EU regulation changes do not mean companies have to worry data is Lost

While EU data protection regulations may be changing how IT companies may use customer data, it doesn’t mean a company cannot gain from data that is collected and used in a new way. Though the EU regulations allow customers to ask their data not be used, it also allows for businesses to use information in a B2B capacity.

The data protection regulation may require companies to change their protection for their data, as well. It may also require companies to put into place security measures so that there are no security breaches and company data is not lost.

Why companies must protect data from security Breaches?

Data loss doesn’t just mean companies suffer from hackers using their data for ill gain. It also means companies may have to pay stiff penalties for lost data. How can companies protect themselves and their employees from high fines? Did you know that USB flash drives for individual employees may protect data? Should USB flash drives use an in-house authentication?

Security breaches can also cost a company sometimes millions, or at least five percent of customer profits. By making sure employees understand security breaches that can cost the company and how better to guard against them, it can help a company focus on their strategy to create a better environment to protect sensitive data. Many times, companies may be unable to accurately estimate how much business was lost through missed sales, an internal investigation, and costs lost through monies spent on potential lawsuits. Did you know that when asked in an investigation, 25 percent of business heads did not know how to predict their business losses?

Why businesses fall victim to Breaches

Many business breaches are never reported in a timely manner? This is why some businesses cannot adequately protect company secrets or data. However, it is more than unreported data that causes businesses to be at risk. However, if a business uses a third-party supplier, it could put them at risk to security breaches.

How can a business best protect their sensitive data? They may have all the data security measures in place to protect company and customer data. However, a company’s best way to protect itself is to be aware and act quickly when data breaches do occur. By having security measures in place, a company can be prepared for EU data protection regulations.