Data protection – How to keep your business safe.
DISCLOSURE This post has been written for the Morning Business Chat blog by an outside source and published in return for money. I hope as always you find this information helpful.
Effective data management has become utterly important for every business due to the sheer amount of data being generated by businesses and the increasing number of compliance regulations. Unfortunately, over the past few years, there have been several data security breaches.
World class companies, together with, small to midsize businesses have been hacked. Whether it’s a security breach or data is lost due to a natural disaster, your business will likely to suffer massive consequences. Here’s why data security is so important for all business:
Minimized Errors
Proper data security helps to minimize potential errors and damages that may be caused by poor data management. When data is lost, employees have to deal with time-consuming issues without the help of computer databases, not to mention, important business decisions end up being made using low-quality data. Therefore, effective data security strategies like data management tools and data quality must be implemented to protect business data.
Business reputation
Businesses strive to offer trustworthy products and services to their customers. When clients trust your company, they provide you with sensitive information such as home addresses, personal phone numbers, bank account or credit card numbers, and much more. It’s your responsibility to protect that information.
Security breaches can damage the trust clients have for your business and potentially alienate future partners. Depending on the magnitude of the breach, rebuilding your brand’s reputation may take years or even never. Plus, stolen information may put your customers at risk.
Luckily, there are several ways to protect your business data, one of which includes implementing an ISMS (Information Security Management System). And, with the help of the ISO 27001, you can get instructions on how to build, manage, and improve your ISMS.
Unnecessary Expenditures
Most business owners fail to invest adequately in data security because they underestimate the harmful effects data breach can impose on their business. For starters, businesses are legally responsible for any information theft. And, your business might have to incur unnecessary expenditures to cater for the effects of a data breach.
These expenditures can include the cost of disruption of employee workflow, auditing services, cost of the remedies necessary to restore data safety, fines, legal fees, and repaying other financial losses.
Protection from Data Related Problems and Risks
Big data creates potentially huge risks in terms of data quality, responsible use and data protection. Data security and proper data management are both important to ensure vital information is never lost and most importantly, doesn’t land into the wrong hands. Data security is also essential as it increases competitive advantage, supports compliance efforts, and unlocks business value.
Efficiency Improvements
Data insecurity can lead to loss of data, which affects data quality and leads to a considerable loss of efficiency. Time spent locating misplaced data or regenerating lost data can be quite costly for any business. On the other hand, when data is properly managed, enhanced, and updated, it provides instant access to business information. This increases work efficiency, boosts overall productivity in business, and saves you time & money.
