Hacking used to be something pursued by a select group of coders looking to show off their skills. These days, however, hacking is big business. Criminal enterprises today are heavily involved in cybercrime. Much of this crime is only possible because of huge data breaches.
When criminal gangs are able to gain access to large troves of data, they can use this data as the basis for widespread identity theft and fraud. Many of these data breaches involve the theft of data from businesses. When these breaches occur, and there have been a number of high profile examples over the last several years, they can be very costly to businesses. Not only might they be liable for the impact of data loss on their customers, but these breaches can cause significant damage to a business’ reputation.
Anyone Can be a Target
There are now more malicious actors out there than ever before. It’s not only individuals and rival businesses that are interested in corporate data either. There are increasing reports of hostile state actors being involved in cyber attacks against private businesses. The point is, complacency around cybersecurity is no longer acceptable.
The black market for stolen user accounts is worth billions every year. This has made the data stores that businesses are sitting on an attractive target for cyber criminals. It is becoming increasingly important for businesses to take their security seriously and to ensure that data security is not falling entirely on the shoulders of the IT department. Instead, put good data security practices at the heart of everything that you do.
Complacency Costs Money
Serious data breaches can leave businesses financially and legally liable for the consequences. The laws regarding the collection, transmission and storage of data changes around the world. You will need to understand the different regulations in any regions of the world that your business operates in.
Where your business is found to be in breach of local data protection laws, you could face some serious financial penalties. Many of the fees and penalties you will be exposed to will apply even if no actual data breach occurs.
Protect Your Assets
Data is very valuable for businesses. The field of data analytics has advanced by leaps and bounds in recent years. The world that we are now living in is one that is increasingly being driven by the use of data analysis. Data is a very valuable resource and one that can be hugely valuable to your business.
If you lose and need to replace any data following a breach, then the data you lose can represent a significant value. If data is lost during a breach then a professional data recovery service such as Secure Data Recovery might be able to retrieve it for you.
Protect Your Reputation
Consumers are becoming increasingly conscious of the way that businesses treat their data once it has been handed over. Businesses who do not take the security of their customer’s data seriously are paying the price in the damage that they take to their reputation.
Businesses need to take data security seriously for their own goods, as well as their customers. When standards regarding data security slip, a businesses reputation will suffer.