Businesses today rely heavily on data security to keep their confidential information safe. In order to ensure your business’ data is protected, it’s important to be aware of the most common data security risks and how to mitigate them. Here are 5 fast facts about data security for businesses: 

1. Over 77% Of Businesses Do Not Have A Plan In Place To Deal With Cyber Security Incidents

Everyone has something they want to protect. People have things they don’t want to be stolen, whether it’s a car, jewelry, or data. Often businesses are focused on keeping their money safe, which is of course important. However, what many companies overlook is that information is the new currency in business. Do you know how much data theft costs American businesses each year?

Conversely to this statistic, there are several ways that organizations can reduce the likelihood of being hacked and having their data compromised. Taking security precautions against hackers before it occurs will help protect your company’s reputation and financial future if an incident does occur.

2. A Data Breach Costs An Average Of $3.9 Million To SMBs Throughout The World

This is something businesses everywhere should want to know, as data breaches affect their bottom line and overall success. However, many businesses ignore data security and end up paying for it. Beyond the fines and fees associated with a data breach, there are additional costs that can be trivialized or overlooked entirely.

Hackers aren’t always out to get you – Many times they’re not actually trying to attack your business; they could simply be after your money. They might attempt to get into your system and steal information such as credit card numbers that could then be used in a financial scam.

Businesses lose around $5,500 per data breach due to damages from a bad reputation and customer turnover. In the event of a data security breach, it’s important for companies to have a plan in place to prevent or minimize damage.

According to the Identity Theft Resource Center, data security breaches cost on average $201 per compromised record. To put that figure in perspective, it would take an individual on minimum wage 25 hours to earn enough money ($17.71) to cover that cost.

3. The Cloud Is Currently One Of The Safest Options For Storing Sensitive Information

When you are talking about data storage, the first thing that pops into mind is a hard drive or flash drive. While these are still options for some companies, cloud storage has risen to popularity in the last ten years. Cloud storage uses encrypted servers that store your data online. This allows you access to all of your files from any device provided an internet connection is available. 24/7 access means there are no issues with downtime due to lost or damaged hardware and privacy is protected through strong security features.

It reduces risk due to its extensive security measures, including firewalls and reliable SSL certificates. Data stored on a company’s internal network is more susceptible to breaches, but there are other considerations that must be made before choosing this option. For example, if sensitive data is leaked from the cloud or brought along with employees who leave the company, the business will still suffer losses even though all data is stored externally.

4. Even Huge Firms Take Nearly Six Months To Identify A Data Leak

Why does it take a long time for big companies to detect a breach in data security?

According to data security research for 2015, it takes an average of 229 days for a big company to detect that they have been hacked. It takes a long time for big companies to detect a breach in data security because there is so much information that needs to be protected and handled that it’s easy for something to fall through the cracks.

They don’t have a clue what they’re looking for. For a hacker, a data breach is like a huge stack of money sitting on the street that no one seems to notice. Because of this, it’s clear that companies need to know what data breaches look like if only to pass the information on to security experts so they can stop them faster.

What type of information do attackers seek? Attackers go after personally identifiable information (PII) such as Social Security numbers, birth dates, addresses, and names. Once criminals have this information they can open bank accounts or credit cards under someone’s name or file false insurance claims.

5. Human Mistake Is At Blame For 95% Of Cybersecurity Breaches

There are many ways that human error can be a factor in data security breaches. For example, if an employee clicks on a link or opens an email that they shouldn’t have, the company’s data could be compromised. This is why employees should receive training to keep them safe from phishing scams and other dangers when it comes to protecting data.

Even though humans are often the cause of these data security breaches, technology also plays a large role in them too. Tech advancements have made it easier for hackers to get their hands on personal information by using various types of malware so companies must stay up-to-date with new programming languages and update their software regularly so they can prevent this type of breach from happening again.

Do you have a plan in place to deal with data security incidents? Data security is an ever-changing landscape, and many businesses don’t realize how important it can be. If your company doesn’t already have one of these plans, call us today! We specialize in data breaches for small business owners who are looking for solutions that will keep their information safe from hackers.

Are You Looking For A Data Security Expert You Can Trust for Your Business?

Managed Technology Solutions, also known as ManagedTEK – IT Security Services & Monitoring, is a managed service provider that provides IT support and security solutions for businesses throughout the greater San Francisco Bay Area. ManagedTEK, was founded on an urgency to empower and protect our community from the digital war on personal security and privacy. We focus and specialize in protecting businesses from falling victim to increasingly complex cyber threats. We use cutting-edge technology along with proven cybersecurity practices to provide support and protection for small businesses. Contact us today for your free consultation!