Data security involves the processes, technologies and practices to protect from cyber-attacks that are meant to steal information or damage a network system. Whether you are a large or small business, data security has become more important than ever. Thanks to the ever-increasing cyber incidents in Singapore.
Practicing data security not only protects your valuable data but also leads to several benefits, such as maintaining and improving brand value, supporting ethics and growing business.
And here we have explained it all…
Helping You Meet Compliance Requirements:
Organizations that don’t protect their data are likely to pay fines and other penalties if an incident occurs. And keep in mind that Singapore’s Cybersecurity Act is strict. If any cyber incident occurs in your business, the government can impose fine on you on the grounds of negligence, such as weak passwords and not patching up the vulnerabilities.
Most enterprises have established ethics policies or a code of ethics. Even those that lack them still require having ethical practices if they expect to do business for any length of time. Such ethics policies ensure that sensitive information will be processed or kept responsibly, not used in business activities in ways that can be risky, and used only as intended for business purposes.
There could be some companies which might use personal data to benefit their business if there is not a law against using personal information. Maintaining the trust of customers that their data won’t be compromised for any reason is important business ethics to follow.
Protecting Valuable Information:
Data security’s key goal is to protect valuable information. And data security is as important as other business assets considering that it is the lifeline of your business. Whether it’s your trade secrets, finance, employee’s health info, client’s info and blueprint, every confidential piece of info matters a lot, especially when you lose it.Therefore, data security should be a topmost business priority, especially when Singapore’s ever-evolving digital environment also attracts cybercriminals.
Maintaining Your Brand Value:
Data incidents not only cost your valuable data but also shatter your business’s reputation. No investors will likely to put their money in such an insecure venture. Customers are less likely to deal with the organization suffering from cyber-attacks as they fear that their info could be unsafe. No matter how good services you offer, a single cybersecurity event can be a nasty blow to your business image.
Getting You a Competitive Edge:
Did you know data security can be useful when it comes to getting ahead of competitors? Having cyber-security measures in place means you are less vulnerable to damage than your competitors with dated resources. Customers are likely to opt for your services and products knowing that you have sophisticated data security tools (as you can stress your data security measures on your website or pamphlet.)
Letting You Track All Computer Activities:
You can see what your employees are doing on their computers or devices by having specific tracking or monitoring tools. It will let you figure out if they are falling into any kind of threat, such as phishing mail or doing malicious activities.
Losing data can not only bring your business to a halt but also hurts your business reputation. Today’s hackers are so sophisticated that they can crack your weak passwords and know how to lure employees with email phishing. Therefore, data security, as we have told you earlier, should be one of the topmost priorities in Singapore.
What do you think? Let us know you take on data security by commenting below!