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What are capital management strategies in Singapore?

Operating a business online is common practice for modern-day companies. Companies can expand their target reach by showcasing their products and services to potential customers nationally and internationally. Harnessing the power that being online and technology can have on a business is something countless companies have chosen to do to help them grow.

However, a common pitfall many businesses aim to avoid is data breaches. With conversations about a US version of GDPR, companies have become more vigilant about ensuring that their business has measures to protect themselves and their clients.

Fortunately, there are plenty of strategies that companies can implement to help protect themselves from data breaches. Keep reading to find out a few of these strategies.

Update All Systems

Outdated systems are viewed as an easy target for those planning a cyberattack. If companies cannot recall the last time their systems were updated, it should be a sign that this issue needs to be rectified immediately. Checking that all systems are updated should be a task completed regularly. It helps to ensure that all systems are updated, and employees are using the latest version. This can provide peace of mind to employers knowing that they have implemented measures to minimize the risk of a data breach. It might be time-consuming, but updated systems can help to prevent a company from losing time and money are attempting to resolve the impact a data breach has on their business.

Have Insurance In Place

Of course, you will put as many measures as possible to protect your company. However, it is best to have a safety net ready should an issue occur. Investing in insurance for business helps provide a safety net for a company. Consider providers like The Hartford for insurance for business that covers various aspects. Resolving issues can be costly and time-consuming, and insurance can help save a company from facing the total weight of amending the problems.

Limit Employees Access

Working with personal information and sensitive data comes with high responsibility, especially with the GDPR measures. A simple and effective way to help reduce any risk to data is to limit employee access. For instance, the marketing team does not need to know clients’ costs and personal information. Employees should only have access to information that is relevant to them and their role. They should have restricted access if the information or data does not impact their performance. Limiting access can help employers to have a clearer idea of who has access to information. It can help with accountability should an issue was to arise.

Keep Employees Informed

Another way that employees can help to keep the company protected from data breaches is to be vigilant about potential threats. Phishing emails are becoming an increasingly popular way companies are being targeted. These emails can often trick many employees into believing they are real, leading to data breaches within the company. Ensure that all employees are aware of potential threats. Inform new employees of what to look out for and offer refresher sessions to current employees. As technology advances, so do the tactics used to conduct cyberattacks.

In the past year, 60% of companies reportedly close due to a data breach in the company. Experiencing breaches or attacks can be difficult for a business, as it can impact its sales and cause clients to lose confidence. Implementing safety measures and procedures to keep the company safe from data breaches is crucial for reasons like these. It enables companies to continue operating and delivering their services to customers.

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