For a large business, its reputation can be the difference between success and failure and as all of us become increasingly aware of data security businesses are putting their reputations on the line if they fail to protect the information they generate.
Put proper systems in place and you will not only earn the trust of your clients/customers but you will also be complying with the regulations and laws governing the collection and storage of data. Under the U.K. Data Security Act 1998, for instance, personal information stored on IT systems – or in paper files – must be accessible only by those people authorised to do so. The Act provides scope for the imposition of fines up to £500,000, illustrating how seriously the authorities view the issue of security of information.
Why Data is Important
Without data, modern businesses lack the capacity to make informed decisions. In a globalised world, the pace of change and the complexities faced by organisations mean that huge volumes of information needs to be collected, stored and analysed. Viewed as such, data becomes an asset – something the business needs to grow and thrive. In the same way that we store our personal valuables in a safe place, data needs to be secure from breaches and theft.
Common Security Threats
Recent high profile incidents have illustrated the extent of the threat from security breaches. The so-called WannaCry ransomware attack in May 2017 affected an incredible 300,000 machines across 150 countries. A ransomware attack uses a type of malicious software to threaten to block access to data unless a ransom is paid over.
Security experts have been saying for a long time that attacks on large numbers of outdated systems would become a reality but organisations have unfortunately been slow to update the technologies they are using. As the old saying goes “if it isn’t broke don’t fix it” and the temptation for many companies is to leave legacy systems intact because they continue to function. The increase in and extent of ransomware attacks shows how dangerous an attitude that is and we need to recognize that IT systems need constant upgrading and maintenance.
Typically, ransomware attackers use a so-called Trojan made to look like a legitimate file that a user inadvertently opens. Worryingly, the WannaCry attack used a file that travelled from one machine to the next without the need for user interaction.
A data breach does not have to be sophisticated, and something as simple as a data loss can have enormous consequences for a company. A virus is easily transmitted through an e-mail or file and can quickly result in the loss of information that the business then has to spend time and money to recover. A phishing fraud can persuade staff to pass on sensitive information to what looks like an authentic e-mail or website.
Engage the services of professionals to aid data recovery and to secure systems from future attacks. A service provider such as Fields Data Recovery has years of expertise in recovering lost data and making it secure again, whether the loss is from a broken laptop, a failed hard drive or because files were inadvertently deleted, or owing to a security breach.
Antivirus and spam protection is critical, and so too are strong firewalls around IT systems to stop attacks from occurring.
Any business is only as good as its people and when it comes to protecting information all staff should be aware of their responsibilities and be provided with any necessary training.
Staff should be encouraged to back up data on a regular basis. Encryption technology can be considered for protecting the most sensitive information stored. Microsoft has built encryption options into its Windows operating system. Anything stored on an in-house server can be given an additional layer of security by keeping the server in a secure and locked room. Devices should be disposed of carefully and all information from them erased before they are sent for recycling.
In the modern and complex business environment, organisations need to have the ability to analyse and act on the information they gather. By extension, the protection of the data collected and stored by a business is essential. In the event of a security breach or loss, a company not only faces the prospect of seeing its reputation with customers undermined and even destroyed but it also is looking at significant spend in money and time to recover lost data and get its systems up and running again. With proper security in place, an organisation can be happy knowing that its corporate data and information relating to customers, clients and other external parties is safe.
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.