Large data breaches have become a daily reality. While small companies are targeted 54 percent of the time, a breach will have an effect on any size business. If you are a business owner, you need to be concerned about your reputation, the cost and length of rebounding from a breach and security threats that continue to increase daily.
You worked hard to build your business to its current level of success. This likely took many years of determination and effort. A data breach can erase a sterling reputation in a second, namely the trust the business earned with its customers. A prime example of lost trust is Target. In 2013, the chain was hit by a major hack that exposed customer financial data. Two years later, the store has not completely recovered from the incident with its sales figures much lower than before the breach.
While businesses can and do recover from data breaches, it is very costly. Individuals and banks often seek restitution for lost money, which a large company can handle with the assistance of marketing and financial experts. If you are running a small business, the cost could be devastating and may cause bankruptcy.
Keeping data safe was easier in the days before the Internet because there were very few points of access. While technology has made running a business faster and easier, it has also given criminals many new, sophisticated weapons. As a business owner, you need to be vigilant in regard to unauthorized access, data interception and hardware theft.
You can take steps right now to prevent a data breach:
- Be proactive and put together a security plan to ensure the trust of customers and other concerned parties.
- Data security needs vary between businesses. Find the approach that works for your business and build the defense from there.
- Business owners and IT workers are not the only ones responsible for data security. Train managers and employees to keep data safe and make sure they remain in compliance.
With most business now conducted in the cloud, data security will remain the top priority. Make sure your business is ready for anything by creating a plan of defense now.