Priority Networks Inc weighs in on the importance of data loss prevention. (Source: Business.com, 9 Security Practices to Protect Your Business’s Sensitive Information, Max Freedman, September 1, 2022, https://www.business.com/articles/7-security-practices-for-your-business-data/ ).

Max Freedman explains that data breaches and online frauds can affect up to 25% of businesses and cause an average of around $38,000. Priority Networks Inc – an IT support services company – seconds this claim and says, “in today’s digitally-dependent world, having a robust data loss prevention strategy is a must! Data is the lifeblood of businesses; the absence of a data loss prevention strategy can significantly affect businesses resulting in interrupted workflow, liability issues, and financial loss.”

Common security risks faced by businesses today

Max Freedman also discusses the common data security risks that modern-day businesses face. As per IBM, the average data breach cost is around $9.44 million in the US!

Email phishing 

According to Max Freedman, in email phishing, cybercriminals mask their identity and send emails that look like official communication from a legitimate company. This is done to trick you into revealing important and sensitive information.

Priority Networks Inc agrees with the article. Priority Networks Inc recommends “always checking the sender’s email address to find out whether it is a phishing attempt or not.”

Unauthorized network access 

Unauthorized network access is another common security risk, claims Max Freedman. By getting access to your device, hackers can steal important information like credit card details, passwords, and more. Priority Networks Inc suggests, “you should always password-protect your Wi-Fi network. This will prevent hackers from stealing your data.”

Computer and device hardware theft 

Almost 650,000 laptops get lost every year in airports. The number is even higher if we count the total number of devices lost every year. These devices, if not password-protected, can result in colossal data theft, claims Freedman in the article. This is why most IT services and Priority Networks Inc recommends “always keeping your laptops password-protected by using various methods.”

Ways to protect your businesses from cyber crimes

Have an information inventory 

In the article, Max Freedman suggests always keeping track of all the information you are storing on laptops, flash drives, and other devices. Priority Networks Inc agrees that this is an effective method to reduce the risks of data theft.

Only save the necessary things 

Priority Networks Inc recommends “to only collect and save the necessary information may not work for everyone in every situation. In order to prevent data loss, we recommend having a security policy, initiating regular backups, encryption of sensitive data, and using antivirus and password protection. It is always a good idea to outsource an IT company for IT support services to handle your network security.”

Stay up-to-date 

The article mentions that staying updated with the latest cybersecurity programs and practices is essential to protect your business from malware, malicious activity, and other threats.

Keep physical documents secure 

The original article says that while cyber attacks are serious issues, theft of physical documents can be equally devasting for your business. IT Company agrees with this and expresses, “keeping important documents in a locked file or room designated for sensitive data is essential. Although technology has come a long way, physical documents are just as important as files stored through your network system. In the event of data loss, you can always rely on your hardcopies.”

Use your business credit card 

Priority Networks Inc agrees with Max Freedman on this tip that a business credit card is the safest payment method. Where you can set up transaction limits, and most business credit cards have various security features.

Employment agreements 

Freedman suggests that strict employment agreements forbidding employees from sharing sensitive business information can help prevent data loss. Priority Networks Inc agrees with this and proposes to monitor employee passwords as well.

Plan your response 

“It is also important to have a backup plan. The first step is to distinguish your backup requirements; the next step would be to set up a security audit to identify vulnerabilities. Once those steps have been completed, it is recommended to run a mock drill to evaluate your data recovery plan. When in doubt, consider the assistance of a reliable IT service company,” says Priority Networks Inc. Businesses should have a robust plan of action in case of data breaches.

In addition, they should:

• Immediately disconnect affected devices
• Inform the affected parties, and
• Conduct a thorough investigation

Priority Networks Inc agrees with Max Freedman that by using the proper techniques, businesses can prevent data loss to a great extent.