If you’re a business owner, then you might wonder how to keep your company safe. First, about 22.5% of small businesses fail in the first year. In order to avoid this, you’ll want to have a strong data security plan. Why? Well, data breaches cost businesses large sums of money and can wipe you out before you begin.
This article will take a look at why data breaches should be the top business owner’s responsibility. Read on to explore more about this and how to implement it to protect your business today.
Securing Small Business Data
Instead of thinking about if a problem occurs, you’ll want to think about when and how you can secure the data and protect your customers’ information. As time goes on, hackers are becoming better at what they do and finding a way in.
It’s not only about securing the area, but managing and protecting the items within the area as well. Securing customer data is about incorporating the technology, people, and processes in data.
This can include protection, classification, and security governance. Data security isn’t only about data loss prevention, but knowing where your data is, who has access, what’s at risk, how to protect it, and when it’s touched.
Data security can include:
- Determining who the data owner is
- Deciding what data is necessary and if it shows any risks
- Decreasing unnecessary data
- Deciding what’s sensitive information
- Who has access to the sensitive data
It might take years to recover from a data breach if you don’t implement safety practices. You might face legal challenges as well as the increased cost of IT.
- Only Save What You Need
Many companies save more information than they need to. If a data breach occurs, this means that your customer’s data will be released. In order to prevent further information from being taken, limit how much information you save from customers.
- Update Your Cybersecurity
It’s worth it to put in the price for cybersecurity programs to protect your business now. Look into paid programs that you can use to secure your network including the devices on it. Keep in mind that paying for cybersecurity will cost less than a data breach.
- Physical Documents Are Secure
It’s not only about cyberattacks but stolen or missing documents as well. You’ll want to keep any documents private that contain personal information.
Keep a filing cabinet that’s locked with the stored documents. Only allow those you trust to open it. When you don’t need certain documents, place them into a shredder.
- Make a Plan
Plan ahead for what you’ll do if a data breach occurs in your business. Planning can be the difference between a costly breach and a minor data loss.
First, close any holes you find right away. This means shutting down and disconnecting all compromised computers. Don’t continue to use any compromised programs either.
Next, you’ll need to let the parties know about any information that’s stolen. Contact law enforcement and customers to let them know.
After this, you can perform an internal review to see what happened. You can also consider hiring an agency to research and see what happened.
- Buy Cyber Liability Insurance
Cyber liability insurance is just as important as regular liability insurance since breaches can lead to being sued. If a data breach occurs, you can reach out to your insurance company and let them know.
This will protect you from expensive cleanups or lawsuits. You can find reasonably priced plans for cyber liability insurance as well.
- Secure Wi-Fi Networks
For Wi-Fi networks, you’ll want to ensure that they’re hidden, encrypted, and secure. First, make sure that it doesn’t broadcast your network’s name. You’ll also want to have a password for access to the router as well.
- Passwords
Train your employees on data security safety and make sure that they use unique passwords that aren’t easy to figure out. Every few months, have them change their password.
You can also choose multi-factor authentication that’ll require more information besides only the password. Speak with your vendors who handle your sensitive data to see if multi-factor authentication is an option for you like cyberark training.
- Hold Employee Training
You’ll want to hold employee training throughout the year to ensure that your employees understand the importance of security in the workplace. Have follow-ups throughout the year to ensure that everything they learn is fresh in their mind.
- Use a Business Credit Card
One of the most secure payment methods is using a business credit card. If there needs to be a dispute, you won’t lose money either. You can set spending limits on them as well.
If there’s any suspicious activity, you can set it up where it alerts you on your phone. They’ll also provide you with a detailed expense report as well.
Exploring Why Data Security Should Be a Top Business Owner’s Responsibility
Now that you’ve explored this guide on why data security should be a top business owner’s responsibility, you should have a better idea of what to expect. Take your time and plan out what data security tips you’ll implement and how to prevent breaches in the future.
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