A Comprehensive Guide to Data Security for SMEs
As the new goldmine, from the moment data is collected, stored, and processed, it is susceptible to cyberattacks. While large businesses might be too large a target for cybercriminals, the same can’t be said for small and medium-scale businesses. This is why knowing about data security is important for all businesses. In 2022, the Cyber Security Expert Association of Nigeria reported that cyberattacks on SMEs grew by 87%. The result of these statistics is evident: impersonations, identity thefts, financial thefts, and targeted attacks. This calls for more actions regarding data security amongst SMEs. What is Data Security? Data security is the process of safeguarding digital data from external threats (corruption, theft, and unauthorized access) to its integrity. It is important at every stage of data’s lifecycle—collection, processing, and storage. Often used interchangeably with data protection, it is not the same. Data protection is the entire process of safeguarding data from accidental loss or compromise. Basically, data protection focuses on safeguarding data from inside threats—mishandling and accidental loss. While data security keeps the bad guys out—unauthorized access and cyber attacks. Why is Data Security Important To SMEs? There are a handful of reasons why data security is important to SMEs. Top on the list are the legal implications of a successful data breach. Organizations are held accountable for data collected and processed under data protection laws. Under each one of those laws, businesses have to fulfil certain obligations towards data security. In the event of a data breach, the organization faces the full wrath of the law. Data subjects may also sue the business. There are also reputational consequences to consider. Data breaches cause so much damage to the reputation of the affected business. That’s something no business wants. Under the NDPR and GDPR, businesses are mandated to announce every data breach occurrence within a set timeframe. A weak data security system will cause any business to make such announcements regularly. It’s the business equivalent of the “walk of shame.”. And, of course, the financial costs of a data breach. Money and time will be spent to correct the effects of the attack. Since the entire data security system will be evaluated and updated. Most small and medium businesses cannot afford the costs of a data breach. So, adequate data security should be implemented. The 3 Pillars of Data Security There are three major elements, or principles, of data security, also called the CIA Triad. They serve as a template or framework for an absolute data security system. Here’s what they mean: Confidentiality: Data is accessed only by authorized users. Integrity: All data stored must be accurate, reliable, and not changed unwarranted. Availability: Data must be available and readily accessible when needed. Data Security Technologies for SMEs The right set of data security technologies is beneficial to Preventing data breaches in small businesses Data Auditing Data-auditing software solutions are just like spycams. They record everything from who accessed what information to control changes. Such software solutions are necessary for all small and medium-scale businesses to have. In the event of a data breach, it is easier to figure out the problem(s) with data auditing. Data Risk Assessment A data-risk assessment always carries out a thorough job. With it, sensitive data is discovered, along with potential threats to it. A data risk assessment goes the extra mile in preventing data breaches in small businesses by recommending remediation pathways. Data Real-Time Alerts Discovering a database takes far too long for organizations. Oftentimes, these reaches are discovered by customers and other third parties With real-time monitoring systems preventing data breaches in small businesses becomes easy, as SMEs get data breach alerts immediately. This helps to reduce data loss, destruction, and unauthorized access. Data Minimization The more data you have, the riskier it becomes. That is why data minimization is a data security technology. Always hold on to necessary data only. Data Security Regulations and Compliance Data security is such an important phenomenon that regulations for it have sprung up all over the world. What is the need for data security regulations? It is necessary to provide a clear data protection or security template to organizations. Also, to protect the rights of data subjects, such laws have to be laid down. That way, any organization defaulting can be held accountable. Important Data Security Regulations As a growing business willing to go the extra mile to secure data, it’s of utmost importance that you understand regulations. Here is a small compilation of data security regulations you need to know. The most popular regulation is the GDPR (General Data Protection Regulation). It was enacted in the European Union to ensure proper data protection for its citizens. The main focus of the GDPR is personal identifiable information (PII). It requires every organization handling EU data, in or outside the region, to practice premium transparency. The GDPR is not to be trifled with. It imposes dire punishments on any organization found to be non-compliant. A fine of EUR 20 million or up to 4% of the annual global profit, whichever is higher, can be imposed on offending parties. NDPR (Nigerian Data Protection Regulation) This regulation is an adaptation of the GDPR. The major difference between the two is scope. Established in 2019, the NDPR aims at protecting personal data that belongs to Nigerian citizens from loss, compromise, and unauthorized access. Payment Card Industry Data Security Standards (PCI-DSS) This regulation applies to any business that handles credit card data. Be it acceptance as a payment method, storage, transmission, or even third-party service involvement,. Unlike the GDPR and NDPR, it is not imposed by a government body. PCI-DSS is enforced by an independent regulatory body called the Payment Card Industry Security Standards Council. Data Compliance vs. Data Security Compliance Oftentimes, data compliance is mistaken for data security compliance. The former concerns the entity rules and regulations applicable when handling data. While the latter, data security compliance, is a subset of data compliance,. It is restricted to the security aspect of handling data. In a nutshell, data security compliance is a type of data compliance.
