Why it’s important to prevent data breaches in both big and small companies

data protection

Data breaches have been occurring for a long time, but these cyberattacks are growing and getting stronger every year.  Cybercriminals are making extra efforts to gain access to businesses’ sensitive data and critical information.

Data breaches are not exclusive to big companies. The majority of data breaches (58%) affect small businesses. When hackers gain access to a company’s system and network, sensitive information, such as customer names and account, credit card details, or passwords are stolen.

How vulnerable is your company from data breaches? External and internal hackers can initiate cyberattacks. These cybercriminals move fast and stealthily. Email is still the top attack vector, but the majority of infections happen when hackers gain access to the company’s Remote Desktop Protocol.

Remote Desktop Protocol (RDP) allows users to remotely access computers. While companies utilize RDP for legitimate business purposes, it can also be used to attack and gain control of the network. Aside from stolen data, data breaches can shut down the entire system that results in lost revenue due to system downtime.

The Importance of Preventing Data Breaches in Big and Small Companies

Businesses, large and small, are prone to data breaches. However, small companies are more vulnerable to attacks because of limited budgets and lack of trained staff to handle or prevent data breaches. Cybercriminals are becoming more resourceful and intelligent to infiltrate the networks of companies.

Here are the reasons why you, as a business owner, should prioritize data breach prevention.

Avoid Physical Data Loss

If your business is involved in a data breach, you can lose critical data and information crucial to continue your operations. Around 70% of small companies that experienced system infiltration and data loss don’t survive. It’s essential to keep the company’s system safe all the time to avoid data loss that’ll be detrimental to your business operations.

Prevent System Downtime

It’s common practice for businesses nowadays to build online visibility. Unfortunately, hackers will do anything to execute attacks on your website and gain complete control of your system. Thus, it’s essential to integrate a robust system monitor to safeguard your website and network from malicious attacks.

Numerous network monitoring tools will help you monitor and protect your system from cybercriminals. This list contains a comprehensive review of reputable and reliable companies offering network monitoring tools.

Keep Customer and Employee Information Safe

Data breaches will compromise your employees’ and customers’ information. Cyberthieves will do anything to steal potentially valuable information stored in a company’s system. A security problem will expose sensitive personal information belonging to the company and clients’.

A data breach can start from the way your employees’ handle cyberattacks. One of the most common ways misfits gain access to private information is through social engineering. If your staff is not aware and knowledgeable in handling security threats, even the most sophisticated network monitoring tool will not protect your company.

Protect the Company’s Revenue and Intellectual Property

There’s no doubt that a data breach results in lost revenue. But aside from the substantial financial impact on your business, your intellectual property will also be at risk.

Many companies have a lot of money from cybercrimes, which ended up in a significant loss in revenue. Unfortunately, hackers will also be privy to your company’s intellectual property and trade secrets.

Avoid Getting Into Trouble with the Law

Countries have regulations that require organizations and businesses to strictly comply with safety measures to protect the data of the customers and clients. By installing a powerful network monitoring tool, you can protect your clients’ sensitive identifiable data and avoid getting into trouble with the law.

Retain Customer Trust

Your clients share personal and financial information to transact with you. Once you’re a victim of a data breach, you can immediately lose the trust of your customers.

A customer chose to do business with you because they trust you and that trust will be lost if hackers victimize your company. To avoid negatively impacting customer confidence towards your business, you should deploy the following tools to safeguard data:

  • Antivirus software
  • Firewall
  • Data encryption software
  • Virtual Private Network (VPN)
  • Network monitoring tools

Businesses must also have a contingency plan set up in case a data breach occurs. Customers will remain loyal to a company that has the clients’ security in mind all the time.

Conclusion

Safeguarding your data from potential breaches is an effective way to protect the company’s reputation. Hackers will always come up with a clever way to infiltrate networks and systems. Businesses can outsmart cybercriminals by putting in place reliable network monitoring tools.

Without any security system installed, you’re merely opening the door for hackers and letting them in.