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Data Protection – Why It Is Critical & How To Protect Yourself? 

data protection

 

A recent study revealed that organizations spend a whopping $3.86 million recovering from cyber attacks. Getting back from these attacks and data breaches is costly and time-consuming.

The need for data protection increases continuously due to the rise in fraudulent activities like hacking, identity theft, and phishing. Also, the amount of data is growing dramatically, emphasizing the need for a well-laid data protection plan. 

A data protection plan is crucial for both individuals and businesses as the information stored on your servers faces an ongoing risk. Let’s dive deep into the importance of data protection and the suitable measures to prevent fraudulent activities. 

Importance of Data Protection in 2022

Did you know that CNA Financial, one of the US’s largest customized business insurance agencies, suffered a $40 million loss due to a ransomware attack in 2021? 

The website remained closed for weeks, and the payout was necessary for further continuation. This is one of the many cyberattacks that made well-established businesses suffer. 

Implementing necessary data protection measures beforehand will save your business from devastating attacks. Let’s go through some more reasons to understand its importance: 

  • A secure SSL, firewalls, and credible VPN provider are crucial to preventing data breaches that drastically affect businesses. Recovering from these breaches can cost you millions of dollars and potential clientele. 
  • Your company’s reputation suffers highly in the case of a data breach. Businesses must implement all required measures to protect the critical information of their customers, shareholders, and employees. Data protection is a core element in developing customer loyalty. 
  • To provide physical safety as personal data when occupied can help individuals find their next victim.
  • Personal records can help people create fake profiles further used in conducting fraudulent activities.
In addition, companies interested in securing government contracts with the DOD, need to start preparing for the new data security related CMMC requirements, as the deadline approaches

How To Protect Sensitive Data In Your Organization?

data protection

Here are some crucial steps to implement data protection: 

Discovering Sensitive Data 

Begin by categorizing data and identifying the ones requiring protection. A well-laid data classification policy is the way to go. Remember that specific data must have compulsory protection according to government regulations.

The most common types of sensitive data come under the following categories: 

  • Financial information like credit card info, bank account details, social security numbers, etc. 
  • Confidential information as cleared by the government regulations
  • Financial statements, accounting data, and other core business information 
  • Personal information like emails, phone numbers, addresses, etc., of people associated with the organization. 

Manual identification of sensitive data is nearly impossible, keeping in mind the drastic increase in data. Instead, automate the entire process using an AI-powered sensitive data discovery tool. 

Implement Data Loss Prevention (DLP) 

Data loss prevention consists of tools and practices to prevent data breaches and save sensitive information from obstruction. Sometimes organizations suffer from accidentally losing data, while sensitive information is leaked at other times. DLP ensures every core organizational information stays within the set boundaries. 

Get started with the standard security tools to protect your data. Firstly, installing an Intrusion Detection System will alert you when an attacker tries to extract sensitive data. Secondly, antivirus software will prevent you from losing critical data due to viruses. Lastly, a firewall will help you block access of any unauthorized party to systems containing core information. 

Here is what will help you shape a good DLP strategy: 

  • Technology installed at the network edge and monitoring traffic to identify sensitive data exposed to a violation. 
  • Endpoint-based systems control the transfer of information between organization members and external parties. Some systems block communication channels and provide quick feedback to improve security solutions.
  • Systems identifying unauthorized activities conducted with the data currently in use 
  • Identifying and protecting only data that needs protection
  • Using a proxy server to encrypt web requests to improve data security 
  • Security systems like IDS, IPS, SIEM, etc., quickly identify and report suspicious activities. 

Protect Data From Insider Threats 

Here are some protective measures to save your organization from insider threats

  • Sometimes employees unknowingly open a phishing email, download corrupted files, etc. Employees must be given annual security training to educate them about potential threats. Train them about various possible dangers and appropriate reactions in the case of potential threat detection. 
  • Implement the principle of least privilege to provide limited access required to perform a role successfully. An effective access management strategy will save you from internal attacks.
  • Geo-fencing helps when you want to protect data stored in specific devices. A notification is immediately sent if the device crosses the set physical boundary. 
  • Keep a check on the behavioral pattern to identify threats early on and implement necessary rectification.
  • Restrict transferring sensitive information to external sources and prevent employees from misusing it
  • Restrict access to third-party vendors as they are most likely to indulge in security breaches.

Using A Proxy Server For Data Protection 

A proxy server saves your sensitive information from hackers. You can substantially reduce malware attacks through proxies. 

Hackers mainly extract information through IP addresses.  Every search request goes through the proxy server, and your IP address remains unknown, guaranteeing your safety. You can also limit the websites browsed by your employees. Many websites are harmful to your system and lead to malware. Restricting access ensures you remain safe from unnecessary issues. 

Many enterprises use residential proxies for screening incoming emails. The need increases as more than 80% of cyberattacks in 2022 are predicted to result from a phishing scam. 

Lastly, successfully data encryption will ensure you are at no risk of potential cyberattacks.  

Timely Encryption Of Sensitive Data

Based on the data categories, restrict sensitive data access only to employees who need it. Make sure you educate your employees about the importance of keeping the said data secured. 

Use strong encryption and ensure sensitive data is encrypted before it reaches risky networks. Your information is at high risk when stored in the cloud. It must be encrypted before you upload it to the cloud. Moreover, be clear about the cloud policies to stay on the safe side from the beginning.

Key Takeaways

  • Data protection is essential mainly because recovering from cyberattacks can cost you millions.
  • It’s crucial to protect every type of data ranging from information about the business and employees to customers. Personal records can be used to conduct fraudulent activities. 
  • Begin by categorizing data and identifying sensitive information that requires protection
  • Create a DLP strategy that focuses on all types of data, whether in motion or not
  • Educate your employees about various cyber threats and restrict the access to sensitive data
  • Use residential proxies for protection from phishing attacks. 
  • Encrypt sensitive data before uploading it to the cloud. 

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