Managing Data Security in Business

The number one asset in the world right now is data.? Without this, many businesses cannot operate.?For some, if this data was unavailable for a short period of time, this may also mean that some businesses close, affecting the livelihood for many people.? This can particularly affect small medium businesses (SMBs) who may not be as resilient as they should be.

We live in the digital age and the world is ever more interconnected and many paper-based systems are leveraging electronic systems.?With increasing cyber threats and data breaches, effective management of data security has become a critical component of overall business strategy. ?Unfortunately, many businesses have ignored data security as they just focus on business as usual and profitability.?Often, businesses do not know where to start with regards to data security, so this article aims to provide a concise and introductory guide on how to manage data security in a business, and also tackle some common misconceptions about data security.?

Misconception #1: We just outsource data security to an IT company, or our IT team.

Data security is often mistakenly perceived as solely the responsibility of an IT team. However, this view is flawed because data security is about managing risk, and managing risk is a comprehensive business issue that requires involvement from various stakeholders across the entire organisation. Some items, which IT usually do not know include items such as:

• HR processes: Due diligence on staff prior to hire.
• Compliance requirements: Compliance against regulation often asks question such as the data retention and legal basis for collecting information.
• Legal: What data security clauses to include in contracts.
• Risks: How to calculate risks and manage decisions based on risk.

It’s about data in general. Processes and people handle data. IT supports processes. IT is just one area that can be considered as part of data security.

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Misconception #2: We are too small to be attacked. We do not need data security.

Attackers do not care how big or small your business is.?Attackers often target SMBs precisely because they tend to have fewer resources dedicated to data security, making them easier targets. Cybercriminals utilise automated tools and exploit known vulnerabilities, indiscriminately scanning the internet for any potential targets, regardless of size.?

Furthermore, attackers are motivated by financial gain, and SMBs can be attractive targets. While the monetary rewards from targeting a smaller business may be smaller compared to a large corporation, the cost of launching an attack is also significantly lower.

SMBs are not exempt from data protection regulations. Many jurisdictions have implemented laws and regulations that require businesses of all sizes to protect sensitive data and report data breaches. Non-compliance can result in significant penalties and legal consequences, irrespective of the business's size. Here in the UK, there is GDPR and data protection legislation, which make putting in appropriate data protection (especially for customer and staff personal information) law - many SMBs simply are not aware they are breaking the law.

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Misconception #3: Data security is to expensive.

The cost of a data breach can far exceed the investment required for implementing data security measures. A data breach can result in financial losses, including legal fees, regulatory penalties, damage to reputation, customer churn, and potential lawsuits. Investing in data security upfront can help mitigate these risks and reduce the financial impact of a breach.

Data security measures should be proportional to the value and sensitivity of the data being protected. Not all businesses require the same level of security measures, and investments can be tailored to align with the specific needs and risks of the organization. A risk-based approach ensures that resources are allocated where they are most needed, optimising cost-effectiveness.

Prevention is cheaper than remediation. Investing in preventive security measures is generally more cost-effective than dealing with the consequences of a security incident. Implementing security measures can significantly reduce the likelihood and impact of breaches, thereby saving potential costs associated with handling an incident, and recovery.

Just think how much your business is worth.?Just think about the impact, hassle and inconvenience to your business from a financial and reputational perspective.?Investing in security can help minimise the chance of this happening.

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Misconception #3: But I can’t afford to implement all the tools.

Data security is about risk management.?You decide if you want to accept, modify, avoid or transfer this risk.?As long as you have a risk process in place, this helps you justify your responses.?Where you cannot implement a security control, you will need to accept the risk and be aware of the consequences it brings – it is about balancing security control against business objectives, and budget.?This means any business from a large corporation to a solopreneur can implement data security processes that is right for them.

So How Do We Start?

Data security is managing risk. You need to know your current security posture and understand your risks. Therefore, as a general guide, you need to undertake the following steps:

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Step 1: Conducting a Data Security Assessment

Before implementing any security measures, it is essential to assess the current state of data security within your business. This assessment will help identify vulnerabilities, potential threats, and existing safeguards. Here are the key aspects to consider:

1. Data Inventory: Take a step back and look at how the data your business collects, processes, and stores. Categorize data based on sensitivity and criticality to prioritise security measures.?
2. Scope: Understand the people, processes and technology used to handle the data.?
3. Security healthcheck: Based on the scope, review the controls to see if they are in place, or not in place.

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Step 2: Understand Risk Management

Once the data security assessment is complete, the next crucial step is implementing effective risk management practices. Learn to understand basic risk management processes. Risk management involves identifying, analysing, evaluating, and mitigating risks to reduce the likelihood and impact of security incidents. Being proactive helps to prevent or mitigate the impact, develop processes to handle incidents and vulnerabilities and ultimately minimise loss.

Risk Management may sound complicated, but it is straightforward once you understand the basic processes.

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Summary

Managing data security is not IT. Data security is risk management, which requires a business to undertake a systematic approach that begins with a thorough assessment of existing controls and risks.

By identifying what is not in place, businesses can implement robust risk management practices to protect sensitive data effectively.

Prioritising data security not only helps prevent costly breaches but also ensures compliance with regulations and safeguards the reputation of your business in an increasingly interconnected world, and also helps ensure you have a business tomorrow.

Be Secure

Minerva Secure.

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