Understanding today’s escalating data security challenges and the need to fortify defenses against breaches: why long-term security strategies are important to safeguard critical business assets.
Acknowledge the Data Security Challenge
Data usage has exploded, with massive volumes of data being generated every day. Data has emerged as one of the most valuable business assets, applicable across all industries. The safeguarding of this data, whether in the form of financial records, healthcare information, or intellectual property, holds prime importance. However, protecting corporate data and preventing data loss or breaches is not an easy task while simultaneously ensuring accessibility to authorized personnel within the organization.
Companies must also adhere to specific data protection regulations, particularly to secure sensitive information like customer data and health records. In some sectors, the demand for elevated data security is even more pronounced. Nevertheless, the risks associated with data breaches continue to escalate, as underscored by a recent report from IBM Security. The report revealed that 52% of all breaches were malicious attacks, with personally identifiable information (PII) of customers being the most frequently compromised data type, incurring the highest costs. Astonishingly, 80% of data breaches involved PII, with an average cost of $150 per lost or stolen record.
Moreover, a study by Cisco indicates that nearly two-thirds of the global population will have internet access within the next year, projecting a total of 5.3 billion internet users by 2023, encompassing two-thirds of the global populace. This growing internet usage intensifies the need to bolster data security across industries. To effectively tackle these challenges, businesses must formulate a comprehensive solution and strategy. As they progress, the cultivation of a positive brand image hinges on their ability to adapt. As technology advances, the imperative for enhanced security measures will only grow more urgent.