January 27, 2025
28 is Data Privacy Day, a global reminder of the importance of securing sensitive information. For business owners, data privacy is not just a trendy phrase; it is essential for safeguarding their financial interests.
In 2023, the average cost of data breaches for businesses was $4.35 million, as reported by IBM's Cost Of A Data Breach report, and this figure is expected to rise. The positive aspect is that by implementing the right measures, you can reduce your risk and avoid becoming a news story.
Why Data Privacy Matters For SMBs
Many small and midsized businesses believe they are too insignificant to attract the attention of cybercriminals. Unfortunately, this is a misconception. Almost 43% of cyber-attacks are aimed at small businesses, many of which do not have the means to recover from a major breach.
The fallout from a data breach can be severe:
- Financial Losses: This includes ransom payments, fines, and legal costs.
- Reputational Damage: Losing customer trust can lead to a decline in business.
- Operational Disruption: Breaches can cause downtime that halts business operations.
What Types Of Data Do Cybercriminals Target?
Hackers primarily seek:
- Customer Information: Such as credit card numbers, addresses, and login credentials.
- Employee Records: Including Social Security numbers, health information, and payroll data.
- Business Financials: Like bank account information, invoices, and trade secrets.
They will take advantage of any data they can access!
How Does Data Get Stolen?
Cybercriminals continually develop new methods for stealing data, with some of the most prevalent techniques being:
- Phishing: Deceiving employees into disclosing sensitive information through fake emails or links.
- Ransomware Attacks: Locking you out of your own data and demanding payment for access.
- Weak Passwords: Taking advantage of easily guessable or reused passwords to infiltrate your systems.
- Unsecured Networks: Capturing data exchanged over public WiFi or unprotected networks.
It's crucial to take every possible measure to safeguard your data! Here are ways to enhance your data privacy.
Know Your Data
The first step in protecting your data is to know what you have and where it is stored. Conduct a data inventory to identify:
- Customer information.
- Employee records.
- Sensitive financial data.
- Who has access to what information.
Quick Tip: Only collect and retain what you genuinely need; less data means less risk.
Encrypt Everything
Encryption transforms sensitive data into unreadable code, rendering it useless to hackers without the decryption key. From emails to databases, encryption should be a standard procedure.
Pro Tip: Ensure encryption is applied both during transmission and when stored for optimal security.
Implement A Strong Access Control Policy
Not every employee requires access to all your data. Adopt a principle of least privilege (PoLP) to ensure team members only access what is necessary for their roles.
Example: The marketing team does not need to view payroll data.
Train Your Team
Human error is a significant factor in data breaches. Regularly educate employees on data privacy best practices, including:
- Identifying phishing attempts.
- Protecting devices in public areas.
- Promptly reporting suspicious activity.
Statistic: According to research from Stanford University, 88% of data breaches are caused by employee mistakes.
Partner With A Trusted IT Provider
Managing data privacy can be complicated, and SMBs often lack the resources to handle it independently. A managed IT provider can assist with:
- Conducting regular audits.
- Monitoring for vulnerabilities.
- Responding swiftly to potential threats.
Don't Leave Data Privacy To Chance
Data breaches can result in more than just financial losses; they can also harm your reputation or jeopardize your business. This Data Privacy Day, take the time to assess your security practices and implement necessary enhancements.
Start with a FREE 15-Minute Discovery Call to uncover your vulnerabilities and ensure your business is protected against costly breaches.
Click here or give us a call at (541) 726-7775 to schedule your FREE 15-Minute Discovery Call and take control of your data privacy today!
Let's make 2025 the year your business stays one step ahead of the threats.
