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How to Prevent Data Loss at Your Company

Data loss is a major issue that many organizations face. It can result in millions of dollars in lost revenue, and may even put your company out of business altogether. Losing data can be costly to any organization, but how much does it really cost? This blog post will discuss how to prevent data loss at your company by understanding how this issue affects you and what you can do about it.

What is Data Loss

When information systems are damaged, lost, or unrecoverable, it’s known as data loss. This can be the result of hardware failure, software corruption, human error, natural disasters, or criminal activity. Data loss may also occur when electronic information is not accessible due to system outages or shutdowns.

Types of Data Loss

There are various factors that can lead to the loss of important corporate data. Some of the most common examples include:

  • Theft of company laptops or other devices;
  • Hacking or cyber-attacks;
  • Accidental deletion of files;
  • Corruption of data due to a virus or malware infection;
  • Fire, flood or other natural disasters.

Data Loss Statistics

The Ponemon Institute conducted a study in which they found that the average cost of data loss for companies is $217 per record. This means that if your company has 500 employees, and each employee has an average of five records stored on the company network, then your company would lose approximately $108,500 as a result of data loss. 

In another study by Symantec, it was reported that 43% of small businesses have experienced a data breach in the past 12 months. And according to Kaspersky Labs, a total of 300 million records were compromised in 2016 due to data theft.

A study by the Ponemon Institute also found that 32% of companies have lost customers as a result of a security incident. 

How to Avoid Data Loss at Your Company

Although there are several different ways how you can avoid losing your company’s valuable information, here are three key steps how you can prevent loss from occurring: 

  1. Back-Up All Electronic Information. The first step on how to stop data loss is backing up all electronic work and research so it remains intact even if servers crash or experience downtime. This means storing copies of files on an external storage device that automatically backs up files each time employees make new changes onto their computers. 
  2. Secure Your Networks. The second step is to secure your networks by using firewalls and anti-virus software, as well as making sure all passwords are strong and up-to-date. Hackers are always looking for vulnerabilities in a company’s system, so it is important to close any security loopholes that might exist. 
  3. Train Staff on Data Loss Prevention Procedures. The third step of how to avoid data loss is training employees on the different prevention procedures they can take if a data breach does occur. This includes how to properly back-up files, recognize phishing scams, and what to do if their computer becomes infected with ransomware.

By following these three steps, you can help ensure your company’s data is safe and secure. And if a data breach does occur, you will be prepared to take the necessary steps to minimize the damage.

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