Just as you are reading this, there is at least one online business data thievery taking place. Businesses around the world lose millions and billions of dollars every year in the form of settlements related to data breaches. That sounds insane because even after unbelievable technological advancements, businesses are still failing to protect their data. One major reason is human negligence, while poor cyber security systems are the primary reason as well.
Thankfully, chances of data breaches can be minimized by following some basics and using secure data sharing channels like virtual data room software. Following are some of the best practices to minimize data security issues.
Four super effective tips to minimize data breaches
1. Secure your hardware
Businesses are investing hefty amounts in purchasing more and more sophisticated data management solutions, but they continuously neglect the importance of securing company hardware. Losing a device with important business data in it is as dangerous as someone stealing the password to your database.
Therefore, start your cyber attack prevention strategy by providing maximum protection to the company’s data management hardware. You can start with basics like fixing desktops with the table, installing your data servers in a fool-proof physical security system, or installing tracker-like software (such as find my device) in your devices. This software helps authorities find stolen devices easily.
2. Use cloud storage technology like virtual data rooms
Companies can also minimize cyber attacks by shifting to cloud-based data storage units like data room software. Online or electronic data room software is one of the most common and secure cloud-storage technologies in the world right now. Using online data room software for your business can help you get rid of guarding your company hardware, and you can minimize the need for paper documents, thus reducing administrative expenses.
The best data room providers in the market offer banking-grade data security, and that is why this technology is a regular part of data-sensitive processes such as auditing, mergers, acquisitions, capital raising, board communications, fundraising, due diligence, clinical trials, joint ventures, and commercial real estate transactions.
One of the best things about online data room software is its multi-layer security system. That said, it not only prevents unauthorized entries but also guards your data against internal threats. You can restrict any person in your data room from accessing, editing, sharing, downloading, or printing certain files.
That means, even if someone breaks through, they might not be able to steal data from the VDR. Also, you can catch the culprit by detailed audit reports generated by data room software. Read more about online data room software here: datarooms.org.
3. Buy cyber security insurance
Just like businesses are investing more in tackling cyber security issues, hackers are also working tirelessly to invent new ways of stealing data. That is why even the most secure data security systems are at constant risk.
Although the prevention of cyber attacks is the best option, it is better to invest in cyber security insurance. That’s because data breaches may cost millions in settlements, but having cyber security insurance can minimize the burden significantly. You may be surprised to hear that hardly 20% of businesses in the US invest in cyber security insurance.
4. Secure the data sharing process
A massive percentage of data breaches occur during the data-sharing process, especially when employees share documents through email services. In fact, global email service provider, Yahoo, has been hit by cyber attacks multiple times, resulting in compromising millions of user accounts.
The best way to minimize the chances of data breaches is to create a centralized data-sharing system. For example, by using data room services, the chances of data breaches during data sharing can be eliminated.
Virtual data rooms are centralized data storage platforms with the option to share voluminous amounts of data within the data room. You can create user accounts, invite users to join your data room, and give them access to the VDR data. These users can easily share documents without leaving the platform.
If the user shares a file mistakenly, access to that document can be easily revoked, or the user can delete the file as well. You don’t have this option in any email service. In fact, the best document feature is yet to come.
Virtual data rooms give you the option to share and store data in an encrypted form. Most importantly, you can encrypt the file and the data in it. This feature isn’t available on most of the cloud-storage platforms. Data room vendors usually offer 256-bit encryption (the strongest in the world).
If you consider integrating data rooms into your data sharing processes, some of the best virtual data room providers in the market include Merrill, DealRoom, iDeals, Firmex, and Digify.
Using secure data storage tools like online data room software can minimize data security risks. They make data storage and sharing safer than many other similar platforms. Also, it is wise to invest in cyber security insurance, protect your hardware, and safeguard your data sharing process.
Be sure to use these practices, and your business will be well protected from any hacks and leaks.