be managed correctly, including when it was created/obtained; how long it needs to be retained; how often it needs to be reviewed; when it needs to be backed up; when its accuracy might need verification; when it needs updating; when it becomes irrelevant; and when it should be disposed of safely/securely.
Ensure Compliance and Regulations
Data privacy laws are designed to protect individuals and organizations from the misuse or unauthorized access of their data. Companies must be mindful of data privacy regulations when collecting, managing, storing, and disposing data. One way to ensure a business complies with data privacy law is by obtaining reliable ISO 270001 compliance services.
ISO 270001 compliance is an international information security management system (ISMS) standard. The bars guide organizations in controlling, managing, and securely protecting their confidential information. It provides best practices for handling sensitive customer information such as social security numbers, bank account details, and other personal information that could lead to identity theft if compromised.
Compliance with ISO 270001 demonstrates a company’s dedication to protecting its customers’ data. It ensures processes are in place to prevent malicious actors from gaining unauthorized access to the company’s records or system. Implementing this standard helps businesses improve their security by implementing policies and procedures to protect against cyberattacks, phishing scams, malware attacks, and more.
Seek Insurance Coverage
Unfortunately, data breaches can still happen despite a company’s best efforts. As such, businesses need to get an insurance policy covering at least part of the costs associated with a data breach. Cyber liability insurance can cover losses due to stolen customer information, legal fees and penalties, and funds to investigate and restore systems in case of a data breach.
Many insurance providers will offer this coverage, so research and select the best one that meets your data security needs. You can also consult a qualified attorney to help you choose the right policy and ensure all your bases are covered.
Final Thoughts
Businesses can keep their data secure and protected from potential breaches by taking these steps. Data security should be a top priority for any business, as it can mean the difference between success and failure. Taking proactive measures to protect customer information and prevent costly data breaches is essential.
