Data that is stored in a computer is not always safe. You have to anticipate potential threats that can put it at risk. It can get lost, corrupted, deleted, or altered due to system failure, virus, and other unfortunate reasons. And in case you lose your devices, your data may only be stolen by people you do not know. This is why data security methods are there as protection. Especially if you are running an organization, data security is important to avoid security breach. Here are some examples on how breach can negatively impact your organization or business.
- Data breach leads to expenses, fines, and reparations. In 2017 alone, the average US data breach has reached up to $7.35 million according to the Ponemon Institute Cost of Data Breach Study. It was a 5% increase from the previous year. That cost involved legal fees and fines. There were also auditing services and financial losses.
- If you do not hire a technology & cybersecurity management team, you may experience data breach that can only ruin the reputation of a business. People who know your business will definitely be discouraged from getting your services. What’s worse is that you may only end up seeing your business name on Google with a breach on the title. Your company may be able to fix the breach, but there is no guarantee that people will immediately forget about it.
- Your employees will lose their jobs. As a business owner, it is your responsibility to have a technology & cybersecurity management team so you can ensure the job security of your employees. Some companies who suffer from data breach have led to two high-level redundancies. Others were also required to pay for security breaches.
As an organization, it is important for you to store your data with good security in order to protect your employees, to prevent financial losses, and save your company from reputational damage. At the end of the day, data security is not a petty concern. It is a board-level responsibility that should be seen as an important part of the business strategy of your company.