Are you worried about your business's data security? Do you ever wonder what causes data loss and how to prevent it?
Then this article is for you.
Intelligent Technical Solutions (ITS), a managed security service provider (MSSP) with years of experience safeguarding hundreds of business data, is here to guide you through enhancing your data security. This article will arm you with the knowledge and strategies to safeguard your business against data breaches and loss.
It’ll answer specific questions like:
By the end of this article, you’ll have actionable strategies to enhance your data security.
What are the Top Causes of Data Loss?
Data loss isn't just an inconvenience; it can spell the end for many businesses. Shockingly, 93% of companies that suffer from significant data loss go bankrupt within a year.
The misconception that cybersecurity is a concern only for larger corporations has left SMBs particularly vulnerable, making it crucial for these businesses to adopt robust data security and recovery plans.
Here are the top causes of data loss:
1. Human Error
Human error remains a significant cause, with employees inadvertently deleting data or mishandling hardware. A substantial portion of data breaches involve some level of human mistake.
2. Cybersecurity Attacks
The landscape of cybersecurity attacks is evolving, with 2023 seeing a record high in data breaches. The Identity Theft Resource Center reported that by September 2023, data breaches had already surpassed the previous record-high by 14%, affecting over 66 million victims.
Cybersecurity Ventures estimates that by 2025, cybercrime costs will reach $10.5 trillion annually, reflecting a 15% year-over-year increase.
3. Hardware Failures
Hardware can fail due to age, wear and tear, or physical damage, causing data loss.
Over time, the physical components within hardware can deteriorate, leading to wear and tear that compromises functionality. Additionally, unexpected physical damage from incidents such as dropping a device or exposure to water can cause immediate and often irreparable harm. Environmental factors like extreme temperatures or humidity also play a role in accelerating the degradation of hardware components. As hardware ages or gets damaged, the likelihood of malfunction increases, potentially resulting in data loss or the need for costly repairs and replacements.
4. Software Corruption
Software corruption can result from bugs, failed updates, or compatibility issues. This remains a consistent concern for data integrity in the digital realm.
5. Natural Disasters
Natural disasters can directly impact physical storage infrastructure, but recent discussions focus more on cyber threats. However, the evolving climate and increasing frequency of natural disasters pose a continuous risk to physical and cloud-based data storage solutions.
RELATED: Business Recovery: What to Do After a Natural Disaster Strikes?
6. Insider Threats
Insider threats include intentional deletion or theft of data by employees or contractors. Approximately 31% of all data breaches in 2023 can be attributed to insider threats, which include employees, contractors, or other internal actors. This highlights a significant portion of data breaches emerging from within organizations.
7. Data Theft
Direct theft of data, whether through cyberattacks or physical theft of devices, is a significant concern. IBM estimates that 32% of cyber incidents in 2023 involved data theft and leak, indicating more attackers favor stealing and selling data over encrypting it for extortion.
How Can You Prevent Data Loss?
Preventing data loss is paramount in today’s digital age, where the cost and frequency of data breaches are escalating. Implementing strategic measures can safeguard your organization's data effectively. Here's an expanded overview based on best practices and statistics:
1. Strengthen Data Security Practices
A robust data protection policy is fundamental. It includes elements like defining the scope of data protection, establishing GDPR principles, and outlining lawful data processing. Ensuring confidentiality, integrity, and availability of data is central to protecting against breaches and unauthorized access.
2. Emphasize the Importance of Compliance
Clear communication about data security policies and the consequences of non-compliance is crucial. You must also understand the different data types that require protection and ensure their security to prevent fraudulent activities, hacking, and identity theft.
3. Enhance Mobile Device Security
With mobile devices being common points of vulnerability, securing them is essential. Practices such as data loss prevention (DLP), encryption, and firewalls help safeguard data from theft, loss, and unauthorized access.
4. Adopt Data Snapshot Techniques
Snapshots offer an efficient and reliable method for data backup, reducing the risk of data loss during restoration processes. This technique complements other data protection strategies by ensuring data integrity and availability.
5. Utilize Cloud Replication Services
Cloud services are pivotal for modern data backup solutions, offering cost-effective and scalable options. Emphasizing cloud data security is vital as the move to cloud storage increases the attack surface for potential breaches.
Statistics underscore the impact of data breaches, with 21% of consumers willing to switch to a competitor after a data breach. The average global cost per breach reached an estimated $4.45 million in 2023, illustrating the financial importance of investing in data security to mitigate risks and protect the organization’s financial stability.
These expanded points and relevant statistics underscore the critical need for comprehensive strategies to prevent data loss and protect against the escalating threat of data breaches in the digital landscape.
Ready to Protect Your Business from Data Loss?
Understanding the causes and implementing the strategies discussed can significantly mitigate the risk of data loss.
With expertise in preventing data breaches and ensuring business continuity, ITS provides the tools and knowledge your business needs to stay secure.
Don't let your business become another statistic. Take action today to strengthen your data security measures and ensure the longevity and success of your enterprise. Here are some resources you can read through to help you do that:
- 3 Data Security Best Practices Your Business Must Implement
- FREE EBOOK: Data Breaches - A Definitive Guide for Business Owners