siliconindia | | December 20199The goal of data security is to protect information that a business collects, creates, stores, transmits, or receivesThis 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 SecurityInformation, 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. 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 SecurityNetwork 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 somehow.
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