When it comes to cybersecurity, prevention is key. And yes, the costs go far beyond monetary expenses.
48% of users abandon brands that have suffered a security breach . Scary facts if you ask me.
If you've ever experienced any form of identity theft, you can probably understand why this statistic is so high. But in addition to being a frustrating and time-consuming process for consumers, a data breach can also be directly linked to your company's negligent behavior. And that's another can of worms that you certainly don't want to open.
And that's without considering that we haven't even mentioned the risk of intellectual property loss due to a data breach. Trade secrets are crucial to market competitiveness, especially if you are a small company hoping to defend your position against larger companies. If it's revealed by a data breach, there's virtually nothing you can do to shut it down again. The Internet never forgets.
In short, the consequences of a data breach are never small. From decreased sales and lost customer confidence to ruined operations and lawsuits due to negligent behavior, the mounting damages can go far beyond what was expected.
#2: How to protect your data
You are guaranteed to suffer a cyber attack sooner or later. The size of your company, where you are located, how long you have been in business, and anything else like that is irrelevant. And as your business grows, you will also become a more profitable (and more attractive) target for cyberattacks. So you better be prepared to deal with it.
Unfortunately, there is no one-size-fits-all solution to preventing data breaches. You can always start by only using software products that have undergone serious quality assurance testing, to rule out any avoidable errors. But to be truly protected, you may need to go a step further.
In most cases, what you need is a detailed roadmap of your cybersecurity defenses with multiple redundancies in place. This article written by a colleague of mine can provide a lot of great starting points, especially if you have recently adopted remote work methodologies due to the pandemic.
The zero trust model has also become very popular for stopping most types of cyber attacks and is very easy to implement with the help of a software consulting company. With it, you will always have security information flowing through your system and informing all “doors” to remain closed to any unknown or suspicious elements.
With zero trust, you can make your IT infrastructure act like a strict immune system, where every action is considered unsafe unless multiple sources prove otherwise. Remember, a healthy cybersecurity strategy should alert you when something unusual occurs and always be on the lookout for any type of suspicious activity.
However, measures like these can become double-edged swords and require specialized treatment for proper implementation. Generally speaking, you'll want to establish a clear access hierarchy that doesn't hinder your team's productivity.
#3: Don't block your own access to information
By applying zero trust or similar cybersecurity models, you will get on the path to balancing restricted access to information. Clearly, not everyone needs access to every sensitive document in your database. Following this approach also reduces the potential risk of a data breach and drastically reduces avenues of attack.
Still, every coin has two sides, and restricting things in your systems can also translate into inefficiencies in managing your own data. You need to be smart about when and where you impose restrictions, and how those same restrictions can impact the workflows of affected teams. In any case, everyone should be aware of how these restrictions work, why they occurred and how they are beneficial for themselves and the company.
Many companies today are choosing to develop their own data control system through custom software development . A custom data control system can be built to your most detailed specifications, as it will be designed from the ground up to meet and solve your company's specific needs. Generally speaking, it is the best way to enforce strict compliance, security and transparency.
