Data is one of your most important assets, providing insight for making strategic decisions and building stronger partnerships with customers and partners. However, it can be one of your biggest risks should you not make the right steps to protect it.

Businesses can lose millions of dollars because of data breaches. They can also harm brand image, diminish trust, and trigger regulatory fines. While data breaches are inevitable, there are steps you can do to mitigate the risk and safeguard your data from cybercriminals.

1. Authenticate and authorize users.

Data security requires a strong authentication and authorization process to ensure that only authorized persons can access your data. This can be achieved by requiring two or more forms are used to access your data, for example an account that the user has (passwords and tokens) or something is equipped with (electronics and other hardware), or something they actually are (biometrics like fingerprints and face recognition).

2. Encrypt everything.

Your most sensitive information is classified information. Its unauthorized disclosure could have grave consequences for your company or the people affected. To protect classified information, it must be encrypted and protected by an encryption code that is only available to authorized personnel. Your team should regularly review classifications and develop a policy to manage encryption keys in order to prevent them from being compromised.

3. Reduce non-essential data access.

Most employees don’t require access to the company’s data. This reduces the chance for a security breach, by reducing the number of entry points for potential threats. It’s a good idea to restrict access only to the minimum data required for a job and also to use password-based user IDs to limit access to information even if passwords and usernames are stolen.

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