The best ways to protect company data on a budget

The best ways to protect company data on a budget

Data security is an important part of any business’s operations and should not be neglected. Failing to protect your data will leave your organization vulnerable to data breaches that have costly consequences. Protecting your data is also essential for complying with industry regulations, and failure to comply can result in hefty fines or even imprisonment.

These are just some reasons why it's important to take measures that ensure data security no matter the size of your company. Even if your business has a limited budget, you can still take the following steps to fortify your defenses.

Implement a data security policy (DSP)

A DSP is a set of rules and regulations that helps to protect an organization's computer networks and electronic data. By implementing a DSP, you can better safeguard your customers' information, as well as your own proprietary data. Additionally, DSPs can help prevent financial losses and reputational damage related to data breaches. The best news is that unless you hire a third-party consultant to oversee the creation of your data security policy, drafting your policy shouldn’t incur any additional operating costs.

Educate employees on data security

Security awareness training is especially important for businesses with tight budgets because it can help reduce the risk of costly cyberattacks and data breaches. By educating employees about cybersecurity threats and how to protect themselves, you can reduce the likelihood that your company will suffer a data breachSecurity awareness training can also uncover users’ bad cybersecurity habits, making it easier to identify vulnerabilities within your organization's systems and processes.

Encrypt data

When data is encrypted, it is converted into an unreadable format that can only be deciphered with a special key. This makes it difficult for hackers or any unauthorized users to access the data without permission, thus likely preventing theft, fraud, or other types of malicious activity that exploit stolen data. If your business handles any personal information, you must use data encryption to keep your information safe.

Invest in data loss prevention (DLP) software

DLP software can be used to protect data at rest, in use, or in motion. Using AI to watch out for suspicious behavior, it can quickly identify potential compliance violations and alert the authorities.

DLP software can also help businesses prevent data breaches by identifying and blocking the unauthorized transfer of sensitive data. For instance, it can prevent employees from accidentally or intentionally leaking sensitive information, which is critical in remote or hybrid setups where employees use technology unsupervised.

Back up data

No matter how small your cybersecurity budget, allot a portion of it to data backups. Be sure that your data is backed up and stored in at least two different storage locations, and that these backups are regularly synced. This is because multiple and up-to-date backups prevent crucial data loss in the event of a breach or cyberattack, enabling your business to resume its operations without prolonged downtime.

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Enable multifactor authentication (MFA)

MFA requires a user to provide at least two forms of identification before being given entry to an account, making it much more difficult for attackers to pretend that they are legitimate users attempting to access sensitive data. Many businesses may already use apps that require MFA, such as email clients that ask users to provide both a password and a security code to access their inbox.

Always check the apps you use for work, and enable MFA whenever available. You can also leverage free MFA tools in the market, such as Google Authenticator and Microsoft Authenticator.

By implementing these measures, your business can better protect your data from unauthorized access and accidental leaks. But if you want to take data protection to the next level, partner with one of Toronto’s most trusted cybersecurity experts: XBASE Technologies. We offer comprehensive, customized, and cost-effective cybersecurity solutions for a flat monthly rate. Get a FREE consultation today.