Data loss is, quite simply, a reality for businesses operating in the 21st century. It is often thought about as caused by external threats such as cyber attacks. But data loss is also caused by internal threats and is often more dangerous as it can affect companies of any size. We’ve rounded up some shocking facts about data loss protection you need to know about:
Over 50% of critical corporate data sits on unprotected PCs
Remote work has only really started to come into its own in the last five years and it is increasing at a truly rapid pace. Unfortunately, businesses do not seem to be ensuring that their DLP and cyber security plans keep up with the way their industries are changing. Personal computers, particularly laptops, but also home desktops possess the same levels of risk when it comes to internal loss of data.
Small businesses that experience drastic data loss go out of business within a year
Probably the most shocking statistic for SME and SMB owners. The harsh reality is that, if a sufficient DLP strategy is not put in place, you may lose data via internal sources. Sometimes it’s malicious, sometimes it comes from simply a careless click.
Think about your company’s most sensitive data and what its release would mean in terms of a worst case scenario. Would you be financially liable to the individuals concerned? Would it ruin your company’s reputation? Are you likely to be seriously affected if a competitor sees your intellectual property? If the answer to any of these is yes, you should be seriously considering updating your DLP strategy, or implementing one if you don’t have it already.
75% of all mobile apps fail a basic security test
Regardless of whether you supply employees with a company mobile or if you have a Bring Your Own Device policy, your employees will install apps on their phone. This is both an internal and an external threat. The employee installs an app on their phone that does not have sufficient security – an internal threat. The levels of encryption that you have put in place can now be breached – an external threat. A good DLP strategy will see that you have buy-in with your employees to ensure that they know the risk of what they are downloading and outline necessary steps and criteria to follow.
Cyber crime damage costs to hit $6 trillion annually by 2021
And cyber crime is reportedly the fastest growing crime in the United States. While this refers to all cyber crime, not just internal data loss, it still sits as an astounding figure. Data Loss Protection strategies work hand in hand with additional cyber security measures. Many of the precautions you take to protect against internal threats will also protect against external threats but it is essential that you address both so that your company does not contribute to this statistic.
Data loss protection is all about managing risk. You can’t eliminate it completely but its important to stay on top of where the trends and technology are moving to ensure that you have your company and its sensitive data covered. These facts will hopefully make you see the huge global impact of data loss and the effect that a well-communicated DLP strategy can have.