Now more than ever, data is the ultimate business asset. With the sophistication of modern cybercriminal gangs, bank details are just as valuable as money itself. Business reputations are only as strong as the processes, precautions and protective solutions in place to guard company and customer data.
Data leaks lead to broken businesses
A major data leak can break a business and render an institution a laughing stock. Large global brands such as TJX have risked losing credibility as well as the trust of their customers following the disclosure of major losses of customer data.
Corporations around the world faced similar problems in the past year:
To counteract this growing problem, compliance and disclosure regulations are becoming increasingly widely applicable and restrictive, with businesses reporting steadily growing costs involved in ensuring their data policy compliance.
Preventing data loss
Most if not all of these incidents could have been avoided if the companies and institutions involved had implemented more stringent data management procedures.
The most important step in stopping data loss is to encrypt sensitive information, laptops and removable storage devices. This means that even if all other security measures fail to prevent a hacker from accessing an organization's most sensitive data, he or she will not be able to read it and compromise the confidentiality of the information.