Ignoring compliance is the biggest threat to financial stability

Compliance and Financial Stability

Staying compliant with GDPR regulations should be every business’ priority. Breaking these obligations can lead to severe financial penalties that could cost your business considerable amounts of money. But it’s not just a lot of money you could lose, your reputation could take a hit too. When customers choose your business, they trust you to deal with their personal information carefully. If you lose it, you lose their trust, and potentially valuable customers.  

That’s why it’s important to make sure that you’re compliant with security regulations. This way you’ll protect your data from being lost, stolen, or held to ransom, especially when it comes to your client’s or a third party’s data.  

Several factors can cause data loss if your data is not backed up and protected with a business continuity and recovery plan. Here are a few of the threats that could put your data and financial stability at risk.

- Unprotected Cloud infrastructure

The Cloud is a great way for businesses to embrace hybrid working and increase productivity for their remote workforce. However, a lot of businesses don’t know that their data isn’t fully secured in the Cloud if they don’t have a comprehensive backup solution in place. Data in your Cloud could get easily lost or stolen, which could pose a threat to your business. 

- Increase in ransomware

According to the cybersecurity firm SonicWall’s 2021 report, ransomware attacks rose by 62% between 2019 and 2020 since businesses are very likely to pay the ransom to retrieve their data. But it’s not just the number of attacks has increased, the cost of ransomware has too. If your business doesn’t have any cybersecurity or BCDR solutions in place, you could fall victim to ransomware attacks.

- Exposure to external threats

Like ransomware, other cyber-attacks – phishing emails or malware for example, can also pose a risk to your business and lead to data breaches or losses. However, even natural disasters or thefts of your devices can be a cause of data breaches. Especially with increased remote working, you need to make sure that your data is regularly backed up and your devices are adequately protected.

- Exposure to internal threats

Unfortunately, your staff can pose a threat to your business too. Sometimes you might be unlucky enough to have malicious members among your team who purposely delete or transcribe sensitive data. Sometimes, however, it’s just human error that causes your data to get accidentally deletedOne click could be all it takes for your data to be gone forever. 

To avoid breaking security regulations and to protect your data against potential threats, you should consider outsourcing Business Continuity and Disaster Recovery solutions. A BCDR solution helps you minimise costly downtime, protect your business from cyber-attacks, allows you to build trust with your clients and most importantly it helps you to stay compliant.  

Support Tree offers robust backup and recovery plans to keep your business up and running in the event of disasters. We identify problems before they even happen to help mitigate risks. 

Stay compliant and protect your business from financial instability. 

Download our eBook to find out more about our robust BCDR solution.