Data is an important asset for any enterprise. Leveraging data analytics enables C-suite executives and departmental managers to make informed decisions and deploy key strategic initiatives. Firms also rely on data to understand their target market, build relationships with the customers and partners, and provide insights to your marketing team.
In addition, businesses rely on in-house servers to store core business documents, intellectual property, lists of contacts, operational procedures, accounts, policies and much more.
It is clear that the importance of protecting your data cannot be overstated. What would happen to your business if you were to lose all your data?
A study allegedly performed by the British Chambers of Commerce found that 50% of businesses following a data loss for 10 days or more file for bankruptcy immediately.
It’s worth noting that data loss is inevitable. Data loss can be caused by a power outage, employee error, cyberattack, flood, fire and more.
With this in mind, the sensible solution is to prevent data loss by implementing recovery protocols. There are several solutions to take which covers every eventuality.
Migrating to the cloud minimises the risk of data loss. When data is stored on in-house servers, it is all stored in the same place. A disaster will wipe out your entire collection of data.
When you store data on cloud servers, it is distributed to separate locations.
The fragmentation of data stored in the cloud may sound haphazard but the solution increases privacy, security, availability, serviceability and recovery. The average company uses around 755 different cloud applications.
Companies that adopt cloud computing applications such as G Suite, Office 365, Slack and Dropbox automatically receive some aspect of data protection and recovery from various service providers. However, during cloud migration, it is recommended that you also integrate an on-site cloud access security broker (CASB) or outsource your data protection to a trusted outsourced cloud IT support service.
A CASB solution is an additional security measure that sits between the cloud application and the end-user. Its purpose is to enforce security policies and best practices to protect your business against malicious attacks or data leakage.
Whilst cloud migration provides multiple benefits, cloud services can also leave your network exposed to vulnerabilities which cybercriminals can exploit.
In addition to a CASB, it is recommended that companies implement data loss prevention (DLP) methods including:
- Backing up your data
- Install software that monitors user behaviour
- Integrate DLP software including endpoint, network and Cloud DLP
- Create DLP policies that classify different data types and assigns an appropriate level of protection for each
- Perform regular audits to identify potential vulnerabilities in data environments
Today’s work environments rely on technologies to facilitate collaboration amongst remote teams, the interconnectivity of devices, and automation. The consequences of this are that your business is exposed to numerous security risks.
A cyber resilience survey conducted by market research company Vanson Bourne and Mimecast revealed:
- 31% of companies lost data due to a lack of preparedness
- 60% experienced an increase in identity and impersonation f aud
- 52% suffered disruption to operations
- 58% have seen an increase in phishing attacks
To make matters worse, the European Union’s General Data Protection Regulation (GDPR) sanctions fines against companies that fail to implement sufficient data security protocols and procedures.
GDPR penalties range between 2% of your global annual turnover or a fixed payment of 10 million euros, whichever is higher. Companies with multimillion-pound turnover can expect to face fines of 20 million euro or 4% of their global annual profits.
To sufficiently protect your business from cyberattacks, you need multiple layers of security. One antivirus installation is rarely enough. Not every web security tool will effectively protect your data from all types of malicious malware, phishing attacks and ransomware attempts etc.
Installing several anti-virus applications strengthens weaknesses in your entire network and helps businesses to defend against harmful cyberattacks across multiple environments and devices – including remote working employees.
Disaster Recovery Protocols
Disruptions to business operations can have severe consequences. At best, data loss can damage your brand reputation and result in lost revenue. At worst, your business will fold.
The longer it takes for a company to recover lost data, the less chance you have of surviving. According to reports, 70 per cent of companies go out of business after a major data loss.
Disaster recovery protocols detail how your company should react in response to all types of operational disruption. The plan should cover everything including power outages, network failure, loss of key personnel, data breaches, economic downturns, cyber-attacks and IT support errors.
The goals of a disaster recovery plan are to analyse potential threats and identify key areas which could result in critical data loss. The plan must outline strategies that minimise the ripple effects of data loss and define how you can get operations back up and running as soon as possible.
Managed IT Data Protection Software
Advancements in cloud computing technologies and agile networks have made managed IT services affordable and accessible to SMEs. Working with remote IT exports can also incorporate tailored plans to prevent data loss.
Truted managed cloud support services invest in the latest technologies to ensure they protect and recover the business data of their clients. They deploy advanced data backup and recovery solutions in the cloud and regularly audit your IT network to identify potential problems before they happen. In addition, you should expect IT support technicians to monitor your entire networks, including applications and devices stored on your cloud server. This involves adding extra layers of security such as 24/7 monitoring, cloud backup and two-way authentication.
Digital technologies have changed the business landscape. They enable companies to ramp up productivity, make collaboration easier and reduce costs.
However, something as common as a system failure can cripple a business that is reliant on data stored in digital environments. Cloud-computing resolves the threats posed by in-house servers but is still not 100% failsafe.
Ensuring you take the relevant measures to protect your data by preventing potential losses and having a recovery plan in place, will enable you to continue normal business operations quickly, smoothly and cost-effectively.