Confidentiality is a delicate bargain of trust in business.
Martin Uzochukwu Ugwu
Confidentiality is an essential attribute that every business should uphold. There is always a non-disclosure agreement or confidentiality agreement that both transacting parties sign for every business transaction. This agreement states that information, details, trade secrets, and business data shared by any party for specific purposes, should not be leaked to the public or third party.
As important as it is to keep this information confidential and safe, there are tons of inhibitors looking out to breach your business data and information, and the most prominent are cyber attacks.
In a layman’s language, a cyber attack is a process of infecting or installing malicious software or program on a single or of computer systems to control, disrupt, disable, destroy, steal, and extract data and information. It is carried out by Cybercriminals who break into firewalls of closed systems and maliciously breach and steal data without the computer user’s consent. Cybercriminals employ different methods to attack a computer system, including malware, phishing, ransomware, gray ware, bot, crypto-jacking, bugs, etc.
Business data and information should always be kept private, confidential, and treated with utmost secrecy. This is one of the legal responsibilities of every business or brand manager. Your employee, managerial, organizational, customer, professional, and contact information are very delicate and sensitive and need to be prevented from being leaked into the hands of a third party, competitors, employees, and outsiders.
Why You Should Protect Your Business Data and information
• Prevention of Data Breach
A data breach is an illegal or unauthorized access to certain closed due data and information. So, proper protection of business information prevents data breaches on client and employee records, transactions, and sensitive information.
• Prevention of Unauthorized Access
A proper data protection system for your brand prevents unauthorized access to confidential data. By extension, it prevents savvy cybercriminals from infecting or planting malicious programs in your network to evade security measures. Computers, laptops, websites are the most vulnerable tools that need to be highly protected.
• Keeps Business In Continuity
Every business loves to be a going concern, and as much as this is what keeps businesses going, measures like keeping your information from external attacks should top the list.
According to C.S. Lewis, “Mere change is not growth. Growth is the synthesis of change and continuity, and where there is no continuity there is no growth“
Have you ever wondered why customers leave their information with business brands?
They believe in your capability to keep their details confidential. A business brand that cannot effectively protect its customer’s sensitive or confidential information loses its worth, reputation, and standard.
• Sense of Trust, Capability, and Honest
The reputation or credibility of any business depends on the honesty, integrity, and dedication they operate. Trust is a factor that brings customers to come patronizing over and over again. Keeping customers’ information creates a sense of trust, capability, integrity, and honesty in them.
Failure to protect Your Business Data and information can cause:
• Lawsuit and actions by customers whose data were breached.
• Damage of brand and business reputation.
• Loss of customer’s trust.
How To Prevent Your Business Data and Information From Cyber Attacks
• Secure your devices and network
Research shows that attacks are mostly made on devices or networks of computers to steal or corrupt data, which can be secured by;
1. Updating your Software
Outdated software is more vulnerable to attack. Cybercriminals create news ideas on how to breach them; companies are alerted and add new features, fixing vulnerabilities and other security flaws.
2. Install security software
Security software is a file that helps prevent malicious infections like; malware, spyware, bugs, trojan horse, and others. Installing one on your business computers and devices inhibits the actions of cybercriminals from infecting your business computers, laptops, and mobile devices.
3. Set up a firewall
A firewall is a network security device that monitors, inspects network traffic, permits and blocks access to a network. It acts as a mediator between your computer and the internet. A firewall for your business network and devices secures your data and information, even though it needs to be patched regularly for smooth running.
• Encrypt Crucial Information
Business data can be secured from all malicious attacks by encryption. Encryption means translating the data into another form, code called Ciphertext. A few people can access this code with the access key called decryption key or password. This has been researched to be one of the effective data security methods for brands and organizations. It reduces the risk of theft, destruction, breaching or stealing, tampering with data. E-mail encryption is the most common application of this method.
• Monitoring computer equipment and systems
Monitoring computer equipment and software used in your business help to prevent forbidden and unauthorized access. It can also help detect an attack early before data are infected, destroyed, or corrupted.
Carry out the following steps routinely;
1. Remove unwanted files or software without any sensitive information on them.
2. Update your software regularly to avoid vulnerabilities and breaches.
3. Avoid inserting unscanned USB sticks or hard drives into your computer system, as they may carry viruses and worms unknowingly.
• Use Of Multi-factor Authentication
Multi-factor authentication is a security system that requires proof to gain access to a computer network. It is more advanced and secure than the use of a password. It involves the combination of password, pin, passphrase, or a One-Time-Password that will only be sent to authorized individuals to gain access. Multi-factor authentication security makes it harder for Cyber Criminals to gain unauthorized access to your computer device or network.
• Routine Data-Back Up
Over the years, backing up confidential data has proved to be one of the most effective ways to recover information. Information may be lost by accident, cyber, or computer issues. The use of multiple backup methods is also advised to be on the safer side. It can be set to back up routinely automatically; daily, weekly, or monthly to a device, cloud storage, or drive.
• Cyber insurance
Cyber insurance is a paid policy covering any financial losses or ruins that may have been orchestrated or resulted from a cyber attack in any business. It settles and covers all legal claims made by individuals or groups affected or harmed by the cyber attack or liabilities incurred from the data breach or leak of customers’ sensitive information.
Conclusion
Confidentiality is an essential factor in business transactions. The need to protect customers, administerial information, and data can never be underestimated, and it can either improve or destroy. Cyber attack is a parasite that needs to be prevented and taken care of immediately and because you wouldn’t want to lose all you’ve pulled to your brand within seconds.
Remember, there are different ways to be taken care of:
- encryption
- multi-factor authentication
- cyber insurance, and others.
Applying all the stated measures are what your business needs to keep its confidential information away from cyber attacks
