5 Consequences That Result From Not Meeting Data Security Requirements
All security professionals know the technical consequences of data breaches. But what are some of the business considerations at play?
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While it might seem tedious, there are laws and systems in place to make sure that company’s play ball when it comes to the protection of personal information, but there are still business owners who fail to meet the stipulated requirements.
This can have serious consequences – here are just a few problems that come with a disregard for data security.
The Internet is a resource for the exchange of information, but nearly every nation on the planet has rules about the way that personal data is handled.
Generally, brands, businesses, and companies will face extreme legal action should they be found guilty of breaking data laws.
But these laws are not only applied to instances where businesses are selling information. They often extend to the steps taken to protect data as well.
If a company is found guilty of the negligent treatment of personal information, either of their employees or a broader database, they can face huge fines, closure, and in some countries, jail time.
This means that website owners and companies need to maintain a constant level of data security that protects their users from exposure to data crime.
Negative Brand Perception
The explosion of big data, data mining, and cyber-attacks has made the average consumer paranoid about the way brands handle their sensitive information.
Brands and businesses that are vulnerable to threats because they do not meet data security requirements are putting their reputation at risk.
A single data attack, such as the breach of popular website Ashley Madison, not only destroys user trust in a brand but can lead to hefty court cases and irreparable damage to the way in which a company performs.
Data security measures are in place to reduce the unwanted distribution of sensitive or harmful information.
While a phone blocker, firewall, or similar data barrier can be an effective solution for stopping the unwanted flow of information, the only way to stay ahead of potential data threats is to invest in a holistic data security solution that is regularly updated.
Failure to do so means that you might be protected against a selection of threats, but exposed to the rapidly-changing range of data crimes that are developed every day.
To put it simply, if you do not meet data security requirements, your entire operation is at risk.
Unlike physical crimes, data security needs to be updated constantly to make sure that your data remains secure.
The team at OBGynecologist NYC said once a team of cyber criminals realizes that your business does not take the steps necessary to keep your data secure, they will target you for repeat attacks using more advanced malware. It's happened to one of their competitors, so they know for sure.
Simple probes can determine the state of your data security, which means it's best to test your own systems and data security regularly.
Modern businesses are built on networks of service providers and suppliers that exchange massive volumes of information daily.
If there is a weak link in the chain of communication, then the whole network is at risk.
This means that companies who do not take the necessary steps to secure their data are not only putting themselves at risk but also compromising the rest of the businesses who are involved in their operation.
Apart from the fact that this will tarnish your name among your suppliers, you may also be liable for damages and loss that other companies incur because of your negligence, which could easily bankrupt even the most lucrative business if prosecuted.
Bottom Line – It’s Not Worth the Risk
While staying up to date with regulations around data security may seem tedious, remaining compliant is essential for protecting your business from vulnerabilities, and even closure.
The best way to approach data security is to consult an expert who can build a system to keep all that precious information protected. For many businesses, data is currency – and it should be protected as such.
If you are a business owner, find out what the laws around data protection are in your country and face the situation. It’s much better to be over prepared than to risk a compromise.
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