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The Monetary Value of Data Security

Data security is something that most businesses recognize as an essential part of their security solution. However, many do not understand the monetary value associated with this security.

The reality is that data security needs to be one of the core security elements of any business. A failure to properly protect oneself in this aspect of data security can have a much larger impact than nearly any other breach or theft (real or virtual).

This article is part three of a series on data security and encryption. Part one focused on the importance of encryption. Part two focused on security software for businesses.

Packetworks specializes in providing corporate internet and networking services that are designed to maximize business security and efficiency. Click here to contact Packetworks today, or read on to learn more.

Data Security Value in US Dollars: $445 Billion

A recent report estimates that hacking costs businesses $445 billion dollars worldwide annually. The primary way value is mined from hacking is through the sale and distribution of sensitive information, such as customer data, or business plans. The primary goal of data security is to prevent a business from being hacked in this way.

Information Hackers are Looking For

Hackers are not attempting to break into banks and wire themselves money. The reason for that is that banks utilize exceptionally complex (and exceptionally expensive), data security methods to make hacking nearly impossible. As such, hackers typically aim at lower hanging fruit that is easier to access and that is held by most companies.

Information hackers find valuable is the following:

  • Credit card information,
  • Debit/banking information,
  • Payroll records,
  • Customer lists,
  • Sensitive company data,
  • Sales results,
  • Much more.

Oftentimes this information is tightly protected via the front door of a business, but the backdoor is left open. What this means is that data is left unencrypted with loose password protection on an open network.

Data Security is Simple

Implementing proper data security is not something that requires years of work and massive amounts of resources. For a small business, data security needs can easily be served by hiring one or two IT specialists that have experience and training in data security solutions.

For businesses that are too small to warrant a full-time IT staff, there is a multitude of IT companies that operate on a part-time basis for businesses in any region. Get ahold of a local IT company and they can come into your business 1 or 2 days a week to ensure everything is in good working order.

Once that staff has been hired, a solution can start to be implemented immediately.

 

 

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