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Data security is the collection of strategies, best practices and methods to minimize the chance of a data breach.
A lack of data security can result in a significant cost. Not only will result in loss of revenue and reputational harm, but it can also cost an organization time and resources to find out and fix the incident.
Cyberattackers could use the information you store to steal your customers’ personal information or expose confidential business records or corrupt data. They also can extort money by encrypting your files and demanding ransom money to restore access. This can cripple your ability to render services and result in legal actions and loss of revenue.
In addition to the obvious financial and business implications, a breach of data can be costly in terms of penalties for regulatory violations. Financial firms, for instance, may be subjected to laws and regulations, such as the Payment Card Industry Data Security Standard.
No matter if your data is in use or at rest it is crucial to have strong data security measures in place. This could include access control, which gives only those users who need it with the right level of access privileges, as along with authentication and encryption to assure that the person is the person they claim to be. It is essential to have a backup copy of your data that can be used if there is an error in the system. It is essential to have systems in place for removing old and unneeded data regularly.