You never know whether one of your employees will pose a threat to your business’ data. When businesses store their corporate data on the cloud, they’re placing the security of that data into the hands of the cloud provider. Moving your on-premises operations to the cloud can save your business money and reduce its management efforts, but the cloud isn’t without its risks. Cloud computing demands additional backups ![]() In fact, having a poor reputation will likely lose you customers and may impact your organization’s productivity since new employees might hesitate to join your company. What businesses need to consider is that, in addition to the above points, data loss leads to a loss of customer trust. Being known as a company that has lost data, especially customer information, won’t do your business any favors. 4. Lost data hurts your brand’s reputationĪccording to a study by Small Business Trends, 58 percent of businesses don’t have a backup plan for data loss. Regardless of your business’ size, you need to prepare for storms, earthquakes, fires, and any other natural disaster that could shut down your servers and data centers. 3. Natural disasters can halt business in an instantĪccording to Clutch, 60 percent of small businesses that lose their data will shut down within six months. Although data can be lost in many ways, you should never underestimate the occurence of catastrophic natural disasters. Businesses today are seeing a massive influx of data for every activity from lead generation to customer conversion, and attackers are ready to capitalize on this steady stream of data. The frequency of cyberattacks has increased thanks to digital transformation, which has become a key driver for businesses in every industry. These cyberattacks usually target sensitive business information stored in the cloud or on-premises. What’s more, these businesses struggled to recover their encrypted data, if they were able to recover it at all. Ransomware is just the tip of the iceberg in terms of cyberattacks malware, DDoS attacks, data breaches, supply chain attacks, and zero-day exploits are a constant threat. Cyberattacks are constantly evolvingĪccording to a CNN report, the average small business hit with ransomware in 2017 lost over $100,000 due to downtime. ![]() Preventive measures don’t always workīusinesses should take a proactive approach to cybersecurity by equipping themselves with network security solutions, strong firewall configurations, and patch management tools, but they also need solutions for mitigating data loss. SMBs are clearly not immune to having their data stolen or encrypted by ransomware, but according to research by Nationwide Insurance, 68 percent of SMBs don’t have a disaster recovery plan. Every organization, big or small, needs to have a plan for mitigating the aftermath of natural disasters, server downtime, and other complex situations. Here are a few reasons why your business needs to perform data backups and implement a disaster recovery solution: 1. IT managers are responsible for implementing the right data backup and disaster recovery procedures in their businesses. However, data security isn’t just about protecting data from malicious outsiders remediation is a critical aspect of data security. While you can’t predict when data loss will happen, you can make sure your business has the right solutions to recover its critical data. Large enterprises are clear treasure troves of data in the eyes of hackers, but small and medium-sized businesses (SMBs) are often targeted as well. Businesses are becoming more dependent on data in the 21st century, which means the demand for data security is increasing. The increase in ransomware attacks and high-profile data breaches over the last few years has reinforced the importance of data security. It should be noted that WannaCry infected more than 300,000 computers worldwide, encrypting sensitive business data and disrupting productivity for an entire week. Recent research indicates that an average of 2,244 cyberattacks happen globally each day, and many of these attacks are targeting sensitive business data.
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