Value of data for the growth of business cannot be naysaid. It is fuel to the profit engine of the venture. Right usage of the data may not only give a competitive edge to the business but will also help you earn the desired number of clients.
In this article at Founders Guide, the author mentions a fact quoted by Inc that says 70 percent of companies fail to have an elaborate and fool-proof data security plan to protect their assets. This definitely brings concern towards lack of data security and the reason behind it.
Data is the new gem which may lead company growth till it is in the right hands. However, the moment it falls in the hands of cybercriminals or spiteful competitors, the damage is insoluble. Therefore, it is vital to cover loopholes with your IT team of experts and guard the data from misappropriation. Here is why you should devote more than enough time in data security:
- Protect Your Reputation: Even though the world of business is constructed on trust and risk, even a minor data leak may cause major harm to the level of trust you build with the clients. The stolen data might put your clients at risk of cybertheft. Therefore, think of data protection as a proactive measure to maintain your customer’s
- Comply With Regulations: Regardless of your industry, certain data security regulations like GDPR in the EU need to apply in the business. These are mandatory for data protection and privacy. If you cannot comply with these regulations, your business will barely survive.
- Loss of Business Secret: This point keeps you apart from your competitors and helps you gain a competitive edge. A data breach can uncover your best-kept business secret and may fall into the hands of the competitor, leading to major loss of name and fame.
- Expensive Data Breaches: Apart from the financial fines, a data breach is most likely to cripple operational activities in your business. This may lead to business loss and may set you back months behind in achieving your annual turnover target.
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