8 Ways to Protect Data on Data Privacy Day (or Every Day!)

What every executive needs to know about digital privacy and protecting company data in 2022.

Last year saw a record number of data breaches and research suggest that over 80% of those breaches are caused by human error. Implementing these eight strategies will help reduce threats and give peace of mind to your business.

As we enter 2022, CEOs have big and growing concerns, and it’s not about Covid-19. One of the highest worries for executives in 2022 is data privacy and cybersecurity. Looking back at 2021, phishing, ransomware, and cyber-attacks on the supply chain were the biggest risks that are likely to rise again in 2022. As technology advances, dependency on digital devices, software, and online services grow. Ten years ago, the thought of a world, contained completely within a computer that individuals could connect to and live a different reality, was just pure Matrix science-fiction. But now it’s not unrealistic. As businesses like Facebook work to make the Metaverse a reality, it’s important for business owners to be thinking about ‘digital dependency’ in 2022 and how it will affect data privacy.

Setting up solid practices this year for your business as well as yourself will help you manage current and new threats in the digital world.

Here’s a list of 8 ways to help mitigate risk

1. Ensure all applications & devices are using multi-factor authentication (MFA). This alone could block 99.9% of automated attacks. MFA should not just be a personal choice either. Ensure your entire organization and network are set-up with MFA. Then train your employees to utilize this feature, understand when a threat actor is attempting to hack their account, and report it to the appropriate department.
2. Make a VPN standard. We’ve talked before about using a VPN on public Wi-Fi, but as half of Americans are now working from home, VPNs on home networks should also be used. Even if an employee has a private at home network, with the increase of IoT devices, the opportunities for hackers to get into a home network has increased. Remote workers using a VPN at home decreases the risk of those hackers accessing your organization’s data.
3. Think before you click. CISCO’s 2021 Cybersecurity threat trends report found that at least one person clicked a phishing link in 86% of organizations and suggests that phishing accounts for around 90% of data breaches. Invest in security training for your employees and watch what you are clicking in emails and online.
4. Invest in tools to protect data. A good data protection platform will offer a variety of tools to help keep your data safe, such as a password manager, scanning and removing of personal data on brokerage sites, ad blockers and tracking blockers, and more. Offering this tool as an employee benefit will also help keep your employees and your organization safe. Offering this tool as a membership perk for your customers would drive value for your business.
5. Maintain back-ups. The other actions on this list will help mitigate the risk of ransomware attacks, but if you or your company is hit with ransomware, the most effective way to recover from the attack is to have backups of your data. However, you need these back-ups to be stored offline or outside your network’s primary communication channel so that they are not exposed to attackers.
6. Keep your systems up to date. Running on outdated systems or software can create an increased opportunity for hackers to get into your network. Make sure all the systems in your business are up to date. Also, make sure you don’t have any abandoned software or digital technology that hasn’t been decommissioned. These steps can help prevent breaches as well as supply-chain attacks.
7. Assess your company’s data privacy policy and data collection. Over 80% of consumers are concerned about data privacy and almost the same amount are loyal to brands that use their data ethically. Now is the time to re-evaluate what data your company collects, how it uses the data, and how you inform your consumers. Respecting your consumer’s data privacy can generate more business and trust.
8. Develop a data breach plan. The average cost of a data breach rose to $4.25 million in 2021, a 17 year high. The number of breaches also increased by 17% in 2021. Make sure your company has a plan for when a data breach happens. Partnering with a company specializing in data breaches can also help save your company time and money.

If limited time or resources keep you from completing these eight steps, we can help. IDX offers companies data breach response planning as well as privacy protection solutions for yourself and employees. We hope this Data Privacy Day you will take steps to better protect yourself and your company to help your business thrive in 2022!