3 Reasons Why Business Data Security Is Critical

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Keeping your business information secure is absolutely imperative to your company's future. These days, one of the biggest assets a company has is its data. That data can help chart the future for a company and really give it a competitive advantage over other businesses in the marketplace. However, companies must make an effort to keep their business information secure. If they don’t, the consequences can be severe. Here are a few reasons why. 

1.  A Data Breach Is A Public Relations Nightmare 

Hackers and cyber criminals don’t target just any data stored on company servers. They want what can make them a profit. This is usually the credit card information for that company’s customers. When that information is stolen, credit card fraud, identity theft and other crimes targeting those customers will soon follow. The fallout for a company’s brand can be horrendous. Many people will refuse to do business with you with the assumption that they could end up having their data stolen. 

2.  A Breach Can Create Lawsuits & Costly Legal Fees

However, bad PR is likely to be only one part of the financial damage done by such a hack. If customers are victimized by the hackers, they will likely hold you responsible. The odds of facing a class action lawsuit are almost assured. In most cases, it’s not hard to prove that a company was negligent in protecting customer data. The chance of a payout in the millions of dollars is quite likely. In fact, most companies simply choose to settle such lawsuits for millions anyways. The added negative PR from a lengthy trial often simply isn’t worth the effort. 

3.  You Could Lose All of Your Hard Work 

However, hackers and cyber criminals aren’t the only problems that companies face in regards to data security. Server failure is also a huge problem. If all your company’s important data is stored on servers in one specific location, the chances of that data being wiped out when something goes wrong is certainly high. Even something as simple as a lightning strike can destroy data stored on servers beyond the possibility of recovery. 

This is why you should seriously consider data backup with an outside firm. For example, companies like Cologix use cloud storage supported by disaster recovery facilities designed to withstand the harshest conditions to protect company data under any circumstance. 

Overall, make data security a top priority within your organization. If you don’t, the chances of something going wrong are quite high. You could lose all your data to an accident or an act of nature. You may even be successfully targeted by hackers and cyber criminals. You have to take the proper steps to protect your company.

I hope you enjoyed this post on the importance of securing your business data. Keep your company safe in the digital world!

Interested in more articles on digital security? 

Read My Posts: 

- 5 Ways To Keep Your Company Connected & Secure 

- 5 Facebook Profile & Page Security Precautions

Best Of Luck In Business To You All!

Michael J. Schiemer of Schiemer Consulting

Digital Marketing Manager & SEO Pro

HootSuite, HubSpot, & Google Analytics Certified

Bootstrap Business: Money - Marketing - Motivation

Mike Schiemer Builds Better Business

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