The General Data Protection Regulation (GDPR) has been encouraging organisations to adopt a more organised and formal approach to data protection and privacy. In Singapore, they created the Personal Data Protection Act (PDPA) to address this.
The PDPA gives a baseline standard of personal data protection in Singapore. The PDPA is also used to regulate the flow of personal data among businesses and organisations in the country.
Nowadays, it’s unfortunate to note that there are still some companies that are not taking the required steps to enhance their data protection readiness. And they often become vulnerable to breaches that threaten their existence.
Data security is the protective measures put in place by companies to keep any unauthorised access out of their websites, computers, and databases. Essentially, the process provides a mechanism to ensure data is protected against loss or corruption.
A key part of keeping your company safe from a data breach is to implement data security solutions as soon as possible. This will prevent any potential breaches on the network that could happen due to a lack of protection, which can be caused by even one small mistake such as leaving laptops unsecured in an office space.
The following are some of the reasons why data security is crucial to your business:
Cyber Attacks
A lot of small companies may think that they’re not big enough to be a hacker’s target but hackers have been known to target any kind of company, both small and large. As it turns out, growing smaller businesses suffer the most from cyber attacks since they don’t have as many resources available to fix any possible problems afterward.
Companies of all sizes are vulnerable to cyber attacks, and this is something not many businesses are aware of. However, while larger companies can withstand the financial burden caused by a breach (since they have more money), this should not be an excuse for any business regardless of size to forgo data protection.
Cybersecurity threats range from ransomware attacks to phishing scams; both of which cost organisations millions in damages annually.
Data
Businesses are in ownership of information about the business itself. It includes information about the services or products offered by the company, financial plans and business plans, and detailed customer data that will help them improve their future marketing campaigns.
Other company data are used for risk mitigation, revenue optimisation, and the overall improvement of the company. Since data has many uses for the business, it is considered one of the assets a business has. As such, it should be kept secure and confidential. This is why data security is considered crucial.
Expenditures
Businesses will be responsible for protecting financial details, employee information, and confidential customer files that are under their care. Unfortunately, some companies are not aware of the dangers similar vulnerabilities can impose upon their business when they don’t invest in data security and other necessary security protocols.
Reputation
Data leaks and data breaches are a threat that’s real to businesses of all sizes. When a data breach occurs, there’s more than just money at stake. If your data security is weak, you are putting all your clients at risk and end up compromising the future of the business.
It is important to keep in mind that reputation can take years to build but it can be destroyed in just a few seconds if you don’t have a robust data security system in place.
Conclusion
Making sure there are extra layers of data security goes a long way towards ensuring unauthorised access to the company’s systems and equipment are prevented. That said, it is pivotal to prioritise your data security needs to keep unwanted data breaches at bay.
