Data protection and data security have become prime concerns of SMBs and healthcare organizations in the recent past. With attackers becoming more sophisticated and targeted in their ransomware attacks, it is not surprising for SMBs to become conscious about their data protection.
Did you know a recent ransomware report released by Datto on 17th January 2023 revealed SMBs are aware of rising cyber threats and have to allocate resources and invest in cloud and network security?
Here are some of the stats from the report.
- About 47% of SMBs plan to invest in network security in 2023.
- More than 50% of SMBs have implemented AV, and email/spam protection and network and cloud security are their top priority areas for investment in 2023.
- Per the report, about 69% of SMBs have cyber insurance, and about 34% of SMBs without insurance are likely to get it in 2023.
- About 42% of SMBs with cyber insurance believe that a ransomware attack will happen in 2023. In contrast, a handful of 16% of SMBs without cyber insurance think otherwise.
#Foodforthought: These are some big numbers to Not pay attention to. It flows into the periphery of an organization considering an updated, upgraded, and robust data security plan of action.
With all these stats, it is imperative for SMBs to think about their data security, data protection, and, above all, their data privacy. Simultaneously, it is important to understand the difference between the three and how they all come together to ensure your data is safe and secure.
Enterprise Data Protection – Definition And Its Relevance in 2023
If we talk about the definition of Enterprise Data Protection- It is the process of delivering, managing, and monitoring security across all data repositories and objects within an organization.
Enterprise data protection is an inclusive term that includes various policies, tools, frameworks, and techniques ensuring your data safety respective of its storage and consumption within an organization.
Enterprise Data protection is crucial for businesses for several reasons.
The increased reliance on digital data and technology has increased the need for enterprise data protection. Considering the growing frequency of cyberattacks, it has become essential for SMBs to take proactive measures to amp their data protection, data security, and data privacy strategies.
Key components of an effective enterprise data protection strategy
- Data backup and recovery: Regularly backing up data and storing backups in secure, offline locations can minimize the impact of data loss in the event of a breach or disaster
- Access control and authentication: Implementing access controls and authentication measures, such as strong passwords and multi-factor authentication, can help to prevent unauthorized access to sensitive data.
- Network security and firewall protection: Network security measures such as firewalls, intrusion detection and prevention systems, and network segmentation can help to prevent cyberattacks and unauthorized access to sensitive data.
- Encryption and data masking: Encrypting sensitive data can help to prevent unauthorized access, even if the data is lost or stolen. Data masking techniques can also be used to hide sensitive information, reducing the risk
- Cybersecurity training and awareness: Regularly educating employees about cyber threats, data protection, and safe computing practices can help to prevent security incidents and reduce the risk of data breaches.
Threats to Enterprise Data in 2023
In 2023, the threats to enterprise data are bound to become more targeted and sophisticated, and organizations must guard against them.
So, how do you define enterprise data threats?
Simply put, Enterprise Data threats imply all the potential harm that could be caused to an enterprise’s data or systems due to security breaches, cyberattacks, or other malicious activities and subsequent data losses.
Some common enterprise data threats include –
- Ransomware attacks
- Cloud security threats
- AI and machine learning risks
- Insider threats
- Social Engineering attacks
- Advanced persistent threats (APTs)
- Supply Chain attacks
- Internet of Things (IoT) security risks
While all these are common threats to enterprise data, risks of data breaches and cyberattacks have increased.
Risks of Data Breaches and Cyber Attacks
Ransomware attacks are the biggest and the most common threat to enterprise data, but that’s not all.
Data loss greatly impacts an organization, and the onus of protecting sensitive data increases with each attack.
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Threats posed by ransomware attacks: A cyberattack where the attackers infect an organization’s computer systems and encrypt the data, rendering it inaccessible. The attackers demand payment in exchange for the decryption key to restore access to the data.
Ransomware attacks can be identified by keeping an eye on the following activities –
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Slow performances of networks and systems.
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Unusual network activity, for instance, increased data transfers or connection to unknown servers.
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Unexpected files and directories encryption makes them inaccessible.
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A message displayed on infected devices or systems.
(Learn more about Ransomware in our detailed blog here)
- Impacts of data loss on businesses: The effect of Data breaches and cyberattacks on businesses is quite significant.
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Loss of sensitive data – this is where robust data protection and security strategy comes into play.
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Financial losses are another impact of data loss on businesses. Ransomware gangs asking for payment to release the encrypted data.
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Damage to reputation is one of the major impacts of data loss on businesses, resulting in loss of customer trust.
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Importance of protecting sensitive data: Confidential information like personal information, financial information, and trade secrets are your sensitive data that needs protection and security. So, data protection is critical to the data security and privacy of individuals and the business's success.
Let’s look at the impact of enterprise data protection on businesses in 2023 and how businesses should protect their enterprise data from ransomware attacks.
Why Is Enterprise Data Protection Important for Businesses in 2023?
Enterprise Data Protection is crucial for businesses in 2023 for several reasons:
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Compliance with Regulations: With increasing regulations and laws around data privacy, like GDPR and CCPA, businesses must ensure that they protect sensitive data and follow these regulations. Non-compliance can result in significant fines.
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Business Loss – Current and Future: The lack of Enterprise Data Protection can lead to a loss in business. In case of data loss, organizations can’t connect with their vendors and customers.
This results in mistrust among the stakeholders, and organizations may lose their old customers and vendors. In short, with data loss organization loses its ability to conduct business resulting in a loss of customers and vendors.
- Maintaining Reputation: Data breaches can damage an organization's reputation, causing a loss of customer trust and potentially leading to financial losses. Enterprise data protection helps to mitigate the risk of a breach and maintain the integrity of a business's reputation.
- Protecting sensitive information: Enterprise data protection helps to secure confidential information, such as financial data, customer information, and trade secrets, from unauthorized access, theft, or loss. Loss or theft of sensitive data can disrupt business operations, which could impact the company's bottom line.
- Competitive Advantage: Protecting data can give organizations a competitive advantage by allowing them to maintain confidentiality, secure their intellectual property, and prevent data breaches.
- Mitigating Financial Risks: A data breach can result in significant financial losses, like notifying affected customers and paying for legal expenses. Enterprise data protection helps to prevent financial losses by reducing the risk of a data breach.
- Customer Trust: Protecting customer data is critical for maintaining trust, especially as customers become more aware of data privacy and security concerns.
- Cybercrime: The threat of cybercrime continues to increase, making it essential for organizations to protect their data against attacks.
Final Words
Enterprise Data protection is a crucial aspect of modern business operations and is essential for protecting sensitive data, maintaining a business's reputation, and supporting overall business goals.
Rather than scrambling for solutions at the 11th hour, it is better to evaluate the current security systems and invest resources to make Enterprise Data Protection a part of the growth of your organization.
To know more about how we can help you battle your woes, please feel free to reach out to us at info@ace-data.com today!