There is no company that can be 100% protected against a cyber-attack in this ever-changing digital world. Businesses must be diligent with putting the technology and procedures in place to improve data security and reduce risk. Taking a proactive approach involves teamwork, including the support of the board of directors, chief executive officer (CEO) and a team of IT experts.
As illustrated by recent high-profile data breaches of major retailers like Target, Home Depot and JP Morgan Chase, there are a variety of internal and external forces that can weaken data security measures and lead to a loss of data and customer trust.
The 2016 Cost of Data Breach Study by Ponemon Institute revealed that:
- 50% of data breach incidences are caused by malicious or criminal attacks
- 23% were caused by negligent employees
- 27% of breaches involved system glitches including IT and business process failures
CEOs are taking a hands-on approach toward reducing exposure by improving collaboration with IT experts, including outside cloud service providers, deploying modern technology and developing a sound data security strategy.
3 Benefits to Strengthening Data Security Measures
Improving data security systems starts with a thorough evaluation of what your business is doing well and discovering vulnerabilities that can be found in business processes, policies and procedures, or within your technology. Armed with this insight, you can develop a plan to address these weaknesses, shoring up defenses and working with IT experts to achieve the level of protection you need to protect corporate, customer and employee data. By taking an active role toward improving data security, CEOs can:
- Improve the accountability of employees to protect data during common daily processes
- Create a business culture that prioritizes security throughout the organization
- Reduce the risks and minimize the impact of a data breach including the costs, damaged reputation, interruption of business and loss of customer trust
Data breaches can have costly consequences that last for years, which is why more CEOs are taking a proactive approach and working with internal and external IT experts to deploy the technology and establish the procedures that strengthen data security.
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