Last updated on October 5th, 2023 at 09:00 pm
Protecting the data of your clients helps to instill trust and loyalty.
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Client data security is one of the biggest concerns that most service-based, online businesses have today. As hackers keep attacking smaller companies with increased success, it’s a concern that is not to be taken lightly. Unfortunately, the most vulnerable businesses are found to also believe that they are the least vulnerable, due to their comparative insignificance. Read on as we discuss the topic further.
How the Inability to Protect Client Data Can Ruin SMEs
What the smaller organizations fail to understand is that a professional criminal on the internet is much more likely to attack small companies, simply because of the very fact that they are the least likely to put up strong defensive measures against the possibility of a data breach.
Given that losing sensitive client data to a breach would put the breached company in front of a lawsuit from the client, the results could truly be disastrous for the smaller business. In addition to losing clients and reputation in the market, they will possibly have to settle a claim that could bankrupt them, or at least halt their growth possibilities for the foreseeable future.
Even though there is no guarantee that any corporation of any size can protect their data completely against security threats, there are ways to reduce the chances of such a breach down to almost nothing. This would require implementing certain steps, and we are about to discuss some of the most important of those steps next.
Use a Virtual Deal Room
This is a virtual room that allows companies to protect both their own intellectual properties, as well as that of their client by providing them with a safe virtual deal room for deal management and sharing of documents between two or more parties. No one inside or outside the virtual location can steal anything from the documents shared on a view-only basis.
Others can only view and access what you allow them to access, and they can’t take anything out of the deal room without your permission. This keeps everything confidential and prevents any data theft, be it yours or that of the clientele.
Limit and Reduce Access to Client Data
Sometimes, it doesn’t take an outsider to cause a breach, so the fewer people who have actionable access to client data, the better protected it will remain. There are a number of reasons why this works like a charm:
- If the data was only accessible to a handful of individuals, it would be easier to trace who was the one responsible for the leak
- The very fact that it would not remain a secret should be enough to deter anyone in the loop from attempting anything
- When client data access is tracked after every login, it’s easy to identify who accessed it before the leak
Limited access and tracking also means that if an unauthorized person gained access to the private files, the company could immediately take steps to stop the breach before it even happens.