No organization, sector, or nation is safe from security attacks in this fast-paced world. Looking at the hacking statistics, you will notice an increase in the number of attacks as time passes, which has made most UAE residents worried about hacking.
Now, if you think about it, every firm has vulnerabilities that threat actors can exploit to access sensitive data. And since startups often focus on growing the business, neglecting cybersecurity’s importance, they expose themselves to many threats. Threats that can make all their money, time, and effort to build the company go to waste instantly.
In this article, we’ll discuss the importance of data security for business startups. So, keep on reading to learn more. First, let’s get a clear overview of what data security is all about.
What is Data Security?
Data security is the process of protecting your digital information from being accessed by unauthorized people, corrupted, or stolen. Its concept covers all facets of information security, which includes administrative and access controls, logical security of software applications, physical security of hardware and storage devices, and organizational policies.
Tools and technologies used in data security make it easier to see how a company’s data is being used. Through techniques like data masking, encryption, and redaction of sensitive information, these tools help safeguard data.
Why is it crucial for startups?
There are many reasons why data security is crucial today, especially for startups. We’ve already mentioned some, but if you still need convincing, here are a few more:
1. You hold sensitive and invaluable information.
All businesses hold sensitive information, even the smallest ones or the newest startups. From your client’s details to your employees and company, keeping all data safe is essential. They are confidential and invaluable. If they fall into the wrong hands, you might lose everything.
Therefore, treat your internal and external data as a data product. Once you do that, you can ensure quality, effectiveness, dependability, and security. After all, no business would ever introduce a product to the market without testing it and verifying it is safe and valuable. Having this mentality will help you be mindful of everything you do with the data.
2. Hackers think you’re an easy target.
Typically, business startups are seen as an easy target because of various reasons:
- Limited budget for an updated and comprehensive security defense system
- Lack of risk awareness and management policies
- Failure to secure endpoints
If ever you think your company is too small for malicious actors to hack, you’re only increasing your risks for hacks and attacks. In Verizon’s 2019 data breach investigation report, you can see that 43% of all data breaches targeted small businesses. Therefore, you must start investing in your security.
3. Paying for non-compliance can be expensive.
You must be aware of the laws and regulations when starting a business—this includes data protection. Even if the government may exempt early-stage startups from data protection regulations, it’s still a must to comply with them. Failure to do so, let’s say there’s been a data breach, will only make you spend more than solid cybersecurity measures. Aside from operational and reputational costs, you’ll also pay the ones affected by the incident and the fine for non-compliance. Always prioritize security in your compliance risk management to avoid this from happening.
4. It can help in building your reputation.
Now more than ever, most customers look for security in a company. Since they share their personal data with you, they expect you to protect them. If you manage to do that for all your customers, being trusted will be your branding, which will help you turn more prospects into customers.
5. One attack can put your business to an end.
Did you know that it only takes one attack to lose your business? Since a startup is still managing its way to growth, it would be difficult to recover when there’s a breach or hack. In actuality, 60% of small companies close within six months of getting hacked. Anticipating the figures, you should prioritize security alongside your marketing efforts to thrive for many years.
Ways to Secure Your Data
Now that we learned the importance of data security, here are some best practices you can follow:
Limit access controls
You must be aware that threat actors are not only from outside your organization—they can also be one of your colleagues or employees. So, you must limit the database, network, and administrative access to a few individuals to avoid or reduce insider fraud.
Use Cloud Data Security
It is a platform that helps you secure your data while transferring them t to the cloud. It’s also used to protect cloud-based applications, which can help more when you’re using the remote setup.
Enhance monitoring and controls for network and endpoint security
To reduce the chances of a breach, you’ll want to implement a full suite of threat management, detection, and response tools and platforms across your cloud and on-premises environments.
Final Words
After learning the importance of data security in your startup business, we leave you the decision of whether to follow our tips or not. But if you do, know that more than what we mentioned, you also need to ensure employee training and data backup. All these will help you lower the risks of destroying your business that’s just about to make a name in the industry.
