Doing business requires data protection. Not only do you have information crucial for your business, but you may also be holding your clients’ critical information. When these are exposed to cybercriminals, the latter can use the data to perform malicious activities. As a result, it could endanger your business as well as your clients’ safety and security. To elaborate more, here are the reasons why you should keep data protection a priority in your business:
To Prevent Endangering Your Business
Establishing concrete security data protection solutions to secure personal data is one of the legal requirements for data protection and privacy. For instance, you may have a policy and guidelines on how to fax a pdf containing your business’s critical data. Since faxing such documents may mean using the internet to complete the action, your policy may include using a reliable fax services provider. That way, you can ensure that any data in the faxes won’t fall to unauthorized individuals who can maliciously use it to perform cybercrimes.
With such, businesses that commit to enforcing such controls are proven to lessen incidents related to data security breaches. Moreover, the avoidance of violations implies that the company can manage to keep the trust of investors and clients. This also results in avoiding civil suits, penalties, and fines as consequences for breaches.
To Avoid Unnecessary Expenses
Unfortunately, not all entrepreneurs know the detrimental effects whenever this happens. This is why most businesses don’t establish reliable data security and meet the necessary security protocols.
As mentioned, any information that’s related to the company needs to be secured and protected. Therefore, the company shall be held liable for any form of theft of data.
Generally, a small business encountering a data breach can spend up to USD$46,000, while big enterprises can spend up to USD$620,000. These costs cover the amount of the fine, disorganization of employee workflow, and the amount needed to rebuild the network and data protection of the company.
Regardless of the cost, you’ll be paying unnecessary expenses. Monetary losses have a significant impact on a business as it may have to use funds meant for other purposes. Some may even have to use their capital which can endanger their cash flow. When this happens, you can slow down your business growth, if not you’ll go bankrupt.
To Respect Customers’ Privacy
Businesses should also understand that customers nowadays are becoming more trusting. They’re now willing to share information and data with companies. This is most especially true when they’re utilizing different online services to purchase products or services. As a result, they’re likely to be at risk of data theft when businesses don’t have enough data protection measures.
Moreover, apps, internet providers, telecom operators, and device manufacturers gather essential information for various purposes. Others use the information for monetary dealings, and these are the common reasons why some customers are skeptical about how businesses handle their data. Customers prefer companies with reliable storage and methods of data protection.
When you respect your customers’ data, you’re more likely to have a solid relationship with them. On the other hand, consumers are more likely to find similar businesses with more robust data protection measures. When this continually happens, you may lose your clients.
You wouldn’t want this because, without customers, your business won’t grow or succeed. Thus, it’s best to prioritize data protection.
To Restrict Automated Bot Attacks
The automation of the process of cyber intrusion has been the primary threat to data protection. This automation is carried out even without the participation of a hacker.
With such, hackers can attack any business, regardless of its size. Small businesses, in particular, suffer the most because they don’t have sufficient resources to fix the issues afterward. On the other hand, big companies are likely to have the resources to address the concerns brought by cyber-attacks.
But if you already have data protection measures at hand, you can avoid or prevent experiencing one of the biggest online risks which are automated bot attacks.
Protecting the data of your business and consumers is essential. With data protection, you can avoid impeding your business growth. You’re also protecting your business as a whole because you can keep your clients’ data secure. The more secure your business is, the more likely it is that clients will trust you. You need this if you want to keep growing your business. There are many businesses out there to whom your clients can go if they feel like you lack data protection.