It’s the world where data rules; from the processing of loan applications to analyzing market trends, consumer behavior and from winning contracts to conducting annual appraisals, the backdrop of data is inevitable. Isn’t data then your most crucial asset, even though it does not find a place on the balance sheet?
Hackers have acquired sophisticated tools and techniques to breach any line of security, and the recent attacks like the Ransomware are only a glimpse of what may be awaiting.
Here, we shall deliberate ways that can assist you to devise data protection strategy for your company. However, let us also remind you the list is not exhaustive; do you have some special, unheard of method, do share it with others in the space below.
1. Consider data not just an asset, a liability too – Hundreds of thous ands of records may help you devise the future strategy, hence undeniably these files are an asset. But what if these records get deleted, manipulated, distorted? Will it be of any further value? Factoring in data protection in the overall functionality of the enterprise is the first wise step, to begin with.
2. Regular audits – Large corporates have in place a mechanism to audit data protection norms; however, these audits occur at a preset time and interval, semi-annually or annually. When auditors scrutinize workstations of employees, they rarely find a reservation owing to existing knowledge of the date of audit and remedial action already taken by employees to overcome any irregularities a day ahead of the audit. Surprise checks by a specialized and de-linked team, independent of operations manager, is a necessity to keep hackers at bay.
3. Sensitizing employees on the vitality of data – Employees tend to be ignorant and insensitive towards the data they work with every day. Tea and smoke breaks without locking the workstation are a common occurrence. Leave aside digital records; even the physical ones are vulnerable to attacks owing to unlocked drawers attached to the workstation. Both rewards, as well as penalties for compliant and non-compliant behavior, will help keep data unharmed.
4. Encryptions – Instant messaging app, WhatsApp, lately moved to encrypting messages sent by its users to assure of secured texting. From Wi-Fi passwords to MS Office files, encryption is the key to thwarting any unwanted act of data breach. The cost of using encryption-enabling software isn’t as high as is the cost of losing on the entire database; hence go for encryptions at the earliest.
5. Backups at regular intervals – Precaution, not cure, is always a preferred option. Why then regret the lost/ distorted data when your teams can easily backup their files? Inculcating the habit to backup crucial files and saving them at a separate location, cloud services can help you here, is the solution. On the contrary, discourage backups on personal pen drives, and computers for employees come and leave, businesses stay forever (the perpetuity principle).
Also read: Are We Prepared For Financial Year Change?
