Why Is Data Loss Prevention So Important to Businesses?

If your business thinks it can cut costs with a flawed data loss prevention system, you don’t know how much it costs for data recovery.

What Is Data Loss Prevention and Why Is it so Important?

Data loss prevention systems detect and prevent data breaches, malicious or accidental loss of critical data, or exfiltration. Data loss prevention emphasizes blocking the transfer of data outside a business’s network. Companies rely on data loss prevention practices to protect and secure their critical data and to meet industry regulations. An organization also depends on data loss prevention to protect intellectual property, secure mobile devices, and secure data stored on cloud systems.

The value of your business’s critical data is impossible to overstate. Because data has value, any exposure of your sensitive information could have catastrophic effects. Once data has been accessed by an outside entity, it is used to steal money, access the client’s personally identifiable information (PII), or conduct continued breaches. If your business does not take the proper data loss prevention steps, financial loss will only be one component of your problems.

The Impact of Data Loss on Business

The scary truth of data loss is that many businesses never recover. The financial toll of security breaches is crushing. A recent study shows that even small data loss instances (100 or less compromised records) cost businesses an average of up to $35,730. Large-scale breaches cost an average of up to $15.6 million. Can your business afford to take on these costs?

Business downtime can be an even more problematic issue that arises. Downtime caused by data loss heavily impacts the productivity of your workforce as well. When you can’t recover your data, your employees are unable to perform their jobs. Without access to critical information, crucial business decisions can be nearly impossible to make.

Depending on the company’s size, downtime can cost anywhere from $10,000 to $5 million per hour.
Your company destroys its reputation if you do not take the proper steps to protect customers’ personally identifiable information from being hacked. A loss in customer loyalty can have impacts far into the future for any business.

Depending on the industry, hefty regulatory fines are imposed on businesses found to be out of compliance. HIPPA fines can be as high as $50,000 per record breach.

Putting a Data Loss Prevention System in Place

Partnering with a managed service provider that can protect your network is the best way to prevent and limit the impact of data loss. Customize a plan that works for your company while protecting data. The monthly flat fees providers charge is a fraction of data recovery prices if you have to outsource them after the fact.

Proactive Monitoring

Data loss prevention requires 24/7 proactive monitoring of your network. This monitoring watches out for cyber threats and attempts to infiltrate your network. Malware and phishing attacks can go undetected, requiring constant monitoring of your system.

Penetration testing simulates attacks on your system to make sure you have no weak security points. Vulnerability assessments also take a proactive measure in preventing data leaks.

Data Backup and Recovery

If your system’s malicious attack results in data loss, having a backup and recovery plan is vital. Getting your data restored and limiting downtime is essential. A business continuity plan and disaster recovery plan readies you for unexpected data loss and allows employees to focus on their jobs while your provider restores your data and network.

Security Awareness Training

Your third-party provider can teach your employees ways to avoid phishing scams and accidentally installing malware. These security measures help save your business time and money because the cost of data recovery services is much higher than the price to teach employees techniques to avoid security threats.

Let Reverus Be Your Shield Against Cyber Attacks and Data Loss

Having a partner like Reverus gives you peace of mind knowing your system is safe from malicious threats. We see the impact of data loss on a business and how much it costs for data recovery. Our cyber security and proactive monitoring will protect your sensitive data. Find out how Reverus can help you today.