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Top 3 Security Practices That Protect Your Business Data

Being the lifeblood of your business, data is inevitably weaved in all your operational processes. Whether we’re talking about a huge corporation or a promising start-up, information security can make or break your business.

We don't have to go far in search of the repercussions when a business fails to safeguard confidential information. In May 2019 Canva, an Australian tech unicorn and a graphic-design tool website made the headlines when confidential data of almost 140 mln users have been put up for sale on the dark web.

If you are still not impressed, how about some stats? The average cost of a data breach in 2020 is around $150 per one compromised record that contains Personally Identifiable Information. It sounds like a sweet spot to make cybercriminals prey on this precious commodity. As a result, almost 25% of businesses fall victim to data breaches with an average fraud loss of almost $40,000.

So if your company’s New Year’s Resolution is to amplify data security, read on for proven practices to keep hackers at bay and give your valuable information the love and care it deserves.

Getting ahead of cybersecurity breaches: Business edition

Stick to the essentials

The more data you pile up about your clients and employees, the more effort it takes to keep this data safe. Companies are usually big overdoers regarding the amount of stored information. As a result, their clients are the ones who take a hard blow when data falls into the wrong unauthorized hands.

To mitigate possible risks, store only the essential or critical data required for your business needs. In case you require additional information for the time being, make sure to dispose of it properly when you no longer need it.

Create a data fortress

Scammers and hackers are always looking for new ideas. Sometimes, they treacherously use a savage cyberattack. Sometimes, they creep in through a back entrance to your operating systems or security. Sometimes, they send welcoming ‘postcards’ with totally legit links. That is why you need perimeter fences to safeguard your business data. To make your fences indestructible, you need to:

use firewalls;
make sure your antivirus is up and running;
use a U2F Key or other two-factor authentication;
encrypt, encrypt and encrypt more;
disable webcams and microphones (conspiracy theories have entered the chat).

Educate your employees on data security

Unfortunately, email security and employee training are usually among the top problems faced by companies even in our digital times. Not to mention, that more than 30% of employees don’t have the slightest idea of what phishing or malware is. In reality, even cutting-edge technologies won’t save companies from data breaches, as employees are the most common entry points for phishers.

Therefore, cyber literacy is crucial for organizations with sensitive information. As the Advanced Computing Systems Association (USENIX) suggests, the ideal training cadence occurs every 4-6 months with recurrent “live fire” training exercises and constant reminders.

By investing in regular cybersecurity training and making it part of the onboarding process, companies make sure they don’t find themselves in the headlines.

Along the same lines, we'd like to express our thanks to Flatfile for sponsoring this newsletter. Flatfile Concierge seamlessly migrates customer data using a secure, collaborative, no-code environment.

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To Sum It Up

Even with emerging technologies and tightening cyber regulations, cybersecurity still presents a weak spot even for the most tech-savvy companies. As threats are becoming increasingly sophisticated, neither small companies nor giant enterprises feel comfortable with storing sensitive data.

Although there’s no silver bullet on best cybersecurity tips, such essential practices as storing only the necessities, using firewalls, and the U2F key, as well as raising awareness can save your companies from backfire.

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