Businesses face a growing number of cyber security threats every day, from phishing and ransomware to insider threats and data leakage. Hackers are responsible for most such security breaches, and the cost of rectifying and recovering from a data breach can be exorbitant. Data breaches and fraud are concerns for organizations of every size, with devastating consequences that may push many small businesses into bankruptcy.

As the cost of security breaches and compromised sensitive information continues to rise, it is imperative that your business takes the time to ensure that you are doing everything possible to safeguard your data.

Here are some high-priority security measures you may implement to successfully mitigate risk and protect sensitive information:

Keep an inventory of sensitive information

The first step to secure your business from cyberattacks is to create and maintain a detailed inventory of your company’s sensitive information. Catalog all computers, mobile devices, flash drives, filing cabinets, and other equipment in your organization to determine where all sensitive data is stored, both electronically and physically.

Additionally, it would be prudent to track all network access points used to receive and manage sensitive data—through websites, human resources, sales teams, and third-party service providers, among others.

Knowing the type and quantity of sensitive personal information your business currently holds, where it is stored, and how it is received and transmitted will assist your organization in identifying security vulnerabilities and serve as the foundation for developing a data security plan.

Keep only what’s necessary

Don’t keep sensitive personally identifiable information, such as social security numbers and passport numbers, unless you have a legitimate business need for it. Better yet, don’t collect such information unless absolutely necessary. The more data you have about your employees and customers, the more information you will have to safeguard.

To minimize the number of information hackers can steal, only keep the information necessary to run your business. Moreover, if you need information only temporarily, be sure to carefully dispose of it once there is no use for it. Discard any nonessential sensitive data using a shredder or an appropriate electronic method.

Store sensitive data in secure locations

Following these helpful tips can help your company secure sensitive data in both electronic and physical locations.

Electronic locations

Protecting sensitive data from theft and vulnerability in today’s digital world is becoming increasingly more challenging with the rising adoption of cloud computing. Here are some of the ways in which your business can improve network security:

Protect sensitive information with the right Data Loss Prevention (DLP) tools and software to monitor and safeguard corporate data against unauthorized access.
Use firewalls and effective anti-malware software.
Use encryption tools, strong passwords, and multi-factor authentication.
Use internet connections to save sensitive data on company-owned devices only when it’s necessary for business operations.

Physical locations

While cyberattacks are more prevalent, lost or stolen physical documents may be just as great of a loss. Here’s a list of critical guidelines for securing physical locations that house sensitive data:

Securely store papers in a locked filing cabinet or room that is accessible only to your most trusted staff.
Unless an employee is actively working on a sensitive file, make sure the document is securely stored.
Strictly instruct all employees against leaving sensitive information unattended on their desks when they leave their workstations.
Mandate that all equipment used to collect sensitive information, including external drives and PIN pads, be always stored securely.
Run sensitive documents that are no longer required through a shredder to dispose of them.

Also read: How Your Business Can Protect Sensitive Information

Restrict access to sensitive data

No matter how much you trust your employees, your business should regulate and limit the number of employees who have access to restricted data. Otherwise, employees may steal customer information or embezzle company funds.

Setting up internal control measures and restricting employee access to information that is absolutely necessary for their work can help prevent cyberattacks. Only employees that require sensitive information to complete their tasks should have access to it. Moreover, employees should be given access to critical data only for the duration of their work. Ensure your systems keep track of what information each employee has access to.

Lastly, you can authorize some employees to work with sensitive data on their mobile devices but restrict their ability to store it on these devices.

Train your employees

The key to successful cybersecurity is to ensure that your employees are well-trained and regularly adhere to data security best practices. At times, a single error made by an insufficiently trained individual might result in the collapse of a whole security system.

When it comes to data security training, don’t limit your session to creating passwords, locking computers, and avoiding opening suspicious emails. Your employees should be aware of the importance of securing their computers and other devices at the office and when working in public settings. Additionally, they should refrain from using public networks and never leave their gadgets visible and unattended even in a private vehicle.

Final thoughts

Your business must properly protect all the sensitive information you store, from employee records to customer details. Not only is data protection a legal requirement, but it is also critical for safeguarding and maintaining your business’s reputation. While you cannot avoid the risk of data breaches entirely, implementing the security practices outlined above can go a long way toward preventing a security breach and protecting the data you hold.