Importance of Data Loss Prevention for Cybersecurity

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The Importance of Data Loss Prevention for Cybersecurity

The advent of networked computer systems and the Internet has made a huge impact on the way organizations operate.  Most organizations now use networked computer systems to communicate, collaborate and store a large amount of important information.

This information can include confidential customer details, trade secrets, intellectual property, financial data, business research and legal documents.  While storing this information electronically has resulted in a huge boost in productivity, it has also presented some serious challenges.  For businesses and government departments, those challenges include identifying sensitive information and securing it while maintaining access for authorized personnel.

The potential for damage from a data loss incident has also increased for organizations in recent years.  Organizations store more information electronically while providing more access points for that information.  There are also various new technologies which make it simple for a malicious entity to steal large amounts of data from an organization business very quickly.

Data loss prevention classifies monitors and protects the data in your organization’s network.  GTB data loss prevention and Data Protection solutions monitor both data-in-motion on your network. data in use and data-at-rest on devices including servers, personal computers, mobile phones and tablets.  The data is classified and advanced data security policies are strictly enforced — keeping your data safe.

This form of advanced data loss prevention is crucial for your business for a number of reasons including:

Regulatory Requirements

There have been a number of significant data breaches in recent years, driving state and federal governments to tighten regulatory requirements for data security and user privacy.  In 2014-2015, more than 212 million households in the United States had data stolen, including names, phone numbers and social security numbers.

A number of Federal government privacy and data security bills were introduced in 2015, including the Data Broker Accountability and Transparency Act, Student Digital Privacy and Parental Rights Act, and the Consumer Privacy Protection Act.  These bills contain additional requirements for the collection and management of data.  Organizations are increasingly facing an operating environment where they will be severely penalized for losing customer data.

Organizations in some sectors including finance, healthcare, and government, must also maintain their data for extended periods to meet regulatory requirements.  Depending on the operating location of your business, you may also be subject to state-level data security laws with severe penalties for breaches.

Customer Data Safety

A data breach that results in the loss of customer details can compromise their safety.  Once a business has had a data breach, they lose the trust of many customers which can go on to affect market share and revenue.  Losing data is a serious public relations issue that can negatively impact your organization’s reputation for years to come.

To Help You Understand Who is Accessing Your Data

DLP systems tell you precisely who is accessing your data at any given time.  You will be able to monitor the location and flow of data across your business networks, allowing you to identify who is accessing specific data.  Advanced cybersecurity policies allow you to tightly control access to your sensitive information.

Data Loss Can Be Very Expensive

A 2015 study by IBM found that the average total consolidated cost of a data breach for a business was $3.8 million dollars, 23% increase on 2013.  As organizations store more valuable data in their networks, the cost of data loss will only increase.  Of the businesses examined in that study, the most expensive incident cost the company $31 million, while the least expensive was $750,000.

The IBM study also found that attempted intrusions into business networks were increasing.  With the cost of a breach and the number of attempted intrusions increasing, the importance of data loss prevention is clear.

Prevents Malicious Employees or Business Partners From Stealing Data

Data loss prevention can also reduce the risk of employees stealing or destroying data.  Data security policies limit access and monitor the movement of data in real time to prevent incidents from disgruntled employees.

Business partners who have access to your network may also contribute to a data loss incident.  A study by PWC suggests that the number of business partners involved in a data loss incident rose by 22% in 2015.  It also found that there were 38% more data security incidents in 2015, compared to 2014.

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