In recent years, cybercriminals have been on headlines for their data breaches. But, the main blame for these incidents is on the shoulders of companies that failed to properly manage their sensitive data. It has been easier for criminals to harvest personally identifiable information because of insufficient controls and the exposure of huge volumes of data on a daily basis. Unfortunately, this problem gets worst as employees are given too much access some of whom end up sharing mismanaged data. Although compliance helps in driving business needs, it is not enough to protect data to the core. Organisations must employ a holistic approach to risk that includes data recovery, classification, and protection using iam systems. Keep reading to know how businesses can better secure their sensitive data:
Changing their Mindset about Data Breaches
Every company should build strategies around when a data breach will take place. Cybercriminals are usually ahead of the security curve. Organisations that depend too heavily on securing the perimeter without managing the items within the parameter will only set themselves up for a more damaging breach. While a strong defense is important, criminals will always try to find ways to breach data. But, if they know it is secured in a safe location or did not know it existed, they may not bother breaking in.
Managing Sensitive Data
To effectively manage sensitive data, organisations must involve people, processes, and technologies focused on discovering, classifying, and protecting data as well as governing security. It can include using data loss prevention technology; however, sensitive data management is a comprehensive strategy to determine data location, the associated risks, data access, when the data is touched, and how to protect it.
Companies that do not employ effective sensitive data management have to face serious consequences. It can take a lot of years to recover from the impacts of a breach. Consequences can include compliance fines, insurance premium hikes, and legal costs. Also, breach victims will also linger sales decline, as well as increased IT costs and efficiency.
Organisations must do a better job of managing sensitive data. Some companies are holding on to sensitive data they do not even know they have and data that are at risk of being exposed or stolen. But, as cybercriminals continue to sharpen their skills, businesses should take inventory of the data they have on hand. Then, they should classify and protect the data and govern access.