The Importance of Data Security

Data security is a collection of tactics, strategies, and best practices that can reduce the possibility of a breach or exposure.

The cost of poor security of data can be hefty. Not only does it result in a loss of revenue and reputational harm, but it can cost an organization time and resources to investigate and repair the incident.

Cyberattackers could use the information you store to steal your customer’s personal information or reveal confidential business records or corrupted data. They may also try to extort money by encrypting documents and requesting payment to restore access. This can lead to a loss of revenue and legal action, as well as a crippling impact on your ability to offer services.

A data breach can cause significant damage to the financial and business side of things. It can be costly due to penalties from regulatory agencies. Financial firms, for instance are subject to laws and regulations such as the Payment Card Industry Data Security Standard.

It is essential to implement secure data security measures regardless of whether your data is used or is at rest. This could include access control — giving only those users who need access to the appropriate level of access privileges, as in addition to encryption and authentication, which ensure that a person is the person they claim to be. It is vital to have a backup copy of your data, which can be used if there is a system failure. It is crucial to regularly update your systems to remove unused or obsolete data.

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