Fortify your Data: 5 Important Steps to Better Data Protection

Over the past five years, the amount of data generated and stored by organizations has increased dramatically, creating new challenges in data management and security.

Data breaches are not merely an inconvenience; they can lead to severe consequences. In 2024, the average cost of a data breach globally was 4.45 million USD. In the U.S., the average cost is about twice the global average at 9.36 million USD. Other consequences include regulatory fines, business disruptions, financial losses, and damage to a business’s reputation – ultimately resulting in the loss of customers.

Here are 5 ways to help improve data protection:

1. Data Risk Management:

 To help protect your data, you must know where it is. The first and foundational step is to locate and understand it. This involves documenting business processes, systems, and data repositories, which includes:

• Electronic data (on-premises and cloud-based)
• Printed data (onsite and offsite)
• Duplicated data
• ‘Shadow data’, which includes:
  • Unstructured data in spreadsheets, emails, presentations, etc.
  • Local copies of databases
  • Data in AI and productivity tools (e.g., Slack)

Collaboration is critical to the process.

• Partner with IT, legal, records management, cybersecurity, privacy, and functional leaders based on the data type.
• Establish links to other key datasets, such as a Configuration Management Database (CMDB), when possible.

2. Assess and Remediate, then Repeat

Performing a comprehensive security risk assessment of the organization is essential, as many potential risks can go unnoticed. This assessment helps identify vulnerabilities, enabling businesses to address them proactively.

Additionally, investing in current IT tools and updated cybersecurity software can help detect and reduce data security risks. However, small businesses may face budget constraints.

3. Close the Data Protection Knowledge Gap

Training is key. Regular employee training equips staff to understand their role in protecting data, practicing appropriate behaviors for maintaining security, and identifying and avoiding potential data breaches. The right training helps employees identify both physical and digital security risks and how to respond appropriately.

Leadership should demonstrate their commitment to building a culture of data protection and overcommunicate across all parts of the organization to help ensure the message is heard. That culture should start at the top and permeate the organization; when management is committed, employees are more likely to follow suit.

4. Be Prepared

In today’s landscape, breaches and other security incidents are a continuing threat. Therefore, what matters most is how an organization responds when breaches and other security events occur. Some potentially helpful actions include:

• Developing an incident response plan, including a data breach response plan.
• Conducting risk assessments to identify the risks, threats, and vulnerabilities that are core to the plan.
• Designating a core incident response team with cross-functional membership, including external partners.

5. Establish Trusted Third-Party Partnerships

Many businesses can’t manage data protection alone. Partnering with the right trusted third-party for data protection, management, and compliance issues can help organizations with complex regulations, provide training and education, implement processes, and more.

Download our info sheet for a helpful guide to implement the 5 Important Steps to Better Data Protection.

^{*This article is for general information purposes only and should not be construed as legal advice on any specific facts or circumstances.}