A data breach is one of the most serious issues that a small business owner will ever have to deal with. It can be expensive, time-consuming, and potentially devastating for the company.
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While many companies take the time to develop a strategy for data breach response, they often neglect the steps that need to be taken prior to a breach to ensure data security. Here’s what you can do now to proactively protect your company from a data breach.
The Equifax breach: it’s the event that everyone has been talking about. And it’s not just Equifax—there have been similar, smaller breaches at other large companies. It just goes to show that there is no such thing as cybersecurity perfection. Small businesses need to wake up and take notice. Not only should they be aware of these issues but should also be prepared for them.
In the digital age, there is an expectation that your business will make your customers’ personal information available to you. In return, customers expect that their data will be protected from unauthorized access, disclosure, use and modification.
Despite all the media attention on data breaches, small businesses are still struggling to get adequate protection in place. In fact, a recent survey reported that 52% of small business owners don’t believe their business is vulnerable to a data breach. This is a huge mistake.
The Consequences of a Data Breach
A data breach can happen at any time, even if your small business is diligent about protecting information. While there are things you can do to protect yourself, sometimes all it takes is one employee to make a mistake for everything to go wrong. Having a plan in place before disaster strikes is the best thing you can do to help minimize the damage.
Small businesses, like any other business, are susceptible to the perils of a data breach. In fact, small businesses don’t necessarily have the resources of a larger corporation and that makes them more vulnerable. So if you think that you’re safe because you’re smaller than your competitors, you may want to rethink that.
A data breach can be a major source of headaches and stress, no matter the size of your business. Although we live in a digital world, we still have to deal with many of the same issues as brick-and-mortar establishments. Just think about how often you use the internet to pay your bills, check your bank balance, order things online, or even talk with your bank?
Protect your Online Security
In the past decade, the number of data breaches reported to the U.S. Department of Justice has been steadily rising. In 2013, there were over 1,000 data breaches, and many of them were inconsequential. But some were extremely damaging, affecting millions of people and costing millions of dollars. Businesses need to be proactive about protecting their data from attack because a breach can end up costing a small business a lot of money.
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One of the biggest challenges for small businesses in today’s climate is staying safe and secure. After all, the large hacks we’ve seen this year — Equifax, Yahoo, and many others — have taught us that no company, organization, or individual is immune to a data breach. If you’re a small business owner, your company’s data could be at risk — and you may not even know it.
The consequences of a cybersecurity data breach