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Threats on the supply chain, ransomware, hacking, and other types of threats are just a few of the protection problems that large businesses face. Since half of all hacks are aimed at small and medium-sized businesses, growth companies must take precautions to keep private company information from being stolen or changed.
Organizational files often have useful information that, if lost or stolen, could hurt a company's finances and image. Even though there is a risk, most companies only put security measures in place at the database, network, or client level.
Without file-level security, a bad guy can see all the information in a computer, network, or gadget that has been broken into. When an employee gives a file by email, shares a link online, or puts files in an unsafe cloud setting, they may have given hackers access to private information.
Best Security Practices for Organizations
A solid plan for managing file protection will keep your business info safe. This big-picture plan should include several steps to ensure that data files are correct, available, and private. Follow these best practices to make sure that your company's information is safe in case of a security breach:
Control access and permissions
IT teams can change who can access private data and other company tools using access control systems. When setting up access controls, it's important to use permission-based user jobs to make it harder for people to get in without permission.
The principle of least privilege (POLP) says that users should only have access to what they need to do their jobs. These permission-based user roles follow this rule. Access rules should be checked often to ensure that POLP is still in effect and that no person has more access than they need for their job.
You can also use these audit logs to discover strange behavior or dangerous habits that might contribute to a compromised file and limit who can do what makes it harder for people who shouldn't be there to obtain it.
Protect your network's endpoints.
Endpoint security ensures that company networks and all the gadgets linked to them are safe. Network endpoints are faraway computers that virtually join a business network. Network endpoints that are often used at work include:
● Laptops Desktops
● Mobile gadgets and tablets
● The tech that can be worn
● Workstations Servers
● Other entry points
Network interfaces are becoming more common as more companies move toward flexible and mixed work settings. But if these gadgets are lost, stolen, or in some other way hacked, they can cause data loss. Hackers can use endpoint devices to get into the business network if they don't have enough security limits.
Raise people's awareness of security procedures.
Mistakes are more likely to happen when an organization doesn't tell its employees enough about how the company handles security. How else can workers ensure they follow security rules if they don't know what they are? When working with private company information, make sure to tell your team to follow these simple security rules:
● To prevent scam attacks, look for emails or texts from unknown sources that seem odd and report them.
● Install software changes as soon as they become available to reduce the risk of hacks.
● Don't use the same password twice, and change your passwords often.
Secure Backups and removable storage media
Storage devices that are easy to lose or steal are things like thumb drives, memory sticks, and other portable storage devices. If these gadgets get into the hands of people who shouldn't have them, it could lead to a data breach at the company.
Malware is also often found on storage devices. A compromised device could risk the whole company's network and files. By securing the data on your portable storage devices, businesses can keep important business data from being lost.
Also, backup files should be secured because they render it possible to get information back that has been lost, stolen, or exposed. Encrypting backup data adds an extra layer of protection to important company data, ensuring that only authorized users can get the information they require when needed.
Secure Backups and removable storage media
Storage devices that are easy to lose or steal are things like thumb drives, memory sticks, and other portable storage devices. If these gadgets get into the hands of people who shouldn't have them, it could lead to a data breach at the company.
Malware is also often found on storage devices. A single infected device could risk the whole company's network and files. By securing the data on your portable storage devices, businesses can keep important business data from being lost.
Also, backup files should be secured because they make it possible to get information back that has been lost, stolen, or exposed. Encrypting backup data adds an extra layer of protection to important company data, ensuring that only authorized users can get the information they need when needed.
Enable file-level encryption.
During the second quarter of 2022, about 52 million data breaches happened to internet users worldwide. In today's work world, it is normal to share information online or through the cloud. But this change in how people share files brings back a set of security problems that have existed for a long time.
If an organization doesn't safely share files, malware could get into its computer network and cause private information to be lost or leaked. Leave an organization's computer network open to malware attacks, which could cause private information to be lost or shared.
Consequences of Bad File Security
To keep their data safe, businesses must use file security methods that meet all relevant data protection laws. When the protection of a company's files isn't handled well, the following things can happen:
Operation Downtime
During a hacking crisis, businesses often have to shut down their operations. When files are lost or hacked, you can't return to normal operations until the files are found. About 30% of businesses stop running temporarily or permanently after a hacking event.
In bigger businesses, one hour of downtime may run around $70,000. This means downtime can hurt your business's bottom line even more than a security breach. For instance, the cost of downtime after an attack by ransomware can be 50 times higher than the cost of the money.
Loss of Important Data
One of the biggest threats to the security of business computer systems today is ransomware. During these attacks, cybercriminals use ransomware, software that locks files and makes them useless.
Cybercriminals who are up to no good will often demand that the business pay a high price to access the files that have been hacked. But even if your company pays this fee, there is no guarantee that you will be able to get back into the hacked files. Even worse, most businesses that pay the money are struck again after they do so.
Human Error
Data breaches triggered by human mistakes hurt the bottom line of a business. According to Uptime's 2022 yearly Outage Analysis report, nearly 40% of companies have had a big service outage caused by a human mistake in the last three years.
The human mistake can cause security risks like working on open Wi-Fi networks, sharing files that aren't protected, and using weak passwords, among other things. When workers work outside the organization's security standards, it's usually because they don't understand the risks of dealing with private data.
Reputational Damage
In 2021, 212.4 million people had their information stolen by companies. When bad people enter a company's private information, 83% of its customers will stop buying or using its goods or services. Damage to a company's image from a data breach can affect its success for years.
For instance, companies tend to do 15% worse on the stock market after a security breach for up to three years. Data breaches make customers less likely to trust the company and make them more likely to switch to a competitor.
A $4.24 million security breach can cost a business around $1.59 million in brand damage and lost customers, on top of the lost income from downtime. By putting in place and keeping up-to-date industry-standard file security measures, businesses can protect their company's image.