Only a few short decades ago, data security mostly meant shredding paper documents and locking sensitive documents in locked storage cabinets. Today, the vast quantity of data being stored by businesses and individuals alike on hard drives and digital media is far more than perhaps most of us could have ever anticipated.
Data security is a major industry due to the massive risks that are possible. Companies specialising in risk assessment, IT asset disposition (ITAD), and cybersecurity continue to grow consequently. Below are a few major reasons why data security has perhaps never been more important than now:
1. Data Breaches are Commonplace
Every year, thousands of Australian businesses suffer the consequences of data breaches. Governments and institutions are no different in this regard, with foreign countries suspected of being behind two major cyberattacks in the winter of 2020 on the Australian Government and Australian National University.
2. Data Privacy Regulations are Evolving
The European Union introduced the General Data Protection Regulation in 2018 with implications for any business operating in the EU as well as those handling data on EU citizens. This means that Australian businesses can be fined under the GDPR, even if the owner’s never set foot in the EU.
Similarly, Australia has passed the Privacy Amendment in 2018 and many other countries have followed suit with data privacy laws and regulations.
3. Data Breaches are Very Expensive
Data breaches can be financially crippling to any organisation and costly to the reputation and trust between the organisation and customers. IBM revealed that the average cost of a data breach in 2020 was about $3.86 million USD (about $5 million AUD).
The cost of a single data breach alone can put many corporations out of business, or at the least lead to significant shareholder distrust and tumbling stock prices. It’s evident that data breaches are a risk to avoid with good data security practices and policies in your workplace than to have to deal with.
4. The Importance of Proper Data Disposal
Tossing old hard drives into the refuse without thoroughly wiping them and/or having them professionally destroyed by an ITAD company exposes a potential gold mine of sensitive data to thieves, so it stands to reason that your organisation should have secure data disposal practices in place.
Not to mention the concern over a growing e-waste crisis worldwide, so finding more sustainable methods of data disposal helps your organisation remain compliant and sustainable.
5. Outdated Risk Management Practices
As with many professions, risk management has evolved to meet the challenges of today’s business world and all the complexities and challenges posed by data security. Those that fail to understand the importance of data security can potentially put their entire organisation at risk, so outdated practices need to be brought up to speed.
Professional risk management software such as Risk Wizard are a must-have for serious risk management experts that want the full functionality and flexibility needed for today’s fast-paced world.
Use Risk Wizard and experience the benefits of our simple, affordable risk management software for yourself and for the added peace of mind it brings to your organisation.
To see how it works, simply sign up for an online demo of the software so you can see it in action before you try out the software in a free, private, and secure cloud environment.