More data security, lower costs

Do you also always check that you have locked your car when you walk away?
After all, you do want your car to be burglar-proof.
And you *certainly* want that feeling with your company data.
Then you check that too, right?
What costs come with good data security?
Or what costs can be caused by insufficient data security?

Data security

In the modern digital world, data security is a crucial aspect of any organization.
Protecting sensitive information from unauthorized access, theft and damage is essential to ensure data integrity and confidentiality.
Unfortunately, data security is often overlooked or inadequately implemented, which can lead to serious consequences.
Yet this is more common than you think.
What are the 5 main risks of inadequate data security?

1. Data theft and loss

One of the most obvious risks of inadequate data security is data theft.
Hackers and cybercriminals are constantly looking for vulnerabilities in systems to gain access to sensitive information such as personal data, financial data and trade secrets.
A successful attack can lead to the loss of valuable data, which can not only cause financial damage, but also damage the trust of customers and partners.

2. Financial losses

Inadequate data security can result in significant financial losses.
This can result from direct costs, such as ransom payments in ransomware attacks, or indirect costs, such as legal fees, fines, damages, lost profits or operational costs.
In addition, companies can lose revenue due to disruptions in their operations and reputational damage, which can lead to a decline in customers and market share.

3. Reputational damage

A company’s reputation is one of its most valuable assets.
A data breach or cyber attack can cause serious damage to an organization’s reputation.
Customers, partners and investors may lose confidence in the company, which can lead to loss of business and investment.
Restoring a damaged reputation can take years and often requires significant investments in marketing and PR.

4. Legal implications

Companies are required by law to protect their customers’ data.
Insufficient data security can lead to violations of privacy laws and regulations, such as the European Union’s General Data Protection Regulation (AVG).
This can result in heavy fines and legal penalties.
In addition, affected individuals and businesses can take legal action against the organization, which can lead to lengthy and costly litigation.

5. Operational Disruption

Cyber attacks can seriously disrupt business operations.
This can range from temporary downtime of systems to complete shutdown of business operations.
Companies can suffer lost productivity, missed deadlines and dissatisfied customers.
In some cases, the damage can be so severe that the company is forced to close its doors.

Conclusion

Inadequate data security in IT can lead to a wide range of risks that can jeopardize an organization’s financial health, reputation and operational continuity.
It is essential for companies to implement and continually evaluate robust security measures to minimize these risks.
By proactively investing in data security, organizations can not only protect themselves from potential threats, but also maintain the trust of their customers and partners. At the NTI CAD & Company Open Internship, Justus Slaakweg talks about this.
NewArmstrong manages all data of their real estate for several large customers.
We know like no other how important data security is.
At the end of 2023, NewArmstrong switched from an in-house server and storage system to a cloud solution and Microsoft Azure.
Director of Business Development Justus Slaakweg: “The switch not only gives more data security, but it also reduces costs.”
What arguments led to this decision, Justus tells about it at NTI Open Stage on October 10 at Aviodrome Lelystad 👉 https://ow.ly/7GEr50TA6M2