Over the past few decades, technology has become an integral aspect for employees at workplaces. Businesses today rely on technology to conduct work effectively whether it is in terms of financial transactions or email correspondence. However, when such lines of communication are compromised or threatened, it can have a catastrophic effect on the business.
According to a Dell EMC Survey, more than a quarter of businesses had to go through irreversible data loss in the last year. In the era of digital disruption, protecting enterprise data is a big challenge, especially because of the volume of data gathered and its importance to operations. Over three-quarters of IT leaders said they experienced data disruption in the past year and 27% said they were unable to recover data using their current data protection solution.
Data Protection Challenges
The major challenges that businesses are facing right now are as follows:
- Ensuring compliance with regulations such as General Data Protection Regulation.
- Lack of data protection solutions for emerging technologies.
- Ballooning costs of storing and managing backup copies due to rapid data growth.
- Difficulty in operating and configuring data protection software.
In today’s privacy landscape and cyber security, threats can come from anywhere. Businesses must not only look for people who target commercial networks to steal confidential information, and products, but also insiders who have access to data and who might use it for nefarious purposes or irresponsibly.
Data Leak Protection
Data leaks are the most widespread and personal threat to cyber security. It can be damaging to both individuals as well as businesses. All businesses maintain a wide range of data, from employee data to customer insights that often comprises confidential information that can easily be put under risk if businesses do not take steps to protect them.
Businesses can ensure their data is protected from leaks by restricting the amount of information available in the public domain.
Ransomware is another cyber security threat that businesses face today. It is a type of malware that encrypts business data and can be unlocked only in exchange for a huge fee. Data saved on computers is also at risk from ransomware. Such cyber-attacks have risen in prominence with the rise in using cloud services for storing data.
Impact of Cyber Crime on Businesses
A cyber security breach can be greatly damaging to businesses. In addition to the direct economic cost of such attacks to the business, like corporate information theft, cyber security breaches can also cause reputational damage. Under such circumstances, businesses will have to deal with direct impacts as well as legal consequences.
All businesses, irrespective of its size, must ensure everyone involved in the business is up to date on cyber security threats and the ways to protect data. There is no better time for businesses to be acting against potential cyber security breaches. 3i Infotech offers a wide range of services in internet, banking, and fraud detection.