Common Threats to Data Assets and How to Mitigate Them

Why are data assets important to protect?

In today's tech era, businesses rely heavily on data-driven results. The organizations have developed a range of ways to capture, monitor, analyze, and profit from the data they gather, emphasizing the need to safeguard against data breaches. Data assets are any data that a company expects to make money from in the future.

The Ponemon Institute’s Cost of Data Breach Study found that on average, the damage caused by a data breach in the USA was $8 million. The average number of data incidents has affected 25,575 user accounts, which means that in addition to financial losses, the majority of these events lead to customer mistrust and reputational damage.60% of companies do not have a cybersecurity incident response plan in place.

Horrible isn't it?

Recent working pros have found a steady rise in cybercrime in the last year. Still, owing to increasing cyber threats, leaders must learn secure ways to future-proof cybersecurity against potential cyberattacks.

In this blog we’ll explore threads on Data Assets and how mitigation-

Overview: What is a Data asset?

A system, application output file, document, database, or web page that businesses use to make money is referred to as a data asset. They are among the most precious resources in the age of technology, and companies manage them with billion-dollar Most tech firms, such as Facebook, Google, and Netflix use their data assets to build new products, enhance existing ones, or develop better ways of delivering value to users. Confidential information poses data security threats such as phishing attacks, malicious software, DDoS attacks, vishing, etc,

Learn more about security vulnerabilities in data assets-

Top Threads for Data Assets and Their Mitigation

Data Security Breaches:  

Data security breaches are one of the most significant threats to data assets. 500 million Marriott International customers had their encrypted payment card information, contact information, and other details stolen in 2014, highlighting the devastating cost of a data breach.

Data security breaches are security incidents that expose business-critical data or sensitive information in an unauthorized manner like malware or ransomware, insider threats, social engineering, and spear phishing. Data exposure can include personally identifiable information (PII) from customers or clients with passwords and credentials.

Mitigation: 

• Implement detection systems, incident response plans, endpoint protection, and antivirus software to mitigate security threats.

• Encrypt sensitive data both at rest and in transit.

• Execute regular security audits to test vulnerabilities and enforce best practices in cybersecurity.

• Provide security awareness training to employees.

Data Privacy Compliance 

With the introduction of regulations like the General Data Protection Regulation (GDPR) the California Consumer Privacy Act (CCPA) and HIPAA ensuring data privacy and compliance has become a top priority for organizations. Failure to comply with these regulations can result in fines and damage to reputation.

Mitigation 

• Develop data privacy policies and protocols that fit regulatory requirements. 

• Getting explicit consent for data collection, use, and sharing from individuals. 

• Implement data anonymization to protect personal information.

• Constant checking and assessments to ensure compliance. 

Data Quality issue 

Various sources, such as human error, system errors, integration errors, or external factors, may lead to data quality issues. Missing values, outliers, inconsistent values, invalid values, duplicate values, and incorrect values can be signs of these problems. We can rectify these errors with data analytics tools and data processing to prevent security threats. 

Lack of Data Governance 

Lack of implementation of data governance leads to data silos, fragmentation, and unauthorized access. Data governance will ensure that your data assets are managed securely, ethically, and in compliance with regulations. 

We need to Establish data stewardship programs to oversee data quality, security, and compliance. To prevent unauthorized access, introduce data access controls and authentication systems.

Data Loss and Disaster Recovery 

Data loss is the biggest threat to data assets in the business. It is caused by hardware failure, natural disasters, human errors, or malicious activities by attackers. This data loss causes the organization to lose valuable data and face operational disruption. 

Measures 

Introducing a robust backup solution for data loss would be the ideal solution. Providing data loss prevention, especially with Cloud-based technology, can help you with backup solutions.

Third-Party Risk: 

Most businesses rely on third-party vendors and service providers for data-related activities, for example: cloud storage technology acts as a third-party entity to have your data, raising concerns about the cost of a data breach. This could lead to hacking and cybersecurity issues. When you give your data to a third party to handle, Include contractual clauses and agreements for data protection. 

Final thoughts,

Securing data assets is onerous and we need a holistic approach to address these threats. By implementing these robust cybersecurity measures, organizations can mitigate the risk associated with data assets with full potential for business success.

Think of data protection as protecting your favorite cookie recipe. You wouldn't want it to fall into the wrong hands, right? Similarly, businesses must safeguard their data because it's their secret sauce for success.

Imagine if your cookie recipe got leaked and everyone started making it without your permission. That's what happens when data isn't protected – it's like giving away your unique advantage.

So, whether it's using strong passwords, keeping software updated, or training employees on cybersecurity, every step counts. Remember, data protection isn't just a task; it's a mindset. By valuing and safeguarding data, businesses not only protect themselves but also earn trust and loyalty from customers.

So, tech enthusiasts, what do you think of potential threats that could harm our data in the future?

Would you like to discuss specific potential threats to data in the future?

Insignia consultancy solutions will give you a strong strategy to tackle data asset security issues. Our expertise and legacy will change your business destiny toward the height of triumph.