If you run a business in the modern era, you need to ensure it is secure. You probably rely on the internet for your daily operations, but the internet can also make you vulnerable to outside threats. There are a number of significant threats to your company, including ransomware attacks, phishing attacks, distributed denial-of-service attacks, and SQL injection attacks. If you can access your company’s files remotely, a potential hacker can do the same thing. Therefore, you need to prioritize data security.

Why is security so important, and what could happen to your company if you don’t have good security? There are a few important points to keep in mind.

Why Is Security So Important For a Modern Business?

Even though you have a lot to think about daily, you need to think about your company’s security. There are several reasons why security is so important. They include:

  • Protect Confidential Information: Of course, one of the biggest reasons you need to prioritize your security is that you need to protect your company’s confidential information. This includes information related to your company’s assets, your employees, and your clients. You do not want this personal information to fall into the wrong hands, and you need to prioritize security.
  • Increase Consumer Confidence: When someone purchases products and services from your company, they will share a lot of their confidential information with you. If they share that information with you, they want to know you will protect it accordingly. Prioritizing security can increase consumer confidence. This can convince customers and clients that they should come back to your business for future purchases.
  • Increase Productivity and Efficiency: Strong data security can also increase productivity and efficiency. If you prioritize security, you can let your employees safely access their files remotely. Therefore, they can do their jobs even if they are not sitting in the office. You also don’t have to worry as much about your information getting corrupted, which can make it easier for you to meet your deadline. Strong information security can make it easier for you to reach your goals.

Clearly, it is important for you to prioritize security. What happens if you don’t adequately prioritize the security of your business?

What Happens if You Don’t Have Good Security?

If you don’t have good security for your business, there are several significant consequences you could face. Some of the biggest consequences of a lack of appropriate information security include:

Loss of Revenue

Without a doubt, one of the biggest consequences of not having adequate security is lost revenue. If your company surrenders its data to hackers and other criminals, you could lose a lot of money. You might have a difficult time fulfilling your contract, which will make it difficult for you to keep up your cash flow. You might also pay criminals via ransomware attacks, which can also take a bite out of your profits.

Loss of Trust

Another significant consequence of poor security is a loss of trust. Your customers expect you to take care of their confidential information. If you don’t take care of their information, they will not return for future purchases. Therefore, they will turn elsewhere. If you want to maintain the trust of your customers and clients, you need to protect their confidential information by investing in appropriate security protocols.

Loss of Market Share

In addition, you will probably face a significant loss of market share. Customers do not like it when companies do not protect their confidential information. When they decide to go elsewhere, you will lose market share to your competitors. This can make it difficult for you to keep up with the other companies in your industry. On the other hand, if you prioritize appropriate data security, you can stay one step ahead of your competitors.

Fines and Regulatory Sanctions

Finally, if you do not invest in the right data security measures, you could face significant fines and regulatory sanctions. For example, if you deal with protected health information, you need to follow the rules and regulations put in place by HIPAA. If an investigation revealed that you fell short of the minimum standard requirements, you could face fines from the government. This can also take a significant bite out of your revenue.

These are just a few of the many consequences you could face if you do not initiate appropriate security measures. What are a few ways you can protect the confidential information of your customers, your employees, and your company?

Invest in Strong Firewalls

If you want to protect your company, you need to invest in strong firewalls. Firewalls are a cyber security measure that prevents hackers from gaining unauthorized access to your information. Firewalls come in many shapes and forms, and you need to invest in the best possible firewalls for your company. Then, you should also test your firewalls from time to time. That way, if there are any holes in your firewalls, you can address them before a hacker uncovers them.

If you are wondering if your firewalls are strong enough, you may want to reach out to a technology professional who can look at them for you. If you have not updated your firewalls in a long time, it might be time for you to do so. You should update your firewalls and strengthen them before they are exploited by a cybercriminal.

Institute Virtual Data Rooms

Another way you can improve security at your company is to institute virtual data rooms. Using a virtual data room, you can execute transactions, talk to board members, share confidential information, and perform due diligence. Essentially, you will create a place where people can exchange information without having to worry about it being intercepted by malicious criminals or bad actors.

Even though you might have a deal that is ready to close, you probably have a lot of confidential information you have to share back and forth. Even though you want to expedite the closing process, you don’t want to leave yourself vulnerable. That is why you should take advantage of virtual data rooms that allow you to audit specific logs, control user access, keep track of file versions, and encrypt all of your information from start to finish. This is one of the most significant steps you can take to protect your confidential information daily.

Use the Right Password Tools

There is a good chance that everyone who has access to your confidential information has a username and password they use to access your system. How confident are you that those passwords are difficult to guess? You should also think about how often you ask your employees to update passwords.

Some of the best ways you can improve the quality of your password protection include:

  • You should encourage everyone to use a mixture of lowercase letters, uppercase letters, numbers, and special symbols. This will make it difficult for people to guess what the password is.
  • You should also ask your employees to change their passwords from time to time. For example, every 30 days, employees should be asked to change their passwords. That way, if someone has swiped their credentials without knowing it, those credentials will no longer be valid.
  • Try not to rely on passwords alone. You may want to use two-factor authentication for certain parts of the company. What this means is that even if someone enters their username and password, they need to use a second factor to log in, such as a text message code.
  • You may want to encourage your employees to use phrases instead of single words. For example, you may want to ask people to use a sentence instead of a short word for a passphrase.

There are lots of tools you can use to improve your password management. That way, you have more control over who accesses your files.

Update Your Antivirus Software

When was the last time you updated your antivirus software? It can indeed be annoying to have to update your software from time to time; however, there is a reason why that update message is popping up at the bottom of the screen. If there is an update, it means there is a vulnerability uncovered. An update is required to patch the vulnerability.

Furthermore, you should also think about the type of antivirus software you use. How confident are you that it can stop cybercriminals from accessing your files? Do you think it can identify trojan horses and worms? Do you think you can scan all of your emails for malicious files?

You need to take a closer look at your antivirus software to ensure it is appropriate. If you have questions about the strength of your antivirus software, you may want to reach out to a professional who can assist you.

Invest in Secure File Sharing

You should also think about secure file sharing. Even though you want your employees to be able to access their files from just about anywhere, you need to make sure you prioritize your security.

Some of the ways you can improve security in file sharing include:

  • Institute granular permissions. You need to ensure that only the people who require access to that file have access.
  • You should also track the people who access the file. Make sure you understand who is accessing your information and why.
  • Track individual versions of files. You need to track who is making what edits to your information.
  • Take steps to improve visibility. You may want to invest in a tool that has a comprehensive dashboard that makes it easier for you to track all of your information.

Secure file sharing is paramount. When it comes to your file, you need to improve administrator control. You need to create sandboxes where only certain people can access certain files. The goal should be minimum required access because this reduces the chances of a hacker accessing all files at your company with a single set of credentials.

Prioritize Strong Data Security for Your Company

These are just a few of the many ways you can improve data security at your company. You need to think about information security because information is your most valuable resource. If you protect your information, you can increase the confidence of your employees and customers. This can make it easier for you to attract talented employees, and you can convince customers to come back for future purchases. You have a lot to do every day, and you may not have time to think about security 24 hours a day, seven days a week. That is why you should invest in a tool, such as SmartFile, that can do this for you. Make sure your information is protected by improving your security with the help of SmartFile.

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Related Topics & Tags: Cybersecurity Online Security

About John Hurley

I am the CEO and Co-Founder of SmartFile. My role is to find the right people and give them the right tools and resources needed to grow both professionally and personally.

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