In today’s digital world, decision-makers are increasingly relying on data to make the right strategic directions for their organisations. And rightly so. Data allows you to understand, verify, or quantify what you know through the use of hard facts. In short, you don’t just rely on your gut.
In a PwC survey cited in a Harvard Business School article, organisations that are highly data-driven are three times more likely to report vital improvements in their decision-making than those that depend less on data.
With digital information being so pervasive in society, the data being produced keeps on growing. According to the International Data Corporation (IDC), the world created and replicated 64.2 zettabytes of data in 2020. That’s equivalent to 6.4 trillion gigabytes. Let’s just say it amounts to more images and videos than what an average person takes in their lifetime.
The IDC says the high growth can be attributed to the rise of people working, learning, and entertaining themselves from home due to COVID-19 restrictions. The expansion of digital industries, such as e-commerce and insurtech, is also driving this growth.
Businesses store vital information, including customer details, transactions, employee records, and more. Imagine if all this data fell into the wrong hands, who used it for fraud, identity theft, or phishing scams.
With massive data comes great responsibility. While data can be a game-changer, there are heightened concerns about protecting it from those who have ill intentions. Fortunately, more businesses are realising the serious consequences of a data breach.
In a complex and risky environment, safeguarding your organisation’s data is more critical than ever. Keeping information secure helps you to meet compliance requirements. Singapore, for example, has strict data privacy laws and regulations.
Data protection also allows businesses to maintain and improve their brand value. Organisations with transparent and consistent data privacy practices demonstrate how much they value their customers and stakeholders. As a result, customers are more likely to choose them over competitors. In addition, people are more conscious of privacy issues now than ever before and are aware that they have control over their personal data.
Read on to explore 7 ways companies can protect their data.
1. Formulate a data security strategy
A formal data security strategy should be a top priority for companies because, without it, you’re left vulnerable to hackers and cybercriminals. Make it as comprehensive as you can, detailing policies governing how your data is collected, stored, used, and processed. Your procedures should also cover who are authorised to access the data and what must be done should a service outage occur.
Most importantly, your plan should include actions in the event of a security breach, such as stopping an attack, documentation procedures, and remedial measures. The plan should also include how to prevent future breaches of the exact nature.
2. Use data encryption
Encryption can help protect the confidentiality of your digital data by making it unreadable to unauthorised parties. Sensitive company data must be stored and transmitted in encrypted form, especially with the rise of remote or hybrid work arrangements.
3. Set strict access controls
Don’t forget the importance of strong passwords in safeguarding data and restricting access to certain types of company information. You can also implement multi-factor authentication requirements or use biometric systems to verify authorised parties.
4. Invest in IT security software
Malicious software can cause massive disruption to any business. Therefore, it’s essential to invest in security software to ensure that your computers are protected. But, of course, it also goes without saying that your software must always be up to date.
5. Store only necessary information
When a data breach happens, the customers suffer the most because their personal information is exposed. To protect them and other stakeholders, save only the information that is absolutely necessary for you to run your business. This would also help you better manage the data you have.
6. Set policies for personal devices
Companies will have different rules for the use of personal devices for work. However, keep in mind that there are security risks when employees use or bring their own devices to the office. For one, company-related data may be downloaded or stored in unsecured locations. Therefore, having clear guidelines on using personal devices would prevent employees from unknowingly exposing sensitive company information.
7. Educate employees on data security
It’s easy to leave data security to the experts, i.e. the IT department. However, data protection should be everyone’s concern. An entire organisation can fall prey to a phishing attack, for instance, even if just one person opens a malicious email or URL. So make data privacy and protection a part of the onboarding process. Emphasise policies against sharing certain kinds of company information. Subsequently, conduct regular seminars or training programmes to stay updated on new cyber threats.
Data is a company's key asset. As such, it is vital for organisations, both big and small, to take steps in ensuring data security. Data breaches will not only cost the company big time, but, more importantly, you will lose the trust and loyalty of customers and employees.
So it’s time to ask yourself, “Is my organisation’s data protected?”
Learn how your organisation can strengthen data protection practices, as well as overcome threats and vulnerabilities that confront modern businesses. Join the Advanced Certificate in Data Protection Operational Excellence programme and discover the operational aspects of data protection and information security. Find out more about the course here.
