5 REASONS TO INVEST IN DATA SECURITY

What is data security?

As our world continues to rely on technology more and more, information is generated, processed and stored most often in digital form. Thus, the demand for evolving data security technology to protect this information is ever increasing.

Data security refers to anything that serves to prevent the theft, manipulation or degradation of online information. It is essential for anyone, business or individual, who is accessing or storing digital information, especially when it pertains to financial or medical information, to make sure that their personal data is secure.

What does it look like?

There are several forms of data security, including user authentication/authorization, data encryption, data backup solutions, data masking or erasure, hardware-based security and more. Some security measures take the form of downloadable software that targets specific data and minimizes threat by transforming it into code, masking confidential information, or backing data up on a digital server.

Security measures that rely on user authentication protect data by regulating access. This method is used often when confidential medical information is being stored digitally, as those with access must have specific qualifications. Similarly, hardware-based security relies on physical barriers built into the infrastructure of equipment, thus allowing only specific individuals access to certain information.

Why is it important?

Unprotected data is a huge liability for both businesses and individuals. Personal information stored digitally can be accessed through cyber-attacks and then sold for profit. Once sold, this information can be used to commit insurance fraud, identity theft, make unauthorized purchases and much more. The results of data theft can be catastrophic.

While there are currently regulations in place to minimize the risk of a data breach, data security is a necessary step to increase safety and profitability. In the long run, data protection will lower your risk of cyber-attack, decrease your insurance rates, help you comply with local laws and regulations and protect your private and intellectual property.

Why should you invest in Data Security?

• Monitor suspicious activity. Data security can monitor file activity and reveal suspicious patterns in access and usage. These systems can accurately alert you to red flags that might otherwise go unnoticed.
• Minimize liability. Data monitoring systems can recognize weaknesses and work to strengthen areas of liability. This might include outdated software or weak or old passwords. In the event you are the victim of a security breach, the consequences can be extremely costly. Furthermore, the chances of securing what’s been stolen, whether it’s privacy or money, is very unlikely.
• Build trust. As an individual or company accessing and storing digital information, trust goes a long way. At the end of the day, we’re all consumers, and we’re going to choose services that can promise safe, reliable transactions. Feeling confident that our private information will remain secure will result in long term benefits.
• Stay ahead of the curve. Technology continues to dominate every area of our lives, from work to parenting to entertainment. Nearly all of our daily activities rely on technology in some form. Even when we’re not actively entering data into our phones, laptops or tablets, apps are continuously collecting information on our habits, location and interactions. In the near future, it’s expected that technology will continue to advance in new and unexpected ways, and the line between our real and digital worlds will continue to blur. Therefore, the cost and necessity of data security will only continue to increase exponentially. Invest now and you’ll reap the benefits in years to come.
• Comply with local regulations. In addition to being the victim of cyber-attacks, inadequate data security can result in serious legal consequences. Failing to invest in sufficient security measures will leave you responsible for ensuring that people’s private information and intellectual property is protected. Thus, should you ever be susceptible to data theft, you become responsible for compensating any individual that might be affected as a result of the breach. This can translate to serious fines, imprisonment, bankruptcy, and much more.