In 2024, the average cost of a data breach was $4.88 million, and it is expected to rise in 2025. However, this figure should not alarm you if you have the right strategies in place.
Data Privacy Day is an important event as it reminds business owners of the importance of protecting personal information to reduce the chances of falling victim to cybercrime.
Data Privacy For SMBs
Contrary to popular belief, around 40% of cyber attacks target small to medium-sized businesses. Unfortunately, many SMSs think their data is not significant to cybercriminals, so they don’t put the necessary precautions in place, having to face devastating consequences:
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Financial Burden from ransom payments and other fines and legal fees.
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Reputational Damage, causing customers to lose trust, leading to lost business.
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Operational Downtime caused by security breaches.
What Are Cybercriminals After?
Hackers will exploit any data they can get ahold of, but they are mainly after:
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Customer Data: Credit card numbers, addresses, and login credentials.
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Employee Records: Social Security numbers, health records, and payroll details.
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Business Financials: Bank account details, invoices, and trade secrets.
How Is Data Stolen?
Cybercriminals are always finding new ways to steal data. Some of the most common methods include:
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Phishing Emails: Deceiving employees into disclosing sensitive information.
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Ransomware Attacks: Requesting payment to unlock data stolen from businesses.
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Weak Passwords: Guessing easy or reused passwords to access your systems.
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Unsecured Networks: Intercepting data transmitted over public WiFi or unprotected systems.
As a business owner, you need to take every possible precaution to prevent being compromised. Strengthen your data privacy through:
1. Knowing Your Data
The first step is to note every piece of data and its location. Make an inventory checklist of:
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Customer information
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Employee records
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Sensitive financial details
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Access permissions for each type of data
Pro Tip: Only collect and store necessary data – the less data you keep, the less risk.
2. Encrypting Everything
For sensitive and confidential information, use an encryption code during transit and storage. That way it is useless to hackers without the decryption key.
3. Establishing Strong Access Control Policies
Your employees do not require access to all company systems and data. Adopt the principle of least privilege (PoLP), ensuring team members only access what’s necessary for their role.
Example: Your IT team doesn’t need to see the marketing campaigns.
4. Training Your Team
The majority of data breaches are caused by human error. Conduct regular security training for your employees, including:
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Recognizing phishing attempts;
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Safeguarding devices in public spaces;
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Reporting suspicious activity immediately.
5. Partnering With A Trusted IT Provider
Not only is data privacy complex, but it also requires significant resources, most of which SMBs don’t have. Partner with a managed service provider who can help you:
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Conducting regular audits.
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Monitoring for vulnerabilities.
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Responding quickly to threats.
Don’t Leave Data Privacy To Chance
Data breaches don’t just cost money – they can damage your reputation or even jeopardize your business’s future.
This Data Privacy Day, take the opportunity to evaluate your security practices and make the necessary improvements.
Start with a FREE Network Assessment to identify your vulnerabilities and protect your business against cyber criminals. Click here to schedule a call.
