Modern businesses rely heavily on data as its availability increases efficiency and productivity. For instance, consider how often your business uses data for transactional and operational processes, such as sales, accounting, marketing, inventory, and customer service.
While a high emphasis is often placed on these revenue-generating processes, many businesses neglect to consider the importance of data security. Yet, this is one aspect that should never be underestimated. Companies without strong data security measures in place often find this oversight turns out to be a very costly one.
Reliance on Data
Consider how often you rely on your data for analysis or to conduct transactions? Imagine if you were to open one morning and find all of that information gone. Could your business function? If an unexpected interruption or disaster occurs that costs your business its data, you’ll lose an important business asset. Investing in data security is a critical process that contributes to the preservation and sustainability of any business.
Consequences of Data Breaches
A 2018 report by IBM and the Ponemon Institute found the average data breach costs a business about $8 million. It’s not just the financial loses though, there are other serious consequences associated with a breach—also costly.
- Loss of consumer trust
- Damaged brand reputation
- Decreased revenue
- Alienate potential partners
- Potential violation of compliance laws
- Possible expensive legal fees
Lost or stolen data not only places your business in jeopardy, but it also puts your customers and employees at risk too. Their data can be lost through unsecured websites, portals, networks, and mobile devices. In many instances, your business could be held responsible if you didn’t have files containing personal or confidential information adequately protected within reasonable parameters.
It doesn’t matter if you are a small business or a large corporation, data is of critical value in a competitive market. In a constantly increasingly digital-dependent world, you probably heavily rely on your data for transactions. How much downtime could your business afford? Every minute you’re down, your customers are turning to your competitors. Also consider, if your data is lost or corrupted, you lose your strategy intel.
Security is a big responsibility and many companies don’t have enough knowledge about security or cannot afford the staffing to support it. As a solution, many businesses turn to a managed service provider to help them with their security needs. If you think your business could benefit from a boost in data security measures, contact Digital Office Products today.