Technology has evolved more in the past 30 years than in the last 200 years. With that technology we have become reliant on huge amounts of data to keep our businesses running. As a business owner the onus is on you to make sure that your data is secure. We have all seen the aftermath of big companies that have had data breaches and how it impacted their business. Let’s look at how you can secure your data, keep your customers information along with yours safe.
How Data Has Grown
It is estimated that the world’s information doubles every two years and corporate data grows at a rate of 60% each year. However despite the growing amount of data that companies generate very few companies use the data that they collect. At the same time nearly all companies claim that this data is what gives them the competitive advantage.
Using Your Data
In most companies you will find that not only is data poorly organized there aren’t policies in place to keep it secure. Securing data should at the very least be an executive level of responsibility and not just left to the IT department. Data allows you understand your customers and if used properly can give you an amazing advantage over your competitors. A real live example is Tesco, they used their loyalty card data and used it to increase their market share but 50% in one year.
Data is crucial to running your business but you also need to be concerned with security, almost three quarters of all businesses have had some kind of data breach. Not only does this make it harder to run your business but it undermines consumer confidence. Data breaches can range from something relatively minor to big breaches where consumer information is leaked. Don’t be idle thinking it won’t happen to you, it has happened to big companies like Target, Yahoo, Google and Sony. These data leaks can cost your company millions of dollars in damages and lost revenue.
Security is Crucial
Security is a must for both big businesses and small. You can take steps to safeguard your company’s data by making sure that you understand security and that you have a team that is responsible for keeping everything secure. Keep your hardware and software applications are current and kept up to date. Statistics show that just keeping your software up to date can keep you safe from more than 90% of cyber attacks. Don’t be afraid to consult with an outside team to keep your data protected, your very business could be at stake.