Something as simple as losing data in a company can have consequences that can damage your business for years. So, to protect your business’s corporate data, proactive security is non-negotiable.
In this blog, we share 6 key tips every business like yours should implement to secure sensitive information, from access controls to data backup strategies.
Learn how to reduce your risk, improve compliance, and ensure your business data stays where it belongs and safe across all devices and platforms you handle in your company and staff.
What Counts as Corporate or Sensitive Business Data
Corporate or sensitive business data refers to any information that, if disclosed or destroyed, would negatively impact the operation of your business, its reputation, or its customers. In other words, it’s something you never want to lose or damage in your life.
These are the ones you are probably familiar with: financial records, employee data, client information, proprietary designs of products, internal communications, and business plans. There may be cases where even your emails or spreadsheets discussing confidential matters may qualify as corporate or sensitive business data. You know, everything where you share something that cannot be seen by anyone but you and/or some members of your team.
First things first, you must identify what your sensitive data is so that you know where to put efforts in safeguarding information. Unfortunately, many businesses never worry about classifying or protecting their sensitive information until they go through a catastrophic loss. Is this your case?
When you understand what is truly sensitive, you can make informed decisions about which aspects of your data you should prioritize and implement security controls across your systems and teams.
Common Security Risks That Threaten Business Data
Businesses of all sizes are faced with a variety of cyber threats, and some of them just target corporate data specifically. If you don’t have the weapons to fight back, they can take or destroy your sensitive information, resulting in financial, legal, or reputational risk to your business.
Phishing Attacks
These attacks are one of the most common tactics used by hackers to trick employees into providing login credentials or sensitive information. This is how it works: The hacker uses false emails that often look like they are from trusted email addresses to get the employee to click. Then, he manages to obtain classified information from the employee and thus gains access to the company’s systems.
Insider Threats
Your worst enemy was hired by yourself. Disgruntled employees or careless contractors may unintentionally or intentionally leak or misuse sensitive information, thereby impacting your business. If data is laboriously classified and access is limited, tracking their activity early can improve detection, if applicable.
Ransomware
This can routinely lock you out of your files, and demand payment in exchange for access. It’s basically digital blackmail. If you do not have regular backups or endpoint protection, you are vulnerable to it, and it isn’t getting better each year as a security threat.
Weak Passwords
If your password is your dog’s name, your birthday, or 1 to 8 numbers, then you are part of the problem. Many accounts use very simple, repeated, or outdated passwords as security protocols. Poor passwords create easy points of entry for cybercriminals, making it vital to have strong password policies as part of your protection protocols for corporate data.
6 Key Tips to Protect Your Business’s Corporate Data
Use two-factor authentication
Complicated passwords help enhance your security up to a point at which if you have to remember the complicated passwords, people often find themselves using that very same complicated password for all their various accounts. If a hacker gets a hold of any reused password, there is a very high chance they can access all of those accounts that password was used.
Two-factor authentication provides an additional layer of safety for your systems and accounts. There are many types of two-factor authentication, each one requiring a unique identifier of some kind for a user account. Some are biometric authentications within the devices you use, or a unique time-sensitive autogenerated text code sent to you mobile phone. Digital security authentication that are similar to websites that confirm you email address so they know you are real.
Encrypt all data
Encryption is just an added level of difficulty for hackers since the data has to be scrambled, then descrambled, every time someone tries to read the data. It does become an issue if the encrypted data cannot be accessed through a company’s network systems.
Encryption can be quite expensive to enact, but it definitely is worth the cost because once your data finds itself in the wrong hands, then its no longer worth anything.
Keep systems up to date
Many organizations do not quickly install software updates, and this is a problem. The hackers are always upgrading their tools to take advantage of outdated applications and systems, and installing updates, as soon as they can, addresses the security flaws and keeps the data secure.
Back up frequently
Adding multiple layers to your security does not mean hackers will not find a way into your system. That is why it is also critical to back up data frequently, whether that be on-site, off-site, or cloud-based backups. In the worst-case scenario, if a system is compromised, you can restore your lost data.
Monitor connectivity
Again, many businesses will not know how many devices are connected online at any moment, and even harder is making sure they should even be connected. Often company devices are connected to the internet when they do not need to be connected, thus becoming a target for an attack, simply because they exist to be attacked.
Make sure to properly configure your business servers so there are only necessary machines connected to the internet and they are properly secured by protocols at all times.
Recovering from a data breach is significantly more difficult than preventing one, and if you would like to protect your business IT systems from an attack, contact us today.
Best Practices for Data Compliance and Legal Safety
It’s not just about avoiding fines, but also about maintaining the trust of your partners and customers. After all, information is one of the most important assets today, so as a company you must ensure its security. You need to determine what regulations apply to your industry and, for example, if you collect data under GDPR, HIPAA, CCPA, etc.; keep records of what data is collected and how it is processed.
Regular audits help a lot! And, of course, having a clear privacy policy creates ways in which to be transparent and defensible in the eyes of the law.
On the other hand, there is the path your data travels. Ensure that all data is encrypted, both when it is stored and transmitted, and consent is required from the user when necessary.
Most importantly, training your employees about privacy protocols is also vital. They are the first defense line and also the ones who create the most security breaches. Keep them trained and your business will be safe.
Corporate Data Protection FAQs
What is considered sensitive business data?
Sensitive business data means valuable information or anything that can be harmful to your business and/or your clients if exposed. It can often mean financial records, trade secrets, customer databases, contracts or agreements, employee information, and internal emails or communications.
How often should we back up data?
The worst can happen in a second so, in an ideal situation, data is backed up daily and possibly hourly for mission-critical systems. Much of the back up processes can be automated along with many applications.
Is encryption enough to secure our files?
While encryption adds an additional layer of protection against hackers and data breaches, it does not fix the other issues. You need to create an indoor cybersecurity culture so your staff gets used to strong access controls, user authentication, and endpoint protection to secure your corporate data effectively.
Do small businesses really need compliance plans?
Yes! You may think smaller businesses don’t have much to offer, but actually, they are targets because they often have weaker security practices and compliance plans. A clear compliance plan for your employees to implement will protect you and your data, avoid costly fines, and show a level of responsibility to your clients and partners.
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