As we descend into a new post-pandemic normal, cybersecurity experts are setting their sights on upgrading the inevitable reality that contains cyberthreats. Forbes estimates that the global cybersecurity market would have increased to $270 billion by 2026. This necessitates the need for cyber risk management as digital transformation continues to take over the world.
Although the post-pandemic realities are ambiguous today, pundits are looking to understand the impact data security has on businesses. COVID-19 has primarily acted as the main trigger for change in how companies manage and operate technology. The following are some of the ways that data security is changing business today and in the future.
Telecommuting has Become one of the Essential Ways of Working
More and more companies have taken on teleworking to not only beat the virus but also ensure that the day-to-day business operations are handled. As telecommuting becomes the new regular, virtual desktops are becoming the internet security baseline for IT experts to implement data management principles.
Virtual desktops make it possible for a company’s IT team to control each worker’s access by adding software and palliations and impiety and output devices. This ultimately becomes an essential control point when teleworkers are functioning outside the confines of the company’s network.
Additionally, business will witness an increase in businesses adopting decentralized cybersecurity. The rapid digitization will lead to a shift from security controls to data sources similar to what was seen in the intent of things.
You could start noticing a new wave of digital rights management, data loss protection, endpoint-based firewalls, and business anti-viruses gaining traction.
With millions of people now working remotely, hackers have shifted their focus from corporations to remote working employees. To curb the cyber threats, decentralized cybersecurity will increase with greater emphasis on data sources like remote workers.
To add to that, businesses are likely to see an increase in biometric authentication. For the most part, user access controls have revolved around using single or two-factor authentications that rely on a username and password. Since such forms of authentication paint the employees as the weak link, hackers continue to direct their attacks to the individuals.
As a result, businesses need to make identity protection their top priority, with the best defense involving building authentication systems that emphasize who you are. Such systems need advanced biometric solutions like a thumbprint, fingerprint, handprint, retina, voice, or other facial recognition systems.
New Processes will Govern How Businesses Work
Businesses will start shifting to cloud services to offer employees, suppliers, clients, and other members of the ecosystem a seamless way of accessing data. Data security seeks to ensure that as most IT resources shift towards data, they aim to keep it secure across all cloud platforms.
Businesses will also have to reassess their privacy regulations and policies. The current privacy regulations are designed around building a firewall to keep any prying eyes away from sensitive data. Governance surrounding companies’ social media profiles will have to be added as such platforms are usually trolled by hackers who do their research before attacking.
More and more companies will start adopting innovative technologies such as ML/AI. Sectors such as manufacturing will amp their adoption of robotics by adding some tech capabilities and digitizing labor-intensive procedures. By fully embracing intelligence-driven approaches, companies can digitize their operations confidently.
Many people tend to view data security as a means of reducing risk and eliminating any cyber threats posed by hackers and viruses. However, data security benefits your business in more ways than just keeping your data safe. Data security is a growth enabler of sorts for your business. However, if it isn’t used well or orderly tended to, it becomes a growth inhibitor.
With the pandemic, many businesses have made their products digital offerings. Therefore as a business owner, it’s up to you to ensure nothing threatens the delivery of said products or services. You need to adapt in line with the move to digitization. A significant part of your company’s adaption relies on your ability to tackle any challenges of running a business in a digital world.
Any business that embraces digitalization is handed the burden of ensuring its customers’ information, whether personal or sensitive, is safe. With the rise in information security threats due to digitization, it means your business is likely to grow more and have a significant competitive advantage if you have airtight data security.
A study conducted on the subject reveals that up to 89% of executives believe data security goes hand-in-hand with business success. In another study, however, more than 70% of executives admitted that concerns over data security impeded innovations in their businesses.
Therefore preventing breaches saves the business money that you can invest in growth, time, and effort needed to mitigate the problem and fix it. It also helps build your customers’ loyalty, thus growing your client base in the long run.
Data security isn’t a one-time project that you’ll do and be set for life. As a business owner, you need to look at it as an ongoing endeavor requiring proper measures and practices like working with experts and data purging. Once you understand what data security means to your business, you can take the necessary steps to improve it and see how it changes your business, such as minimizing risks of hacks and unintended data loss.