'Data Protection' is one of the most important factors you have to consider, no matter which industry you belong to. Read this blog to find out why it has become the need of the hour and is being given utmost importance by both individuals & companies.
We are living more and more online and leaving a ton of digital footprints that can be traced by various parties. Since the world is now digitized, we need to pay extra attention to the vulnerability it brings along. More and more organizations, no matter which industry or field they belong to, have started opting for ways to prevent critical data from falling into the wrong hands.
The majority of small-scale companies, who are just starting, usually take data and its security for granted. But the reality is if you work with data from your customers, harbor sensitive information about the industry, or just have employee's information on the cloud or company server - then data protection ought to be prioritized. According to Forbes, almost 30,000 websites get infected with some malware or the other every day.
In this article, we cover more reasons why 'Data Protection has become the need of the hour. So, let's get into it!
The Legal Reasons
Every country has its own set of the data protection & privacy laws, and these regulations are constantly evolving. For example, in 2017, China's data privacy law was established, and in 2018 the European Union's General Data Protection Regulation (GDPR) went into effect. The data protection laws in the United States are a mixture of legislation and self-regulation rather than purely relying on the government.
There are a few general guidelines for global data protection and they are as follows :
Safekeeping the data
Making sure people's data is collected with their permission.
Knowing about and following data regulations specific to an industry.
Training employees with the nuances of data privacy & security.
Malware, phishing, man-in-the-middle attack, denial-of-service-attack, SQL Injection, Zero-day exploit, and DNS Tunneling are some of the most common types of cyberattacks. With the ever-growing dependency of companies on technology, it's not surprising that business risks are almost synonymous with cybercrimes. The exponential growth in the use of smart devices and IOT has also opened a gateway for cybercriminals to attack via big-scale botnets. There's a projection that by the year 2025, the number of smart devices in the world will exceed 75 billion, outnumbering the worldwide population by a factor of 10.
Geopolitical rivalries are further aggravating the vulnerability in the world of data and many cyberattacks are done by experienced, smart, and well-equipped IT teams, funded by the state. And not just that, large organizations are constantly under the threat of a wide range of cybercrimes like business interruption, theft, extortion, reputational damage, economic espionage, and the general invasion of sensitive infrastructure & services.
The Popularity Of Remote Work
There is a very strong connection between remote work & cybersecurity. Especially, after Covid-19, everybody's working from home, with their laptops, meaning the technical infrastructure wouldn't be good enough for cyber & data security. Many organizations protect their data by using company networks that are restricted to office perimeters, which means that all the devices being transferred from the office for remote work will lose this protection. It would very hard and close to impossible for an organization to know when the data is breached, and finding out how it happened is even harder.
Cloud-based technologies are believed to be the easiest solution for this. A company's renewed backup strategy should be centralized, which can make sure that your backups are valid and available whenever you need them. And precious time wouldn't be wasted trying to recover this data.
Based on various studies, it has been speculated that by 2028, 73% of business units will have staff working from home, and since 2005, there has been a 140% rise in the number of remote workers in the world. So, now, more than ever, we have to think about data protection from the remote working angle.
Promotion of Safe Work Practices
The health and safety of employees is the priority of most organizations, and data security is a huge part of their safety. You should make sure that your employees are informed about managing and storing information most securely. When an organization works hard to keep sensitive information protected, the staff also tends to feel secure. Those who are already aware of the importance of data protection will have a newfound respect, appreciation, and love for an organization - if they follow the required data safety protocols.
During the pandemic, big names like Twitter, Marriott International, Zoom, Clearview AI, Virgin Media, and many more organizations faced major data breaches. It was also discovered that around 235 million Instagram, Tiktok, and Youtube user profiles were hacked & compromised during this period as well. The thing is when there's a privacy breach, it affects the brand tremendously. Clients need to feel safe and cared about, so when their data faces danger, the brand value of the company significantly decreases. We agree that cybersecurity is never the only reason for a customer to trust a brand but its absence does drive them away. And according to a study by Infosys, it was concluded that the true cost of a security breach affects an organization on a deeper level, apart from the financial and reputation damages.
Growth Of A Business
Whether it's on the personal or professional front, people worry about their personal information. When a company has a strong data protection system, the employees can lay back and not feel anxious about sharing information with a company. When you gain your employee's and customer's trust - your business is bound to grow and can even boost overall productivity. Many companies have invested significant amounts of money in programs and technologies that improve cybersecurity. 77% of consumers consider cybersecurity to be the third most important factor while selecting a service, retailer, or product.
Stafflist isn't just a cloud-based software for workforce management, it is also a platform for secure data consolidation. We use the least possible amount of data to help manage and keep the internal and external workforce up to date, keeping your sensitive information safe. Contact us to find out more!