Published on April 29th, 2022 | by Sunit Nandi

Data Security Risks Faced by Businesses

As a business owner, you are likely well aware of the importance of data security. Protecting your customers’ information is essential if you want to maintain their trust and keep your business running smoothly.

However, data security risks are constantly evolving, and it can be challenging to keep up with the latest threats. This is why bringing AI data privacy solutions by service providers like Triple Blind AI has become a necessity.

In this blog post, you will learn about some of the most common data security risks faced by businesses today.

1. Data Loss

Data loss happens for various reasons, such as human error, system failures, or malicious attacks. Data loss can have devastating consequences for your business, including financial losses and damage to your reputation. It can be avoided with a robust backup and recovery plan.

2. Breaches

Another common data security risk is breaching. Data breaches can happen when hackers gain access to your systems and steal sensitive information. Violations can have serious consequences, such as financial losses, damage to your reputation, and legal issues. To keep the data safe against breaches, you should implement strong security measures, such as firewalls and encryption.

3. Insider Threats

Insider threats are another type of data security risk that businesses need to be aware of. When employees or contractors misuse their access to company data, that is what is described as an insider threat.

Insider threats might result in significant financial losses, reputation damage, and legal problems. To prevent them, you need to have strict policies and procedures. Also, you should provide employees with regular training on data security and monitor their activity.

4. Unmanaged IoT Devices

The IoT refers to the network of physical devices, such as sensors, connected to the internet. These devices collect and share data. However, many IoT devices are not adequately managed, posing a data security risk.

When these devices are not managed properly, they can be hacked and used to access sensitive data. To avoid such risks, you should ensure that all IoT devices are appropriately configured and monitored.

5. Overestimating Network Abilities

Another data security risk that businesses face is overestimating their network abilities. This can happen when companies think that their networks are more secure than they are. As a result, they might not take the necessary steps to protect their data. To avoid this, you should regularly assess your network security and ensure it is updated.

6. Third-Party Data Risk

Third-party risk is another data security risk to be aware of. This happens when businesses share sensitive information with third-party service providers, such as cloud storage providers.

If these service providers are not adequately secured, the data might be compromised. To protect against third-party risks, enterprises should only work with reputable service providers and ensure that they have robust security measures.

7. Lack of Data Access Oversight

Another data security risk is the lack of data access oversight. This can happen when businesses do not have proper controls to monitor who has access to their data. As a result, sensitive information might be accessed by unauthorized individuals.

To prevent access oversight, companies should have strict policies and procedures to grant data access. Also, you should regularly monitor who is accessing your data.

8. Social Engineering Risks and Vulnerabilities

Social engineering is a type of data security risk that involves tricking people into giving up sensitive information. This can happen through phishing emails or phone calls.

Social engineering risks can have serious consequences, such as financial losses, damage to your reputation, and legal issues. It can be prevented if you provide employees with regular data security and awareness training.

9. Inadequate Data Backups

One of the most commonly occurring data security risks is inadequate data backups. This happens when businesses do not have a robust backup and recovery plan. As a result, they might lose essential data if their systems fail. You should have a reliable data backup and recovery plan to avoid inadequacy.

10. Accidental Data Oversharing

This can happen when employees accidentally share sensitive information with unauthorized individuals. To prevent oversharing, you should have strict policies and procedures for handling sensitive information. Also, you should provide employees with regular training on data security.

Using the right data solutions by providers like Triple Blind AI and implementing the proper security measures can help businesses protect themselves against these risks. However, it’s important to note that data security is ever-going. As new threats emerge, businesses need to be prepared to adapt their data security plans accordingly.

These are just some of the data security risks faced by businesses today. By being aware of these threats and taking steps to protect your data, you can help keep your business safe.

Tags: data security, faced by businesses, risks

About the Author

Sunit Nandi I'm the leader of Techno FAQ. Also an engineering college student with immense interest in science and technology. Other interests include literature, coin collecting, gardening and photography. Always wish to live life like there's no tomorrow.