Data is your most valuable asset since it can provide insights for strategic decisions and helps you develop stronger relationships with your customers and partners. It could also be a liability if you do not make the appropriate precautions to protect it.
Data breaches can cost companies millions of dollars. They can also harm the brand’s reputation, damage trust and result in regulatory fines. While data breaches are inevitable, there are some things you can do to mitigate the risk and protect your data from cybercriminals.
1. User authentication and authorization.
Data security requires authentication and authorization process that is secure to ensure that only authorized persons have access to your information. This can be achieved by requiring that two or more forms are used to access your data, such as something the user knows (passwords and tokens) or something that he or she has (electronics and other devices) or something they actually have (biometrics like fingerprints or face recognition).
2. Secure everything.
Your most sensitive information is classified information. Its unauthorized disclosure could have grave consequences for your company as well as the people affected. To guard classified information, it must be encrypted and protected by a decryption code that is only accessible to authorized personnel. Your team should periodically reassess classifications and develop a policy to manage encryption keys to ensure that they are not compromised.
3. Reduce non-essential data access.
Most employees don’t need full access to the information of your company. This decreases the chance of a breach because it decreases the number of possible entry points for threats. It is recommended to limit access to the minimum amount of data needed for the job and also to utilize password-based user IDs to limit access to data even if passwords and usernames are stolen.