The Importance of Data Security

Data security is a set of strategies, tactics and best practices to reduce the chance of a breach or exposure.

The cost of a lack of security of data can be hefty. Not only does it result in a loss of revenue and reputational damage, but it can also cost an organization time and resources to investigate and repair the incident.

Cyberattackers may use the data you keep to steal your customers’ personal data, expose confidential business records, or even corrupt data. They may also try to extort money by encrypting your files and demanding a ransom fee to restore access. This could lead to loss of revenue and legal action and also a devastating effect on your ability to provide services.

A data breach can have a major impact on the financial and business sides of things. It could also be costly due penalties from regulatory agencies. Financial firms, for instance are subject to regulations and laws such as the Payment Card Industry Data Security Standard.

When your data is either in use or is at rest, it is essential to have solid security measures for your data. This can include access control that allow only users who need to have access to the data at a particular level — as well as encryption and authentication that confirms a person’s identity. It is crucial to have a secure backup copy of your data that can be used if there is an error in the system. It is essential to have systems in place to eliminate out old and useless data regularly.

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