However, the rise of big data has also led to greater security risks. Businesses need to bolster their data security as a result.

Our Growing Dependence on Big Data Makes Data Security More Important than Ever

Big data is revolutionizing the way we live our lives. From healthcare to finance and from social media to education, big data is transforming how we interact with the world around us.

It enables organizations to make more informed decisions, develop more efficient products and services, and gain a better understanding of their customers. With big data, companies can identify patterns in customer behavior that can help them improve their products and services. It also helps them gain insights into customer preferences that can help them create better marketing campaigns and strategies. Big data is changing our lives in ways that were never possible before and will continue to do so in the future.

Sadly, the proliferation of big data comes at a cost. More organizations are vulnerable to data breaches, which requires them to improve their data security efforts.

This is your sign to look at your organization’s data security plan and see if there are holes and gaps that need to be filled. The truth is, data is imperative for the success of your business. You need to ensure that the data you collect is safe and secure and that you understand all the ways that tricky hackers try to get into your systems. Emails, bad links, phone scams, and more can all be used to steal company information and tank your business. Here are the top 6 reasons why you need to reconsider your lax data security plan.

Cybercrime Continues to Rise

Each year, cybercrime costs the economy billions of dollars. According to the Digital Guardian, cybercrime cost the U.S. $6.9 billion in 2021 alone.

Not only that, but a big breach can destroy a small business. It’s important to take data security seriously and look beyond just having antivirus software on your computer. One of the reasons many companies don’t prioritize data security is that they believe they’re not at risk of being attacked. This is not true.

Threats are getting more sophisticated, which is why it’s so important to stay on top of data security concerns. Since many small businesses don’t know how to handle this, they can easily outsource to a third-party risk management company, or TPRM. These companies can help you evaluate your risk and help you find ways to reduce it.

Your Business Data is at Risk

Your business data is at risk from cybercrime. You won’t be able to protect your company for long if you have a lax data security plan. But, you can implement processes and applications that can protect your business. Hackers want nothing more than to get ahold of phone numbers, addresses, social security numbers, and more. Plus, some competitors may fight dirty and hire hackers to try and compromise your systems.

You Can Be Held Liable for Data Breaches

This is a hard pill for many businesses to swallow. Your business is responsible for the data that your customers give to you. Not only that, but you are also responsible for vendor data. If you fail to protect their information, they have every right to sue you. If your data security plan is too lax, then it’s likely they can win the case. Additionally, the government can also fine you if you don’t comply with regulations.

Employees Use Unsecured Apps Like Social Media

Another reason to reconsider a relaxed approach is that employees are using more and more social media and other unsecured apps for work. While this may seem like a convenient way to stay in touch with your colleagues and clients, it’s also a major source of data breaches. In fact, one study found that most enterprise mobile devices contain at least one app that poses a threat to corporate security or compliance practices. Most employees are unaware of these issues these apps can cause themselves or the company.

A Good Malware Attack Could Cost You Millions

Hackers are smart and they use people’s ignorance to their advantage. The truth is that a good malware attack can cost you millions of dollars. Whether it’s a ransomware attack that locks up your data and demands payment or an insider breach where sensitive information is stolen, the costs associated with these breaches are staggering.

Companies Have Way More Breaches Than You Realize

Just because you don’t hear it on the news doesn’t mean that it’s not happening. The big Target breach wasn’t the only issue they ever experienced, and it certainly won’t be the last. It was simply one of the biggest, wide-reaching, and most damaging breaches that companies had experienced up to that point. You won’t hear on the news when your favorite companies have a breach unless they are required to by law. Companies need to be smart about protecting their data and their customers and staff. Data security processes and procedures help to do just that.

Data Security Issues Shouldn’t Be Overlooked in a World Governed by Big Data

There are more reasons to have a good security plan in place. You simply can’t ignore the importance of them in the big data age.

The important thing is to understand all of your liabilities and be able to leverage the right technology and processes to provide a more secure environment. This can help you protect company information, keep your customer data safe, and thrive in your business because you won’t need to worry about hackers breaking things.

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• Source: https://www.fintechnews.org/6-reasons-to-boost-data-security-plan-in-the-age-of-big-data/