Data loss in companies is one of the biggest concerns for IT managers. Business cannot stop, and because of the increasing number of threats, it is critical to take the necessary steps to keep the business active even after data loss. Information security is a hot topic by 2020 and in this article we present the biggest issues caused by data loss in companies!
Costs to recover data
Recovering lost or stolen data is no easy task as physical, electrical and hard disk repairs may be required. You also need to resolve issues that result from corrupted data. Data recovery actions are complex and require close attention. Therefore, cloud storage is advised. Cloud storage is one of the best options today, as it enables greater security with a lower investment. Backup should be done automatically to minimize the likelihood of human error and, whenever possible, there should be two copies of the information to ensure that nothing is lost.
Fines and penalties
Data loss in companies can result in fines, as with GDPR. The new GDPR bets heavily on enforcement and penalties by imposing high fines on violators. In cases of minor violations it may reach 10 million euros or 2% of the group’s worldwide turnover, and in the most serious cases it may reach 20 million euros or 4% of the worldwide turnover.
Loss of Financial Information
Loss of bank data is a problem and this information is the favorite of hackers. Losing financial data can become a real nightmare, as the financial damage could be huge. To avoid this problem some care is required. We should not connect our devices to public networks such as airports and hotels. You should never enter important personal data when you are connected to such a network. If you are out of the office and need to access important information, you should always use a VPN connection. A virtual private network (VPN) is a type of private connection that uses a public network to access your business data. It contains connection encryption that prevents data interception and IP tracking. This is the safest way to access company data over public networks, and it should be the only way the company allows employees to access corporate email outside the internal network.
Loss of Customers
Ultimately, due to data theft and exposure companies can lose customers as trust is broken the moment customers know that the company does not effectively protect their data. Plus, gaining new customers can become truly difficult once a company has seen their data exposed.