Risk management is the number one concern of businesses today, and for good reason.In the last ten years, data breach incidents have increased by 500%, and over that time, nearly 87 million records have been compromised. Add to that the risk of data loss and non-compliance, and it’s easy to see how important risk management is to business sustainability.
but it also means increased risk.
It’s important to develop a long-term data management strategy, especially since this year’s patch job could be obsolete by next year.
Hardware failure has caused your business to lose historical data dating back seven years. Financial records, policies and procedures, business development tools, employee information. It’s all gone, and there’s no way to recover it. The expense of alternate data storage always seemed too expensive, so you took your chances. Now you’re in the same boat as 80% of other business who have experienced significant data loss. You might just go out of business.
Protection against hackers is top of mind for all companies. The risk of data loss, however, doesn’t always receive the priority it should. Data protection concerns include:
Whether your data is misplaced, corrupted or deleted, the outcome is the same. Lost data means lost opportunity. The only true data protection is to shore up every gap in data management.
An important part of River Point Technology’s strategy is to ensure the protection of your data, so you don’t risk the operational and fiscal integrity of your company. The good news is that today’s data management solutions are much more cost-effective than they used to be.
Your accountant just notified you about two unauthorized transactions on your primary business credit account. The last one paid for significant travel expenses completely unrelated to your business operations. You are now faced with the hassle of changing accounts and passwords, disputing charges and trying to determine what other company information might have been compromised. You knew that hackers were a threat, but you always thought that your small business could fly under the radar.
It’s not just the big guys who have to worry about security breaches. More than half of all data breaches affect companies with an employee count less than 2500, in part because these companies are less likely to have a comprehensive data protection strategy in place.
Post-data breach costs continue to increase as well. These costs include legal expenditures, communications, regulatory interventions, identity protection services and more.
You thought about moving to cloud backup, but your current solution was working fine and the inconvenience wasn’t worth it. Now you’re facing flood cleanup, and you’re feeling the pain. The hardware backup you relied on is gone, and you’re not sure how or if you can restore your data.
Until you find a solution, your sales are on hold and your employees are sitting idle.
Every disaster recovery plan needs to address two things: the integrity of your backup practices and the speed with which you can return to business as usual.
Compliance can be an expensive, and stressful use of money and manpower.
Data that is inaccessible, incomplete or inaccurate can spell trouble, especially for highly regulated industries. All the more reason to prioritize your investment in data management and mitigate the risk of poorly managed data.
Two of the most highly regulated industries include the healthcare sector, which must have data sufficient to prove compliance with HIPAA, and the financial sector, which must comply with Sarbanes Oxley Audit (SOX) requirements. Our DATA MRI and Financial Needs Assessments could be a good step in becoming compliance-ready.
Data is only “good” when it is readily accessible. Unfortunately, unless you have an accurate method of categorizing data, it’s very unlikely that you will be able to access what you need when you need it.
River Point Technology provides a range of industry-specific compliance safeguards that include: