With countless new apps to download and an expanding Internet of Things, the data generated on a daily basis is multiplying rapidly, the importance of data management for companies can not be over emphasized.
By not securing your infrastructure with recommended software updates, failing to perform regular maintenance as required, and postponing security checks such as penetration testing, you are in violation of security policies and data, potentially costing your business.
Cyber-attacks are becoming the biggest risk for businesses. The reason ? Too few of them make data management their priority.
The consequences of this neglect is always reported, as series of organizations, one after another, keeps reporting flaws in their security systems.
In a recent survey conducted by Sophos Group, a British security software and hardware company, revealed that 86% of Nigerian companies experienced cyber-attacks within the past year.
This is the second highest percentage recorded globally after India and much higher than that of South Africa with 64%.
The importance of continuous data protection
When trying to deal with disasters that reveal serious flaws in human-made systems, companies tend to blame it on “the bad year” rather than admitting that things could have been done differently.
Similar reasoning has already been put forward to explain recent cyber-attacks, and you may recall how companies explained the 2008 economic crisis to themselves.
A “bad year” seems to be a handy excuse for dealing with problems. failures, but it also prevents you from learning from the incidents you encounter, including data leaks.
According to statistics from the Breach Level Index, malicious people steal no less than 214,399 pieces of data around the world every hour.
But why should it be any different? If data of some value remains accessible online, hackers interested in it will too.
Organizations that want to protect their reputations and prevent their data from being compromised easily need to learn how to protect the information they have.
The dire consequences of neglect
The consequences of data neglect are easy to predict, even if you have limited knowledge about malware.
First, you risk losing your customers’ data or exposing them to serious potential threats which might result to facing a law suit.
The price of this error? It will all depend on the state and the extent of the data breach experienced, but depending on the GDPR, fines sometimes can range up to 10 million euros in the western world depending on the severity.
Fines, however, are not the only costs organizations might incur. Recovering your IT infrastructure or renting a replacement workspace when that infrastructure has been compromised could also put a strain on your business budget.
Not to mention the financial compensation to be paid to all those affected whose personal data had not been encrypted and leaked (since 2013, only 4% of all data breaches contained secure data). The importance of data management are just enormous.
You can depend on us for the best advice on how to manage and protect your data. To learn more about data management and how we can be of help, click Contact us for any inquiries you may have.
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