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8 Smart Ways to Protect Your Business Data from Theft

Start by imagining a scenario on a personal level. Imagine your condition if a hacker gained access to your personal information, including your social security number, bank account details, etc. You will suffer significant losses, identity theft and can even become a victim of blackmailing. It would completely devastate you. Now imagine the same scenario concerning your business.

Cybersecurity is the top priority of every business worth its dime. Because damage due to lags in cybersecurity can reach billions of dollars. So it is not surprising that companies from every industry are making high investments to ensure cybersecurity. These practices protect the user and customer privacy, making the business practices safe and secure. So when you start a business, your top priority should be cybersecurity. Otherwise, you can end up in a complicated situation if your business becomes the victim of a data breach.

Ensuring cybersecurity is not a one-time process. It is an ongoing process of guarding your company’s data against data breaches and other cybersecurity threats. But the cybercriminals generally do everything in their power to find the weak links and breach the security. So you have to continuously ensure that you take the right security measures to protect your business against data breaches. Some practical ways are:

1. Invest in cybersecurity tools 

It would help if you had tools to alert you about any breach in the cybersecurity system. If you don’t have any such tools, it is akin to leaving your door unlocked with many money and valuables in the house. Having no security tools can leave your business’s cybersecurity system vulnerable and prone to more attacks.

Hackers usually plant malware in your system so that it can branch and get hold of your company’s data. Using the same malware, the hackers can access your system settings and freeze your system if they aim to damage the company.

But the right tools ensure that no malware finds its way into the computing systems and related devices. A reliable and robust antivirus update regularly eliminates any weak links in the system. Plus, it stops hackers from gaining access to your system.

2. Hire a cybersecurity specialist 

While antivirus software and similar system security tools are essential, you cannot rely on them alone. Having a company means that you need a data center and a vast communication network. Monitoring the whole network and systems yourself or only relying on security tools is not a smart choice.

Instead of increasing your load, hire a cybersecurity specialist with a masters in cyber security online degree who is well-versed with data protection. They monitor and protect the company’s network and storage system from any cyber threats. They possess the experience and expertise to identify the weak links and vulnerabilities in your system that require urgent fixing.

You can hire the services of a cybersecurity company or hire an in-house expert. But before you acquire the services of any corporation or any person, make a complete background check on them. They should be competent, experienced, and trustworthy.

3. Encrypt the data 

One of the most definitive methods of protecting the company’s data is to encrypt it. Encryption is the process of converting information and data into codes. You will scramble your data and render it useless to anyone who doesn’t have the authorization to decrypt it. So in case your data is stolen, hacked, or duplicated, it will be useless to them. They won’t be able to extract tangible information out of the jumbled mess.  

You don’t need a tech genius to encrypt your data. There are many tools and programs in the market that can easily do the job for you.

4. Make regular backups 

Backups are helpful in case you lose the current data due to any problem. But In case of a data breach, having a separate and secure backup can allow you to destroy the network’s existing data. This way, your company won’t become vulnerable in case of a data breach, and you can stay safe from blackmailing, etc. Encrypt the backup as well just for added protection.

5. Monitor usage of computer equipment

In current times when data security and cybersecurity tools are so reliable and robust, still, some outside hacking jobs can result in data breaches. Most of the time, data breaches are the result of an inside job. So to avoid that, you need to monitor who uses the computer and systems so that you can ensure complete safety.

Suppose there is a data breach resulting from an inside job. In that case, you can identify the person and provide evidence in the criminal justice court. What is criminal justice, you might ask? A criminal justice system consists of law enforcement agencies and the court. So when a crime is committed, may it be theft or cybercrime, the law enforcement agencies investigate and take action. All the evidence you maintain from continuous monitoring can help these agencies find the culprit and punish them.

6. Manage passphrases 

Passwords are not secure enough when it comes to protecting sensitive data. Instead, passphrases can be more reliable as they are easier to remember and harder to crack. You can choose between long, complex, unpredictable, and unique passphrases for every account.

7. Implement a multi-factor authentication process

A multi-factor authentication (MFA) process is a verification process that needs you to enter multiple proofs of your identity before it allows you access to the data. For example, you can enter a biometric identification bar along with numerous password entries. Or you can set passwords that send automatic verification code to your device. Adding multiple layers for authentication increases security, making it harder for hackers to gain access.

8. Train your staff

Any mistake from your staff can lead to a cyber disaster. System security and data breach are sensitive subjects, and your team needs to be agile at all times to overcome these threats. So educate your staff about maintaining passphrases and passwords for systems. Teach them about the types of cyber threats and how they can identify them. And finally, brief them about the procedure for cases when they detect a cybersecurity threat.

Conclusion

Matters of the system and data security can’t be put off, and you can’t afford to have hackers wandering into your systems. Data breaches can have devastating effects on your business. You will suffer from a massive loss in case of a data breach. If sensitive customer information is leaked, the customers can sue your company. Ultimately, it would ruin your company’s reputation, and you might even face bankruptcy.

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