SAFEGUARDING YOUR BUSINESS DATA: EMPLOYER’S GUIDE
Ensuring Robust Security for Corporate Data
How to strengthen security measures to protect the sensitive information of your company?
According to Ponemon Institute statistics, 77% of companies are woefully ill-prepared and planned when it comes to thwarting an attack or a data breach. As a result, the global average cost of a data breach reached $4.24 million in 2021, which is 10% higher than a year before.
So, today, the security of corporate data has become an essential part of all business strategies regardless of the size of the company. In some states, it has even become obligatory. For example, the EU General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) regulate the collection, processing, and storage of personally identifiable information (PII).
And if you are a business owner of any kind of company, you must implement comprehensive security measures to protect corporate sensitive information. And in this article, I will provide some valuable insights and practical recommendations.
Implementing a Strong Security Policy
A security policy is the basis for safeguarding corporate data. One of the main tasks of the business owner is to provide clear guidelines and policies about such aspects of digital hygiene as password complexity, password overuse, and data protection.
The first step is to encourage employees to create strong, unique passwords that include a combination of uppercase and lowercase letters, numbers, and special characters. Explain why the use of easily guessable or common passwords is not the best practice.
Additionally, emphasize the importance of not reusing passwords across multiple accounts. Having one password for all occasions can cause data losses and breaches in the case when one account is compromised.
Your corporate security policy is always subject to regular review and update. This will help to stay aligned with evolving threats and industry best practices.
Store Passwords in a Secure Vault
If your company is working remotely and all your employees work from various locations or have frequent business trips, they probably need remote access to corporate data, accounts, and services. To ensure the passwords from these accounts are safely delivered to all employees, businesses should use a secure password manager. A password manager encrypts and stores passwords in a central Vault, providing a convenient and secure way to manage login credentials. Employees can access their passwords using a master password, which should be complex, unique, and changed regularly.
Using a reliable solution like Passwarden, you not only enhance the security of your data but can have control over the level of protection of corporate accounts, and update passwords in time without the need to inform each employee. The solution allows users to generate strong and random passwords and automatically fills them in when needed. This can also help to minimize the risk of misprints and prevents the need to rely on memory.
Protecting Traffic on Public Networks
Remote work also implies the inability to control through which Internet networks employees connect. As a result, employees use work devices on public networks, such as in coffee shops or airports. This increases the risks of data interception. To mitigate this risk, businesses should encourage the use of Virtual Private Networks (VPNs). A reliable paid VPN creates a secure, encrypted connection between an employee’s device and the corporate network, even when connected to public WiFi.
Using a reliable VPN service like VPN Unlimited, sensitive information remains protected from eavesdropping and potential attacks. VPNs encrypt data, ensuring its confidentiality and integrity. It is advisable to use reputable VPN services that offer strong encryption protocols and regularly update their software.
Evaluating Password Strength
Password strength is a critical factor in protecting corporate data. To assess the strength of passwords, businesses can leverage password strength meters or online tools. These tools analyze the complexity and uniqueness of passwords, providing insights into their vulnerability to brute-force attacks or dictionary-based cracking attempts.
Encourage employees to regularly evaluate the strength of their passwords and make necessary changes to strengthen them. Consider implementing periodic password resets to ensure ongoing security.
Enforcing Corporate Password Policy
Creating a robust password policy is one thing, but enforcing it is equally important. Business owners should educate employees about the significance of adhering to the corporate password policy and the potential consequences of non-compliance. Regularly communicate the policy through training sessions, email reminders, or internal newsletters.
Implementing measures like account lockouts and two-factor authentication can further enhance security. Additionally, consider conducting periodic audits to identify weak passwords or non-compliant behavior. Rewarding employees who demonstrate strong security practices can also promote a culture of cybersecurity awareness.
Conclusion
As a business owner, prioritizing the security of corporate data is vital to protect your organization, employees, and customers from potential breaches and cyber threats. Implementing a comprehensive security policy, utilizing a secure password manager, protecting traffic on public networks with VPNs, evaluating password strength, and enforcing a corporate password policy are essential steps in safeguarding valuable information.
By adopting these security measures and fostering a culture of cybersecurity awareness, businesses can significantly reduce the risk of data breaches, protect their reputation, and ensure the long-term success of their operations in an increasingly digital world. Remember, investing in security today will save you from significant repercussions in the future.
