As B2B marketers, many of you may often question yourself, “Why data security is important for your business.” The answer is that data security lies at the core of running a business successfully by giving customers the confidence that their data is being collected, processed and transferred securely.
Data security is crucial for businesses of all sizes, whether you’re a global conglomerate, a small startup or a fintech organization, data security can make or mar your organization.
Considering the importance of customers’ data and it’s increasingly overwhelming use in marketing, the international data protection regulations such as GDPR and CCPA came into being.
The increase in the use of data for business purposes has both pros and cons. On one hand, incorporation of data security measures improves the profitability and efficiency of businesses, while on the other with the increase in the use of data there emerge potential security risks that can devastate your company.
Window Synder, Chief Security Officer at Fastly, describes the importance of data security in the following words:
The internet fraudsters can impersonate a business and can trick your data security measures to give out your personal and well as organizational-level information. When any such pissing activity occurs, your organization runs the risk of harming its omnichannel reputation and falling in the eyes of the customers to adversely impact brand loyalty and the framework built to deliver seamless customer experiences across omnichannel.
Read more on How Omnichannel Reputation Management Assists in B2B Branding
Data security is the process of protecting digital data, including the day in the database from destructive forces and the unwanted actions of unauthorized users such as a data breach or a potential cyberattack.
Hackers are everywhere and nothing is secure, so the businesses need to opt for measures for data security. Data security is important for companies to ensure the safety and confidentiality of their clients’ data. Besides, the companies are also accountable to protect the vital information of their employees and as such data security is imperative.
Ensuring data security is a tedious task as hackers are coming up with advanced methods to evade the security and safety walls of the companies.
With the help of data security measures, your company is protected against the hefty fines that can be changed as a penalty in case of a potential data breach and thereby, there is no risk to the reputation of the company as well.
Still thinking about why data security is important for your business.
The answer lies in the following quote by Jeh Johnson, Former United States Secretary of Homeland Security:
Being prepared to enforce data security measures is one thing; however, being overconfident can backfire. For example, while trying to minimize or omit the pissing emails, you should also be wary of other common ways of the data breach. Taking the following steps can help:
To effectively enforce the data security measures, companies must review them frequently for processing and handling data securely within the IT-ecosphere of a particular company.
Keeping a watch on the vulnerable systems that can be invaded by potential hackers such as websites, endpoints, unsecured portals, networks, and smart devices makes data security measures more effective.
This data security method allows companies to decide who accesses which type of data, based on the job titles they hold in the company.
End-point protection software doesn’t allow employees to access the unsecured web pages and thus curtail the risk of the data breach.
Website data security plays an important role in online business. Hence, SSL certificate is necessary to install on the server. If you have not bought it yet, you can buy SSL certificate from SSL Providers like Comodo, Sectigo, RapidSSL, Thawte etc.. SSL cert activates HTTPS and secured padlock in the browser, which ensures users that the site is legit and data shared on such site will remain secured.
The above-mentioned methods of data security should be used regularly and kept up to date to safeguard customers’ data.
With regular backups, use od cloud and identification of your vulnerable points you can prevent the risk of your data running into the wrong hands.
Data security is all about protecting data from unauthorized access and data corruption, throughout the data lifecycle which includes steps such as data collection, processing, and transfer.
Benefits of Investing in Data Security Measures
In an era of omnichannel marketing and Internet of Things (IoT) information is collected in real-time across several digital platforms. As such companies must enforce effective data security measures to safeguard the vital data pertaining to their customers and employees from potential cybercrimes.
According to an estimate from IBM 2.5 quintillion bytes of data are created every day. Moreover, a report from CNBC substantiates that at least 15 million customers fall victim to identify fraud, costing more than $16 billion.
Thus, no matter what the size of your organization is, it’s completely justifiable to invest in data security measures and you can reap the following benefits at an organizational level:
Reputation takes years to build and can be lost in a moment of recklessness. Any potential data breach would not just risk you to hefty fines, but would also pose a threat to the security of your clients and thereby, the future of your business.
The biggest threat to data security in recent years has been the automation of the Cyber intrusion process. These automated cyberattacks can be initiated without the involvement of a hacker. Such attacks divert the attention of the security team to access the vital security systems of an organization.
Being vulnerable to cyberattacks and failing to invest in data security and the required security protocols, risks your businesses to the theft of information including financial documents, employee information, and confidential client files.
Beyond monetary losses, the impact of such vulnerabilities extends to deteriorate the trust and reliability of your company in the eyes of the potential and existing clients.
Clearly, investing in the data security measures safeguards the future of your firm and keeps you on the path of the uninterrupted economic process.
No business today, be it a small local company or a large corporation, should overlook implementing security measures. It’s normal to question yourself why data security is important for your business. The answer lies in the fact that implementing data security measures ensures business continuity in today’s data-driven world. Implementing data security measures not only helps avoid data breaches but also shields your organization against unnecessary financial costs, loss of public trust and potential threats to brand reputation and future profits.
Additionally, having a synchronized data security framework protects your company against legal or regulatory consequences aligned with breaches and prevents unauthorized access to computers, laptops, and smart devices, websites, networks, and peripheral pieces of equipment.
The businesses also need to sensitize their employees and instill in them a culture of data security.
As Steven Chabinsky, data and network security expert at White & Case LLP states, “Thinking of cybersecurity solely as an IT issue is like believing that a company’s entire workforce from the CEO down, is just one big HR issue.
Data security is something to be taken care of and constantly prepared for. Companies need to do whatever it takes to lower security risks.
As Geoff Livingston, Founder, Livingston Campaigns states, “Cyberwar is the battlefield now.”
There is no guarantee whatsoever that your organization will be free of spyware altogether; however, abiding by the data security norms can help you lower your risk.
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