Online data storage provides an easy way to store and access business data ranging from customer details to sensitive business information. Unfortunately, the added convenience of online data storage comes with the risk of your business information being accessed by unauthorised individuals as a result of cyber attacks.
While many small and even medium-sized businesses believe that they are unlikely to be targeted by hackers, that is simply not the case. In fact, a recent study showed that more than half of Australian businesses were impacted by attacks on their computer systems in a period of just 12 months.
Without a proactive data security system in place, you are leaving your business open to attack, which can result in a significant loss in productivity, revenue, and even customers. While hiring an in-house IT security team may not be a feasible option, partnering with a reliable managed security service provider, such as Tech Cover, provides a cost-effective alternative to securing your business data against cyber threats. For more information, call Tech Cover today on 1300 832 326.
Why Is Data Storage Security Important For Your Clients And Your Business?
Data storage security is the only way to protect your business and customers’ information against cyber threats. While ensuring that authorised users can easily access the data that they need, a robust data storage security plan will also protect against unauthorised access to your data as a result of a cyber threat.
Though there are many steps that can be taken to protect your business against cyber attacks, data storage security is often the last layer of defense standing between hackers and your business data.
Why Do Cyber Criminals Want My Data?
Cybercriminals can use your stolen business data for a number of purposes, including making targeted phishing attacks by posing as a legitimate source in order to gain sensitive information or trick business representatives into making payments.
Stolen business data can also be used to extort businesses by encrypting the information and demanding payment in return for the encryption key. Additionally, some hackers aim to gain access to your network and data in order to infect them with malicious software.
What Is The Impact Of A Data Breach?
A data breach can impact your business in a number of ways. Most affected businesses find that the greatest impact of a data breach is the resultant loss of customer trust. Customers share their personal information with businesses with the reasonable expectation that measures will be taken to keep their data safe. When your business data is breached, it can result in a much higher customer turnover rate, with existing customers turning to competitors with more secure data storage protocols.
But, unauthorised access to customer data is not the only impact a data breach can have on your business. Cybercriminals can also access sensitive business information, such as contracts, reports, designs, and more, that can then be held for ransom, sold to competitors, or even made public.
Where Are Business Vulnerabilities?
When it comes to cybersecurity, failing to train your employees in data security best practices can be your business’s greatest vulnerability. In fact, according to The Global Risks Report released by the World Economic Forum, 95% of cybersecurity threats are at least partially caused as a result of human error.
This means that teaching your employees about common cyber threats, such as email scams and unsafe downloads, can significantly reduce the risk of your business data being stolen.
Other common factors that can leave your business vulnerable to a data breach include out-of-date software, inadequate network security, and failure to implement data backup and disaster recovery processes.
How To Protect Against A Data Breach
With the risk of stolen customer and business data, lost customers, and lost revenue, data storage security should not be taken lightly. If you don’t have anyone trained to protect your business against cyber threats with reliable network security protocols and regular monitoring, consider outsourcing to a quality managed security service provider, such as Tech Cover.
Tech Cover offers comprehensive IT security services, including the management and monitoring of your IT infrastructure, regular analyses of your network to detect and address any vulnerabilities before they can be exploited in a cyber attack, and implementing reliable data backup and disaster recovery processes.
Our proactive approach to data security will ensure that your business is protected against potential cyber threats before they happen. Call Tech Cover today on 1300 832 326 for reliable data storage security solutions at a competitive price.
Recent High-Profile Data Breaches
With the number of Australian businesses affected by data breaches continually on the rise, no business is exempt from the risk of cyber threats. Below are some of the most recent high-profile data breaches in Australia.
Canva – 139 million users impacted accessing information such as usernames, real names, email addresses, country data, encrypted passwords, and partial payment data.
https://www.websitebuilderinsider.com/what-happened-to-canva-data-breach/
Optus – 9.8 million customers impacted accessing personal information, including names, birth dates, addresses, phone numbers, passports numbers, and driver’s license numbers.
https://www.bbc.com/news/world-australia-63056838
MediBank – 3.9 million customers impacted accessing personal information, including names, addresses, date of birth, and even insurance card numbers.
https://www.theguardian.com/technology/2022/oct/26/medibank-confirms-all-39-million-customers-had-data-accessed-in-hack
ProctorU – 440,000 people impacted accessing user records with email addresses belonging to The University of Sydney, The University of New South Wales, The University of Melbourne, The University of Queensland, The University of Tasmania, James Cook University, Swinburne University of Technology, The University of Western Australia, Curtin University and the University of Adelaide.
https://www.smh.com.au/national/hackers-hit-university-online-exam-tool-20200806-p55j6h.html
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