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The Importance of Data Protection and Business Security

Data protection is no longer a choice but a critical necessity for businesses. Recent large-scale data breaches, such as the one at Santander Bank, or some of the largest cyberattacks in history—Yahoo, Facebook, Microsoft, and others—illustrate how information theft is becoming increasingly sophisticated, with astronomical costs for companies. Beyond financial losses, businesses face potential legal penalties, reputational damage, and the loss of critical corporate data.

Industry estimates suggest that cybercrime could cost the global economy $10.5 trillion annually by 2025. In the face of this ever-growing threat, have you considered how well-protected your business is and what measures you should take to improve its security? Prevention is better than cure.

What is Data Protection in a Business?

Data protection refers to the measures and practices implemented to ensure that sensitive and personal company information is safeguarded from unauthorised access, misuse, loss, or theft. This includes customer data as well as internal business information, such as financial, strategic, and human resources data. Specifically, business data security involves enforcing security policies, deploying technologies and IT security tools, and training staff to recognise and respond appropriately to security threats.

Explore this tutorial on data protection.

What Are the Three Pillars of Information Security?

According to the National Cybersecurity Institute, information security relies on three key pillars where “preventive and reactive measures” are applied to safeguard data:

  1. Confidentiality: Ensuring that information is accessible only to authorised individuals and is not improperly shared.
  2. Integrity: Ensuring data remains accurate, complete, and unaltered without authorisation.
  3. Availability: Maintaining data access and functionality whenever needed, avoiding interruptions or system failures.

What Other Key Components Are Crucial for Data Security?

While continuous monitoring and threat detection systems are vital, other data protection measures must be considered:

  1. Legal Compliance: Adhering to laws and regulations related to data protection, such as the General Data Protection Regulation (GDPR) in the European Union or Spain’s Organic Law on Data Protection and Guarantee of Digital Rights (LOPDGDD).
  2. Data Lifecycle Management: Properly managing data from creation to secure disposal, following established policies and procedures.
  3. Access Control: Limiting access to data only to authorised individuals through the implementation of security controls and measures.
  4. Data Encryption: Transforming data into an unreadable format for anyone without the appropriate decryption key, ensuring that only authorised users can access the information.
  5. Backup and Recovery: Regularly backing up data and setting up procedures to restore information in case of loss or damage.
  6. Staff Education and Awareness: Regular training and awareness programmes for employees on security best practices, including how to recognise and avoid phishing attacks, protect passwords, and maintain device and system security.

What Happens If You Don’t Protect Your Company’s Data?

What are the consequences of lacking data protection? Businesses may face a range of severe risks. Each data breach incurs an average cost of $4.45 million. Additionally, IT downtime is notably expensive, estimated at around $5,600 per minute.

Other risks and negative outcomes include:

  • Loss of Trust: Customers and business partners may lose confidence in your company if a data breach occurs.
  • Legal Penalties: Failing to comply with data protection laws can result in significant fines and legal actions.
  • Reputational Damage: A security breach can harm your company’s public image and reputation.
  • Loss of Critical Data: Losing strategic or confidential information can have a devastating impact on the company’s operations and competitiveness.
  • Business Disruption: A data breach can cause significant disruptions to daily operations. Investigating and resolving the breach can divert resources and time, negatively affecting business productivity.
  • Fraud and Identity Theft Risks: Compromised data can be used by cybercriminals for fraud or identity theft. This not only harms affected individuals but could also create additional liabilities for your company.

How Can You Protect Your Company’s Data with NetApp?

NetApp provides complete peace of mind with advanced solutions to counter cybersecurity threats, preventing unexpected disruptions, ransomware attacks, and data loss in your hybrid cloud. Moreover, our experts work with you to ensure your infrastructure is properly scaled, and that data protection and integrity policies are implemented in line with NetApp’s best practices. During this process, we also identify and document any security risks that may expose your data storage.

In a world full of generalists, NetApp stands out as a true data protection specialist, helping your business maximise the value of its information. Don’t wait any longer. Get ready, protect, and recover from unexpected security threats! Discover how NetApp can assist you today. Contact us via our chat.

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