The adoption of technology from the simplest of matters to the most complex problems has rendered us heavily dependent on it. We love paying our bills minutes before they are due.
We enjoy seeing loved ones face-to-face on our computer screens. We can access and print our extremely sensitive records from government and financial websites in a matter of minutes instead of waiting for the mail for days. The time and resources that technology saves are invaluable, but this convenience has a very ugly side.
This convenience brings costs, which could include irreparable financial, professional, and social damage. The technology that is designed to make life easier can also wreak havoc when criminals use it to breach secured, personal information. So how do we tame this beast called 'breach of data security'?
Background: The gravity of the problem: To look for a solution, we first need to understand how serious this problem is. Breaches in data security and loss of data could spell imminent demise for many small companies.
According to the National Archives & Records Administration in Washington, 93% of companies that have experienced data loss resulting in ten or more days of downtime have filed for bankruptcy within a year. 50% wasted no time and filed for bankruptcy immediately and 43% that have no data recovery and business continuity plan go out of business following a major data loss.
In the past, small- to medium-businesses (SMBs) thought that data security problems were reserved for large corporations, but cybercriminals are finding out that SMBs are more complacent in securing their data thus making themselves easier targets. More importantly, the lightly guarded SMBs can provide backdoor access to the large entities hackers really want to hit.
Fewer than half of the SMBs surveyed said they back up their data every week. Only 23% have a plan for data backup and business continuity. That is why the number of cyberattacks on SMBs has doubled in the recent past.
Causes of lost data: Loss of data can be attributed to two factors.
Downtimes can be very harmful to your business continuity and revenue.
Five ways to minimize data loss
To conclude our conversation, it is very important to understand the causes and consequences of data loss. Be proactive and minimize the likelihood of a data breach and data loss, so you can stay in business without interruption. Make sure you have a solid data recovery and business continuity plan so you don't become another statistic about small firms who didn't make it.