How small businesses can devise right data loss prevention strategy for their business

In today’s situation where most of us alternates between working from home (WFH) and working within the office, data breaches and other risks are more likely to happen. Large businesses have more data to steal from, but smaller businesses have less secure networks making them an easy target for cybercriminals.



There are multiple solutions your companies can implement to protect data, but technology is only effective if the people in charge of monitoring and managing it is as good as your tools. Your solutions should complement your strategy regardless of the industry and size of your companies.

What is Data Loss Prevention (DLP)?

Data Loss Prevention (DLP) is a security strategy that protects users from accidentally sending critical data or information outside the business network. It is a set of tools and processes ensuring all your corporate data is not misused or being accessed by unauthorized users.

Data loss prevention tools can encrypt your data being transported through an internal or external network to an endpoint destination. It also monitors the data used by applications or in service and safeguards the data that is currently on your archived.

To lower the risk and keep sensitive information safe, businesses should follow these essential security practices.

1. Save necessary information only

The more information you collect about your customers and employees, the more you need to protect them. Businesses often save more information than necessary, and their customers are the ones who suffer if a data breach occurs.

To limit what hackers could steal, only save the information you absolutely need to run your companies. Avoid collecting anything extra, and if you only need information temporarily, get rid of it properly after you’ve used it.

2. Keep an information inventory

Laptops, smartphones, tablets and flash drives provide plenty of convenient ways to store and transfer information, but this also results in more potential opportunities for data to fall into the wrong hands.

Keep track of what information you’re storing, where you store it and who has access to it. Make sure this information inventory includes both electronic files (E-files) and physical documents with sensitive information.

3. Stay up to date with your cybersecurity

There are quite a few top cybersecurity programs that can protect small businesses from malware and other threats. The companies can also look for a paid program that can secure your network and every device on it. The money you spend is well worth it, as a breach could cost you much more.

4. Store physical documents securely

Cyberattacks may be a more common threat, but lost or stolen documents can be just as bad. Whenever documents contain sensitive information, it’s important to keep them safe from hackers eyes. Companies can store documents in a locked file cabinet or room that only your most trusted employees can access.

5. Use antivirus software and malware protection

Your firewall and antivirus software are imperative for preventing data loss. Malware and viruses make it possible for hackers to steal data by infiltrating networks and hard drives. It’s not just your company’s data that’s at risk; it’s also your employees’, vendors’ and customers’ data.

If you have bank details, addresses, phone numbers and other sensitive information, the impact of infiltration by virus or malware could be catastrophic for your businesses. It is also important that you choose the right software and maintain it regularly to prevent issues in the future.

6. Set internal controls to guard against employee fraud

Regardless of how much you trust your companies staffs, it’s wise to use internal controls to limit your employee fraud risk. You can also limit each employee’s access to only the information they need for their job. Make sure your systems log what information each employee accesses.

Furthermore, set up segregation of duties to prevent any single employee from having too much responsibility.

7. Patch and update software

Patching and updating are important for protecting business operations against data loss. Hackers are poised to spot vulnerabilities and exploit them to get hold of profitable data. These practices ensure that your companies have the most up-to-date security measures in place and known vulnerabilities are fixed.

8. Create firm employment agreements

In all your job contracts, include text that prohibits your employees from sharing certain types of information. Every time an employee shares information, they transmit data through a channel that, even if highly secure, could still theoretically be hacked. If this information isn’t shared in the first place, it can’t be accessed.

9. Conduct Training

You could have the best disaster recovery plan in the world, but without training employees, it’s only half done. Help and guide your workforce understand the gravity of data loss, and provide thorough training on the processes and procedures in place to prevent loss of data.

10. Restrict access

To safeguard your data, business can ensure that only employees who need access to important company data can access it. It’s possible to set access levels and devise policies that limit how company data is used. Companies could also ask employees to sign security agreements and commit to the prevention of data leaks while they’re with your company.

Conclusion

A good data loss prevention (DLP) strategy combines technology, controls, regulated access to data, and educated staff. Businesses can thrive if you implement a well-structured, centralized DLP program. You have to evaluate the risks and your internal sources of data. Creating an inventory of the data helps businesses to maintain a streamlined operation.

Keep your data safe with restricted access and control measures that let you see who has access and how it’s used. Be wary of anomalies; use machine learning tools to keep your data safe. Organise workshops to educate your staff and make sure they understand the stakes in data loss prevention controls and the critical role they play in maintaining the company safe.

Article by Mr. Siddhant Bery, Managing Partner,KSP INC.

About KSP INC –KSP INC is a prominent manufacturing and export company based out of Noida. The company focuses on a diverse portfolio ranging from bird feeders,Metal Lawn / Garden décor, Fireplace accessories & amp Tools to home storage products. Starting in 1987, the brand always stayed ahead of the competition through an innovative approach and adaptability. One of the notable aspects of the firm is its innate ability to venture and grow in its industry. The management team has a knack for expanding their businesses without compromising their core ethics. The company has faced its share of tribulations in the industry. However, they explored the market for allied opportunities with the available resources.They have partnered with major brands across the globe and are present in Global big-box retailers in the US and European markets as well. Some of their notable retail partners include Walmart, Lowes, Home Depot, Sainsbury, Ikea, and Tesco.

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