In today’s increasingly interconnected world, protecting personal data has become a critical concern. Data protection regulations have been put in place to address this issue, helping set standards and guidelines for safeguarding one’s sensitive information. Such frameworks include the California Consumer Privacy Act, the global Payment Card Industry Data Security Standard, and the European Union’s General Data Protection Regulation. Each aims to provide individuals with greater control over their personal data and hold companies accountable for how they handle and protect such data.
Nevertheless, the rise of cybercrimes shows that compliance alone isn’t enough to safeguard sensitive information. With digital breaches reaching a rate of 97 victims per hour, businesses are highly advised to employ further security strategies, systems, and training to ensure the robust protection of valuable data.
Why data protection regulations aren’t enough to protect your data
Data protection regulations are an important tool in the fight to protect individuals’ personal data. However, even the most stringent regulations can't guarantee that such data is secure from misuse or loss. There are many factors that contribute to data security beyond the scope of any particular regulation.
Proactive security strategies are a must
Organizations all too often view data regulations as mere checklists, aiming for minimal protection and adopting a “set and forget” approach to security. This could leave them vulnerable to the growing sophistication of cyberthreats and social engineering attacks.
Rather than solely relying on a regulatory framework, businesses should adopt a proactive rather than a reactive approach to data protection. This could involve carrying out additional security strategies, such as regular vulnerability assessments, implementing access controls, and training employees in essential security practices.
Investing in advanced protection systems and cultivating a culture of security awareness goes a long way in minimizing the risk of data breaches, and helps further ensure the confidentiality, integrity, and availability of data.
The growing data protection gap
According to the 2022 Veeam Data Protection Trends Report, an alarming 89% of companies have a gap between the data they can afford to lose without significant disruption to services and the data actually being backed up and protected. This gap is reportedly only set to grow, and while data protection budgets have been increasing in recent years, these investments still aren’t enough to keep up with the rising tide of cyberthreats and digital workloads.
While organizations could opt to slow down their digital expansions, giving data protection budgets a chance to catch up, such an approach would be impractical in the face of today’s crisis-driven innovation. As businesses strive to keep afloat amidst economic downturns, technologies and workloads will undoubtedly continue to scale. Without an adequate increase in data protection budgets, the gap will only widen further.
Cybercriminals are now attacking backup repositories
Insufficient data protection budgets partly stem from companies not knowing the right data to protect and back up, to begin with. While securing every facet of business data is ideal, companies must also learn to prioritize the most critical aspects of their digital information. For instance, what data should be recovered first to minimize downtime in the event of an unexpected outage or attack?
It also pays for businesses to familiarize themselves with the latest common tactics used by attackers. Cybercriminals are now increasingly targeting backup repositories with ransomware, disabling their victims’ ability to recover precious data without paying the required sum. Based on Veeam’s latest Ransomware Trends Report, 88% of ransomware attacks have attempted this approach, with 75% of these succeeding. Moreover, 21% of organizations that did pay the ransom were still unable to recover their data. With 84% of organizations currently relying on backup logs for disaster recovery, prioritizing the security of these repositories is a must.
Taking a proactive approach to security by implementing robust cybersecurity training, systems, and practices is essential for safeguarding data. While regulatory frameworks provide a helpful foundation, they should not be solely relied upon. It is maintaining a continual awareness of your digital landscape and an understanding of the data at stake that can help you confidently protect your business and customers for the long term.
Take charge in defending your valuable data today. Contact outsourceIT today and consult with our experts to find the perfect cybersecurity solutions for your business.