All companies house data. It could be personnel files, customer information, financial files or even product information. Data is really one of the most important assets that a company has. It is vital to keep that data protected as many third parties are interested in retrieving it. That’s why data protection is important.

In recent times the way people work has shifted; remote working and working from home has risen exponentially, which could make sensitive data more vulnerable. But why exactly is data protection so important? Read on for the primary purposes of data protection.

Compliance to Laws

Regardless of size and locale, all organizations will be subject to some sort of data protection laws within their countries. Businesses that do not comply with privacy regulations could end up facing massive fines or even civil suits. An example of one such law is the general data protection regulation (GDPR) which is the strictest privacy law in the world. The EU passed it, but it applies to any organization with customers or data from EU consumers. Look into what compliances you need to make depending on the location of your organization.

Consumer Trust

Any business that experiences a data breach, whether an isolated incident or routinely, will find that they quickly lose the trust of their consumers. Losing customers means losing money, not to mention any fines or civil suits received due to the breach. A breach could cost you the business. If a business does survive a breach, it can still have long-term effects on its reputation. 

Brand Value

Any business needs to have a good brand image. Companies that appear trustworthy often have more business as consumers feel comfortable leaving their personal information with them. Having an ethical data use policy can attract customers and staff to a business; it is a selling point.

How to Keep Data Safe

Firstly, it may be worth investing in software to install on all devices to ensure security. There are many different companies, providers, and pieces of software to choose from, which can feel overwhelming. Although there are companies that can help you choose, the professionals at Wandera can advise on the best package to provide the most protection for your needs. Protect accounts with strong passwords and try only to use secure internet connections. Phishing scams are rife, so always think twice before clicking on any links or providing personal or consumers information. Always double-check that any requests are legitimate. 

In Conclusion

As technology continues to grow and with it, eCommerce, the quantity of data produced and stored continues to rise at an unprecedented rate, making data protection more important than ever. Every business has information that needs to be kept secure. If unauthorized persons access this data, it can be corrupted or misused. Data protection is vital for the longevity of your business. A breach can be extremely costly both in terms of any fines incurred but also loss in revenue. Data protection should be a priority for all both in their personal and professional lives.