Data security is an issue that faces every organization that uses or stores sensitive data. Even a minor data breach can expose a business to crippling financial penalties from regulators, civil action by aggrieved data owners, and irreversible corporate reputation damage.
As 2023 approaches, changes in the workplace, geopolitical factors, changing requirements by insurance providers, and privacy laws are just some of the reasons that data security is a fluid reality that regularly takes on new shapes. Businesses that cannot protect their sensitive data – whether it is client data or their own confidential data – are exceptionally vulnerable. Unlike large organizations, small to medium-sized businesses (SMBs) don’t have the resources to survive the wrath of regulators or endure data loss scandals, drops in share prices, or the ability to absorb the loss of individual income streams. To illustrate the point, an estimated 60% of SMBs that experience data breaches close within one year.
