How is Data Security and Privacy a key Business Goal?

New remote work options now come with rapid technology adoption. Thus, business owners can be unaware of the growing cybersecurity threats that come with this digital transition. Today, businesses across size and scale rely heavily on various software solutions and services in managing their business data. However, as more and more data goes digital, we cannot take data security and privacy for granted. Cloud solutions come with their advantages. Yet, it is imperative to understand and make a deliberate choice after considering all factors. This includes the sensitivity of the data involved.

A typical enterprise today deals with various types of data. For example, financial information, customer and supplier data, conversation data (email, audio/video recordings), operations data, employee records and more. We need to deal with each of these discretely. As an example, it may be convenient to use a cloud-based email solution. But it may be prudent to hold financial data on-premise under complete control of the business owner with no possibility of unauthorized access.

Financial data is a critical asset for any business. So, once this data is stored on the cloud through any third-party service provider, it is naturally prone to data breaches we see happening around the globe every other day. On the other hand, while using an on-premise solution the business owner has complete control and privacy of business data. Additionally, the speed, stability and convenience of working with on-premise solutions remain unparalleled, as compared to cloud computing that requires high bandwidth internet speed, absence of which can lead to data interruptions or an unfortunate possibility of service outage, which literally brings those business operations to a standstill.

Some key information that needs high data security across any kind of enterprise include:

Supplier and Customer Data Security

Mutual trust and benefits are the basis of the relationship between a business owner and its suppliers. A good supplier ensures cost savings to the business and security of this information implies a business advantage. Similarly, effort and a lot of time go into nurturing a customer relationship. It needs to be protected in every possible way.

Financial Data Security

Businesses generate and deal with critical financial information on a day-to-day basis in the form of invoices, orders, price lists, cash-flow and so on. These are sensitive data which can make or break a business, hence requires utmost security.

Employee Data Security

Companies often hold information about their employees that can be misused if they get into wrong hands. Access to this data can lead to identity theft or access to other aspects of employees personal life and assets. This information with any company also comes with the responsibility to protect it.

Data on the cloud has certain advantages like anytime anywhere accessibility, the lesser overhead of managing hardware; but cloud service providers must go beyond technology jargons and promises to ensure and guarantee data privacy and security for a business. This requires not just deep expertise but also a commitment from the provider not to access or use the data of the businesses for any other purpose.

Finally, it is for the business owner to spend that time and take the right decisions for its data security and privacy in this new era.