For businesses nowadays, there’s nothing more important than data. Customers trust companies and institutions with their information, so each and every enterprise must ensure that they protect all this data. Not only is this crucial for business reputation, as clients will likely consider a data breach a clear sign that you weren’t committed to ensuring information security and, therefore, didn’t enable the necessary systems, but it can also help fuel your innovation and growth strategies.
The organisations that can boast advanced security capabilities have delivered revenue growth almost 50% higher compared to their peer during a five-year timeframe. Many have also begun investing in cybersecurity as a core capability, with 66% viewing data protection mainly from the revenue lens. Therefore, it’s crucial to ensure that data is protected at all times in order to avoid the devastating effects of hacker attacks, as well as in-house blunders and mistakes that could cost you your reputation.
What are cyberattacks?
Cyberattacks are illegal attempts carried out by hackers who are looking to damage a network or system. If you have been the victim of such an attack, you are well within your rights to reach out to https://www.databreachcompensationexpert.co.uk to receive the maximum amount of compensation that you are owed. Although data breaches leave no direct physical damage, they can contribute quite a lot to the development of mental or emotional health issues.
If you incurred financial damages or had your identity stolen, you could find yourself in a significant amount of distress. You’ll have a lot of medical bills to pay, and taking time off work to recover will also take its toll on your finances. The compensation can help you cover all these costs, mainly if your claim includes special damages as well. The amount you can expect to receive depends on the severity of the injury you sustained.
Reasons and methods
There are many reasons why cyberattacks occur. One of them is that they are simply used as a means to extract sensitive information. This is by far the most well-known motive. Individuals who don’t have authorised access to the information attempt to steal, modify or even delete the data. Some can even do so to earn money from the victim’s distress since they will later claim that they can undo any damage if a certain sum is deposited into their accounts.
However, going alone with their demands is a mistake, especially since it yields no results. Extortion is also common, as hackers threaten to expose private information they accessed illegally unless they’re paid a sizable ransom. In rarer cases, it can also be a direct attack on the integrity and good repute of an enterprise.
In this sense, hackers can try to disrupt daily operations, hurt a company’s competitors by exposing the information of their customers or trade secrets, or even conduct cybersecurity attacks in order to discredit a brand’s reputation and cause irreparable damage to their reputation. While large corporations can eventually bounce back from these situations, smaller or medium-sized businesses are often not so lucky.
Adequate protection
So, what can you do to protect your company from a data breach? Technology has advanced quite a lot in this regard and can, luckily, provide the much-needed means to keep your business safe and sound. Among them are:
- Basic security measures: They’re the cornerstone of helping your business remain safe and protected. The methods here include working only with secured accounts, completing software upgrades regularly, using multi-factor authentication and backing up all the information you use.
- Educating employees: Making sure that everybody in your team is aware and knowledgeable about the importance of protecting data naturally means that everyone will pay attention when operating within the databases. Frequently, data infringement events aren’t due to the hacker intervention but rather the negligence of workers who might not have a good idea of how to protect the information.
- Security policy: Having a robust cybersecurity policy means that everyone understands their responsibilities and knows how to manage the data they work with. The rules must include all the computers and devices used at work, as well as the emails and other online resources you might use.
- The threats: Hackers are, unfortunately, very resilient and creative, meaning that the possible threats to the security of your data are constantly morphing and evolving. Staying up to date with the latest malware or phishing strategies targeting businesses gives you insight into their modus operandi, allowing you to be prepared in the event that you’re attacked as well.
- Encryption: All data relating to credit cards or other bank details or accounts should be encrypted. Personal identification numbers and any additional information that could be used for nefarious purposes, such as medical records, should also be protected in this manner.
- Physical theft: Because data breaches happen in the digital world, it’s easy to disregard the importance of maintaining the safety and integrity of physical devices. However, hackers can use brute force to access records, so all computers, laptops and other apparatuses shouldn’t be left in areas where they could be stolen. Nobody but authorised personnel should have access to the devices. Ideally, no private business data should be stored on personal gadgets, even if only temporarily. And don’t forget to keep business and personal emails separate.
- Third parties: Make it crystal clear to all third parties you work with, including any partners or suppliers that have permission to access your systems, that you value data integrity above everything else and that you want them to follow the same practices as well. You can take the liberty to check beforehand.
When it comes to taking care of your business and protecting your enterprise and customers, you don’t want to cut corners. Staying aware and knowledgeable of any changes that intervene in the data security landscape means that you’ll always be one step ahead of the threats and minimise the risk of your company being targeted by data breaches.
Keeping private data private is one of the most essential ways in which companies can establish a good reputation that will help them grow and evolve.
