7 Data Loss Prevention Practices for Michigan Businesses

We’ve all heard “data is the new gold, the new oil, the new [insert valuable commodity here].” And while that phrase is quickly becoming a cliché, people are saying it for good reason. Without your data, your business ceases to exist.

In the United States, nearly 60% of small businesses that experience a data breach go out of business within six months. And we’re not just saying this to scare you—we believe this statistic tells a story about unpreparedness, and we have the answer:

Michigan businesses must implement strong data loss prevention practices in order to protect their valuable assets.

What Is Data Loss Prevention?

Data loss prevention (DLP) refers to the strategies and tools used to ensure that sensitive or critical information does not leave the corporate network or get accessed by unauthorized individuals. It’s crucial for Michigan businesses of all sizes and industries, as data loss can result in severe financial, reputational, and legal consequences.

What Would Happen If Your Data Was Lost or Stolen?

First, how can data be “lost”? Data can be lost or stolen in a variety of ways, including cyberattacks, accidental deletion, hardware failure, and employee negligence. If your business’s data falls into the wrong hands or is permanently deleted, it can lead to significant consequences, such as:

• Financial loss: Losing critical data can lead to financial loss through downtime, damage to reputation and brand image, and/or legal ramifications.
• Regulatory fines: Depending on your industry, you may be subject to data protection regulations such as HIPAA or GDPR. Failure to comply with these regulations can result in hefty fines.
• Damage to reputation: If sensitive customer or employee data is exposed, it can damage your business’s reputation and trustworthiness in the eyes of customers, partners, and stakeholders.
• Legal consequences: Data breaches can lead to legal action from affected parties, resulting in costly lawsuits and settlements.

Data loss prevention practices are essential for Michigan businesses to mitigate these risks and protect their valuable assets.

7 Data Loss Prevention Practices

Think of data loss prevention as a security system for your data. Just like you lock your house and set the alarm before leaving, you need to take steps to secure your business’s data. Here are seven data loss prevention practices Michigan businesses should implement:

Employee Cybersecurity Training

The human element is often the weakest link in any security chain. That’s why employee cybersecurity training is so crucial.

Training sessions can cover everything from recognizing phishing emails to understanding the importance of strong passwords. Remember, a well-trained employee is your first line of defense against data loss.

Access Control

Not everyone needs access to all your business data. With access control, you get to be the bouncer at your own digital nightclub, deciding who gets in and who doesn’t. This strategy involves implementing user permissions and roles to limit access to sensitive information.

Frequent Data Backups

Regular backups are the unsung heroes of data loss prevention. Think of them as your digital safety net, ready to catch you if data loss occurs. Whether it’s due to a cyberattack, hardware failure, or even human error, having up-to-date backups means you can restore your data and get back to business without missing a beat.

Regular Cybersecurity Audits

Regular cybersecurity audits are like your business’s routine health check-up but for its digital well-being. These audits assess your current security measures, identify vulnerabilities, and recommend necessary improvements. It’s an essential preventative measure that keeps your data loss prevention practices in tip-top shape.

Incident Response Plan

Even with the best prevention practices, incidents can still occur. That’s where your incident response plan comes in. It’s your action plan when things go south, detailing what to do, who to contact, and how to minimize damage.

Encryption

Encryption turns your data into an unbreakable code for anyone who doesn’t have the decryption key. It ensures that even if your data falls into the wrong hands, they won’t be able to make sense of it. From emails to stored files, encryption is a must-have tool in your data loss prevention toolkit.

Ongoing Monitoring of Data

Lastly, ongoing monitoring is the watchful eye keeping a constant check on your data. It involves using tools and software to monitor data movement, detect unusual activity, and flag potential threats in real-time. It’s like having a digital guard dog that barks at the first sign of trouble, helping you stay one step ahead of data loss.

Common Angle: Your Partner in Data Protection

At Common Angle, we understand the unique challenges Michigan businesses face in protecting their data. Our team of experts is equipped to provide the tools, training, and support needed to implement these data loss prevention practices effectively.

Don’t let data loss be the downfall of your business. Implement these seven practices and partner with Common Angle to ensure your data is protected. Contact us today for a consultation to see if our team would be a good fit!