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The Damaging Effects of a Data Breach and the Need for IT Support in Los Angeles for Prevention
2020 could be when the sky comes falling. Experts issued a forewarning that businesses might suffer up to $6 trillion losses in data breaches this year. Although the digital transformation has enhanced business through efficiency and better customer experiences, it is also the path that might sink your business.
What you need is not to go back to the old way of doing things, but rather find the right IT support provider to help strengthen your business' data security outlook in Los Angeles.
As Your Business Grows, So Does the Degree of Your Risk
Focusing on expansion strategies and other undertakings to expand your bottom line is essential, but data security also demands prime consideration. There is a lot at stake; data breaches cause not only financial losses but also the erosion of customer trust and brand reputation.
Lessons from 2019 include Capital One's data breach that affected 100 million-plus of their customers and employees' records. You never know when the cybercrime hurricane will hit you. In this case, 24-hour surveillance, monitoring, and sanitation is the way to go.
An IBM study shows that the cost of a data breach is now $3.92 million, a 12% rise from the past five years. Most small businesses that are affected by these breaches take a long time to recover. Most go under.
Apart from revenue loss, your reputation is at risk. Customers and investors want to operate with companies they can trust to safeguard their information. You stand to lose many customers, even those loyal ones.
Keep on reading: IT Support in Los Angeles: The Best Cloud Security Practices
Loss of intellectual property
There is no future for your business if your trade secrets are stolen and sold to your competitors to replicate. In the super-competitive nature of the business environment today, rival companies will not hesitate to sneak a peek into your strategy and trade secrets.
There are small fees and expenses associated with a data breach, including legal fees. Clients and customers will sue you for their losses and damages. Your business will also lose a lot from the downtime resulting from the breach. As that happens, your industry's regulatory body will slap you with fines for your lack of sufficient protection measures against breaches.
Data breaches can lead to endless nightmares for businesses, but here's what to do:
- Create a culture of awareness in your company
- Develop a security-conscious culture within your organization
- Stick to industry best practices regarding IT and data security
- Get a professional IT support provider in Los Angeles to bolster your security
- Set up access control systems
- Conduct regular pen tests (hacking yourself) to uncover vulnerabilities and seal them
Cyber threat actors are relentlessly engineering new ways of attacking you, whether your business is thriving or failing. A quick dash to the dark web can reveal just how cyber crooks innovate and trade in new data breach tools by day. At DGC Technical Solutions, we will help to not only strengthen your systems but also enhance their overall performance. Contact us for white glove IT support services in Los Angeles.