Data is the heartbeat of your business and is becoming increasingly integral to the longevity of your company. In fact, some experts are saying that data is becoming the most valuable asset in the world. No matter how small or large your business might be, data is certainly something to be protected.
Although it is common to assume that big companies would be the biggest targets of a data breach, according to Inc.com, over 60% of attacks are on small businesses with less security measures in place.
But what could happen if a business was cut off from their data? What would happen in the scenario where a business has lost all its data due from a virus, malware, server craft or device theft? Check out some of these scary consequences of a data breach. 👻
Your Business’ Finances will take a Hit
Riding out a data loss is no easy feat for your business. Unfortunately, a data loss will inevitably cause a hit to your businesses’ finances. When your business can’t run the programs, applications, and functions it needs, you will likely be unable to operate for some time. Imagine if your website was down for an hour, or even a week. Your customers will likely go elsewhere for their purchases, causing you to lose revenue.
Riding out the results of a data breach is no easy feat, especially for your employees. Because data is so critical for running your business, it can severely interrupt your day-to-day operations and the productivity of your employees. When your employees can’t do their jobs effectively, the impact of their work will take a hit. Employee morale will also be shaken at this time.
Your Customers will Lose Faith in your Business
Trust takes years to build but can be lost in seconds. Inevitably, if your business loses your customers data, they will lose faith in your ability to serve them well. A study by KPMG found that 19% of consumers would completely boycott a retailer after a breach, and 33% would take a long break from the company. And in a worst-case situation, your customers private information like passwords, bank accounts, and emails will be jeopardized as well. This could not just damage your business, but their lives as well.
Not only does a data breach hold the potential to affect your bottom line, but there are legal ramifications to consider as well. Legally, you are responsible for your customers data protection under the data protection law. If you lose your customers data, fines, customer lawsuits and shareholder lawsuits can occur. Fighting a legal battle when your business is already at its weakest point is not a position you want to be in.
Potential for going out of Business
In an ideal world, your business can come out of a data breach on top. However, over 60% of businesses with a data breach are out of business within 6 months of the breach. This statistic is scary for a business owner who has invested their time, money, and heart into their company.
Predicting & Preventing a Data Breach
Obviously, a data loss can be extremely harmful for your business. However, there are some simple, proactive steps you can take to protect your data and security. As they say, the best defense is a good offense. Here are 4 ideas for predicting and preventing a data breach.
Pick a strong Password
If your password is your birthday or your dog’s name, it’s probably time to change it. Use a password unrelated to your life, blend uppercase and lowercase letters, and try not to record the password anywhere but in your brain.
Back-up your Files
Routine back ups can be the difference between someone surviving a data breach with limited ramifications and someone losing everything they have worked for. Back-up your files in several different locations in addition to using a flash-drive.
Update your Computer Security
Constantly update the security on your computer. A security update can resolve known security issues, and prevent an attack on your computer.
Enlist Outside Help
Managed IT services are a great option to protect your security, especially for small businesses with limited resources. Crafting, maintaining, and testing a disaster recovery plan alone can be a huge burden on a small I.T. division. Outsourcing security, maintenance, and problem solving can ensure that data problems will be handled by I.T. experts.
To conclude, 93% of successful data breaches occur in under a minute. In just 60 seconds, your entire businesses future could be jeopardized. By utilizing these prevention techniques, along with partnering with an IT consultant, you are taking a proactive approach to your security.
If you’re concerned about data loss or a data breach to your business, SOL-I.S. can gird you up. Contact us today and learn how we can help! 952.279.2424