3 Important Reasons to Focus on Data Security

Remember when the mainframe was all we had to worry about when it came to data security? That was only a few decades ago. Times were much more straightforward. With the growth of mobile services and e-commerce, the growth of data has opened a Pandora's Box of data security ills. The more data we use, store, and manage, the more opportunity we invite for disaster.

To capitalize on the planning, execution, and optimism around data security efforts, we've identified three integral areas where organizations can focus their security investment. 

1. Growing with the Business 
   For several years, the digitization of business has been a priority for several industries. The benefits of being customer-centric, leveraging data as an asset, and using mobile can change an industry or company's face. Look at Amazon.
   
   Digitization is central to the competitiveness of any business. But the focus to use more data than before and in more efficient ways introduces new complexity to managing how your organization secures data.
   
   The threats to data security loom from critical areas such as polymorphic attacks and a lack of visibility into the environment. Legacy systems contribute to the blind spots. Teams have difficulties identifying abnormal behavior and rapidly mitigating threats and issues.
   
   
2. Cloud 
   We've said it before. Cloud security isn't the culprit for client data breaches. Gartner predicts that through 2025, 99% of the cloud's security failures will be caused by the customers.
   
   Moving to the cloud is no longer an option, it’s imperative. Although businesses have used the cloud in some form or another for almost two decades, we continue to see added benefits as it becomes more accepted in the business world. More than 90% of businesses saw an improvement in security after switching to the cloud, according to Salesforce. The same survey respondents - 91% - said the cloud makes it easier to meet government compliance requirements.
   
   Other cloud benefits?
   
   If you want to be green, the cloud can reduce your carbon footprint. Reducing your reliance on physical servers and downsizing a data center(s) can save the planet and save you money.
   
   Cloud security is top notch. Microsoft CEO Satya Nadella said the company invests more than $1 billion each year in cybersecurity. The company fends off 7 trillion cyberthreats per day. Using the cloud means your critical data and business applications are always there. The large cloud providers perform security audits which is an extra security blanket for your information and peace of mind.
   
   Accessibility, reduced operating costs, and ease of implementation are other reasons why the cloud is worth an investment.
   
   
3. Bad Actors
   Bad actors aren't going away. That's why organizations earn their trust every day through their security efforts.
   
   Companies have an unwritten pact with consumers to protect personal data. Teams of individuals across the world are creating new and innovative approaches to steal this data. According to a study by the University of Maryland, bad actors attack every 39 seconds, an average of 2,244 times a day. 
   
   The list of reasons for bad-actor behavior feels limitless - identity theft, data ransom, stealing infrastructure. Cybercriminals have even adapted their ransomware approach to the coronavirus pandemic. They're targeting healthcare, where hospitals are overwhelmed with patients. 

Instead of throwing more resources - including money - at a data security problem, firms should look to properly vet their vendors and business partners. The Chief Security Officer, business leaders, and the board are well equipped to lead these discussions.  

The changes incurred by businesses during this pandemic mean we can't close Pandora's Box. Still, we can take measured steps to mitigate the risks associated with data security. 

Learn about the measures Kingland takes to secure data for clients such as DTCC, FINRA, and others.