Reasons Not To Be Frugal About Security

frugal cyber security costs cybersec

As far as finances have been concerned, the last couple of years has been extremely trying for business, to say the least. Thousands of companies have closed down, there are empty retail units across the states and Europe, and unemployment has risen. 

In uncertain times such as this, businesses will always look for routes to lower costs. Two ways this can be done are either by streamlining and being more efficient or by cutting corners. 

The problem with the latter option is that it can sometimes end up costing money rather than saving it, especially when it comes to security. 

According to International Comparative Legal Guides, there is no single law protecting data in the US. However, this doesn’t mean that there aren’t fines and punishments for those businesses that don’t protect their data and have breaches. 

Cutting short on cyber security could be extremely costly. 

What Kind Of Security Is Needed For Businesses? 

When security is discussed, there are many areas that need to be covered. If you sat down and thought of the top 5 security features every business should have, you’d probably come up with CCTV and alarm systems. 

Yet, these days with ecommerce, and business conducted online, the threats are less visible than potential burglars and trespassers. It's digital thieves you now have to worry about and they want your valuables: your data. 

Is Cybercrime The Biggest Security Problem Facing Businesses Now? 

Ever since businesses started to hold sensitive data on servers and networks, cybercrime has existed. Covid showed how much individuals and businesses are now relying on the internet for every aspect of their lives. 

The FBI reported that cybercrime surged during the pandemic, but it was happening long before that. 

One Clark School study indicated that a cyber attack happens somewhere around every 39 seconds. Most of these attacks will go unnoticed by the typical user as the security in place keeps the attacks at bay. Nevertheless, in this study, each of these attacks was logged to show how often hackers are trying to invade networks and secure areas. 

How Can You Improve Security Around Your Business? 

Businesses can either use their own IT team or bring in security advisers to ramp up protection regarding their networks. These specialists will try to find weaknesses that a hacker might exploit, and then work to remove them. 

Other common methods that can be used are password managers, VPNs, and firewalls. When it comes to protecting important information, a virtual data room can be crucial. 

What Is A Virtual Data Room? 

You are probably aware of cloud storage facilities such as DropBox and Google Drive. You are also surely aware of filing cabinets and document storage rooms. 

A virtual data room works just like a document storage room which is crossed with cloud storage but is infinitely more secure. 

Big names such as Barclays and Time Warner Cable use virtual data room companies such as Firmex to protect their sensitive information. 

How Would A Virtual Data Room Improve Your Security? 

A virtual data room, or VDR, is used in many areas of business, and it can be used by small or large firms. Many startups can also benefit from using data rooms. 

They help to protect intellectual property, sensitive financial data, accounts, and even research material. 

There are many different types of cyber security, and VDRs may be lesser known among small businesses, but they shouldn’t be ignored. 

The owner of a data room has complete control over who is able to access the platform. They can then distribute privileges, meaning that particular files are only seen by approved people. 

What Benefits Do Virtual Data Rooms Have? 

The first and most obvious advantage to a data room is the security levels. These are set at the highest international standards and involve encryption and multi-factor authentication. 

Apart from these and other security features such as watermarks and redaction, they have other benefits to help businesses. 

A virtual data room can be accessed 24/7 from anywhere in the world if that person is approved. IP protection can help to secure the room further while allowing business to be conducted outside of your country’s working hours. 

These rooms let data be shared quickly and securely. 

This is especially important during such tasks as due diligence in M&As. These documents are highly sensitive, and any breaches around these could cost a company billions of dollars. 

Security Summary 

Upping security levels on networks and servers is an ongoing job. Cyber security experts are constantly working to keep ahead of hackers. 

Apart from the regular security measures that a business can take, it could be a worthwhile investment in looking towards secure data storage. For business, this means something as secure as a data room. Be frugal in other areas of your business when possible, but not with data security.

Free cloud storage cannot meet the security levels of a VDR, and if data leaks, your frugality may come back to haunt you. Don't cut too many corners on costs as a cheapskate when it comes to cybersec!

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