Data Security: Are Your Business Software Solutions the Culprit?
Advances in telecommunication and network technology have brought the business world great news in that businesses can now communicate seamlessly from any node. That’s without any limit in geographical proximity or language barrier. Multi-improved applications have also made it possible for companies to use lean business management concepts at a fraction of the much they would have spent hiring a lean systems specialist.
Additionally, having company data in databases in the cloud has reduced the cost of building and maintaining expensive physical frameworks of information technology. Using artificial intelligence and Internet-of-Things applications to manage this data has even made business applications smart year after year.
All good news but
Well, all that is all good news until when businesses have to now face an all-new risk in a large dimension than how most can handle—data breaches. Headlines upon headlines have been highlighted cases of financial loss, reputation damage, and even businesses shutting down from instances of online data breaches. By April 2019, cases of data breaches rose to 29.6%, which was a staggering 2% increase from the previous year. And, with an average of 197 days to identify these risks, the odds remain high that data breaches will remain a critical element of consideration to keep your business afloat.
It makes more sense now than ever before to invest substantially in data security and ERM solutions to effectively detect, identify, manage and mitigate these data breaches.
Reactive vs proactive measures
Your company could already be suffering a data breach, and you do not know it yet. If you have AI and IoT data management applications, and you connect to the internet, your computers are among the many nodes that face the risk of ransomware attacks. And, the frequency of that is at a staggering 14 seconds, making the odds even higher for any company that has not put in place the right measures for data security.
Every software that you use, be it for risk, claims or policy management, should ensure your company’s, employees’, and customers’ data is safe from cyberattacks. It also should be smart enough to highlight cases of past and potential attacks that your company faced and could face and mitigate them immediately. Here, the reputation of the service provider and reviews of their products and services are very critical to consider.
Business relevance against data security
Moreover, with the big question now being whether companies should keep investing in smart technology for running their businesses, the issue of data breach mitigation remains even more critical. From statistics from each of its annual surveys, Ponemon highlights a consistent increase in spending on data breach cases. And, this year, 2020, is not any different. Will ERM applications and data security be sufficient-enough solutions to this? How much investment in these solutions will be enough to keep your company from incurring the projected high cost of data breaches?
You know it. Investing in state-of-the-art data protection technology will save your company from lasting ramifications, such as losing its reputation and customer confidence from an avoidable data breach. So, when is the right time to invest in such technology? Now. It’s that urgent and important.