Why Is IT Important To Emphasize On Data Security Now More Than Ever

Gaurav Vohra, Co-Founder & CEO, Jigsaw AcademyGaurav is a well-experienced business leader with expertise in Data Science, Online Learning, Edutech and Digital Marketing domains

Data security is one of the most frequently debated topics in the digital world. The amount of data traversing through the networks is extraordinary. With so much traffic generated, it is critical that we protect and control the transfer of sensitive data. Regardless of their size, businesses involved in providing services or products to their customers work with different kinds of data. Information regarding the company’s services, products or employees, all of it is data.

Data is an asset, and if you are running a company, you have the ownership of any information regarding the business.

This includes information about the financial and business plans, services or products offered by the company, and information about the buyers of the services or products.

Cyber attacks, hacks, and more are placing individuals, organizations and corporations as victims of data breaches. It feels like someone is keeping an eye on you. If you want to prevent such outcomes, now is the time to focus on data security.

Importance of Data Security
Information databases, communication, knowledge, transactions a company’s information is unquestionably its most valuable asset. It is in an organization’s best interest to keep its data secure, regardless of any regulatory or legal requirements.

Keeping your data safe will:
●Enable for easy access to information whenever and wherever it is required for business
●Retain data integrity
●Keep your sensitive data out of the hands of competitors and cyber criminals

If you fail to protect your data your vital information could be rendered useless or get into the wrong hands.

From a small business storing the contact details of their customers on a computer to the banking giants dealing with massive volumes of financial and personal data data is at play in companies both small and large.

The goal of data security is to protect information that a business collects
creates stores transmits or receives. It doesn’t matter which process technology or device is used for collecting storing or managing data it must be protected. Information falling into the wrong hands could result in huge fines and litigation cases not to mention damage to the company’s reputation.

The goal of data security is to protect information that a business collects, creates, stores transmits or receives

With that being said, the importance of guarding data from security breaches and threats is more important today than it ever was.

How could Information Breach Impact your Business?
According to the statistics, the average data breach cost in the US alone in 2017 was $7.35 million. This includes auditing services fines repaying customers, legal fees and other financial losses. In a country like the US, where resources are apt, companies are still prone to a data breach. So, you need to follow the best practices to keep your data safe.

Equifax, one of the world’s largest consumer reporting companies, was the center of attention during 2017 when it was hacked, causing 143 million US citizens’ information to fall into the wrong hands. Their data mistake not only caused them to lose clients, but the company is still trying to recover from reputational damage. Since Equifax is an established company, it managed to tolerate all the hate. What if this had happened to your small business? Would you be able to recover?

Last but not least, a data breach could force you to face the heat. Don’t forget the infamous Uber scandal that resulted in high level redundancies. Uber’s legal director and a chief security officer were sacked the very moment. In short, a data breach could lead to job losses it doesn’t matter whether you are an employee or a top level executive.

What are the Different Types of Data Security?
Best data security practices protect networks and devices from online threats when connected to the internet. The goal is to determine the rules and take appropriate actions. There are different types of security for protecting data; they include:

#1 Network Layer Security
Network layer security is a cryptographic technique that protects the transmission control protocol alongside other internet protocols designed for protecting emails. This includes TLC and SSL for the website traffic.

#2 IPSec Protocol
The IPSec Protocol was developed for shielding interaction using transmission control protocol. It provides verification and security using cryptography.

#3 Email Security
Email security is a protective measure applied to safeguard the content and access of an email service or account. It is via email that companies send confidential emails to other companies, executives, and customers. Hacking into the email system could lead to the aforementioned losses.

What’s Next?
Businesses and industry leaders agree that it is going to be a hassle of a task to keep private data secure. Organizations will be caught in a never ending cycle of data breach prevention. While there are new ways to ensure data protection, technological advancements have provided ways for hackers to breach into the data some how.