Businesses couldn’t exist in today’s world without the internet. Constant data is being sent and received around the globe, 24 hours a day. And there are people out there that make it their goal to hack into this data and steal personal and business information.
Of course, not all information that is used by companies needs to be protected. There are many things that a business does online, such as provides content, marketing materials, and blog posts that don’t need protection. But most information used in business on a day-to-day basis needs to be secure.
This can range from sensitive emails to credit card forms and passwords. Exposing these could be catastrophic for a company.
Avoiding a Data Breach
Avoiding a data breach is extremely important to your business. One large data breach can end a smaller business and have serious consequences for a larger business.
When we think of what a data breach costs for a business, we think about the public relations end of things. When Target had a big data breach, we know that they lost customers and were all over the news for a few days. While this alone can be devastating to a business, it does not even begin to look at the financial implications of business.
Financially, a data breach can cost a business millions of dollars. They have to clean up the data breach, offer credit monitoring to everyone affected, and also implement new security features to ensure it never happens again.
Especially in today’s ever-changing economy, the cost of cleaning up a data breach could easily send an otherwise stable company straight to bankruptcy.
Beyond the financial implications is the loss of support by customers who trusted you with their protected information, along with new and potential customers who may see doing business with you as a risk instead of an enjoyable experience, no matter how wonderful your product or service is.
What Does Encryption Mean
Encryption is taking the information that is used and changing it and securing it so that anyone trying to access the information would not be able to read it.
When sent, it is scrambled so that anyone who would intercept the data on accident or by a data breach, they would not be able to interpret it without a key. That key unscrambles the data and makes it readable.
Especially important in places like doctor’s offices or health insurance companies where information like social security numbers and other identifying information is stored, encryption keeps this information protected.
Each user in your system should have their encrypted vault that keeps the information that they use safely. Not all employees have access to all company information, so each employee must be able to use encryption in their files.
The Role of Password Managers and Encryption
One way to keep information safe is to implement a good business password management system. Of course, keeping your passwords safe is security 101, but good business password management also provides more, such as scanning the dark web for any leaked information and account takeovers.
Companies like Keeper Security offer many different password management plans that can suit any size business. Password management isn’t a one-size-fits-all approach, and the bigger your corporation is, the greater your need for security needs to be.
Importance of Encryption
Encryption in business is essential. While you don’t want to ever think about your business having a data breach, it can happen. If your information is encrypted, the data breach is essentially useless because none of the information can be seen or accessed. It is all there, just in scrambled characters that don’t make sense to anyone without the key.
There is no reasonable way that any hacker could guess all of the passwords to unlock the encryption and gain access to the data.
The biggest reason for business encryption is the need to transmit files from one computer to another. It is not enough to just protect one computer and the files that are on that computer, you have to ensure that once they are traveling, the files can’t fall in the hands of anyone who shouldn’t be seeing this information.
Compliance is another reason that businesses must encrypt their data. Many safeguard systems that are out there today, including HIPAA, FIPS, and FISMA, require that data be protected at all times. Failure to regulate and use proper compliance with these programs can result in fines or other disciplinary actions that your business can face.
Encryption for your business is an absolute necessity in keeping all of your business files safe. Utilizing business password managers can greatly help in securing all the data that you use or that needs to be transmitted.