Data security compliance is a key concern for businesses of all sizes in the US. It's essential for companies to understand the risks and build a framework to protect their sensitive information and ensure that their data is secure. In simple terms, keeping your data, customers, staff, and assets safe is essential for business growth.
Many SMBs struggle to find the time and resources to give data security the attention it deserves. Every time a business suffers an intrusion, theft, or damage in the form of a data breach, it can cost a lot of money to fix the situation. Additionally, if security incidents happen too often, they can potentially threaten the company’s future. That’s why it’s crucial for coworking spaces to have security software to manage their customers’ data.
Fortunately, there are steps you can take to ensure that your organization is secure and protected from potential threats. Investing in the appropriate data security protocols not only helps protect against costly damages but also fosters growth as well.
Today, we'll look at why data security and compliance are so important and how you can manage them effectively.
Understanding the Risks
The first step to managing security compliantly is understanding the risks your company faces. Depending on your customer and the type of business they have, you may be exposed to different levels of risk.
For example, if you handle sensitive customer or financial data, you must take extra precautions to protect this information from unauthorized access.
Additionally, when using cloud services, you must consider how they secure their data when stored off-site. Many businesses don’t know better and choose to use Dropbox or Google Drive to store data, but this is very risky and can easily lead people to get fooled by phishing requests or have their data shared illegally.
California also has a very strict law that mandates the encryption of private personal data which means that if a breach happens, businesses that ignore these terms of the statute face steep liabilities subject to civil damages and additional fines depending on the level and depth of the breach.
Developing a Compliance Framework
Once you understand the types of risks your coworking space and your customer’s business may face, it's time to develop a compliance framework.
Many business owners no matter how small, will refuse to work with/use coworking spaces due to their lack of security awareness and compliance.
Having a framework will help ensure that your business and its employees are meeting current regulations and standards related to security compliance.
Start by researching any relevant laws or industry guidelines, such as those from the Payment Card Industry Data Security Standard (PCI DSS) or the Health Insurance Portability and Accountability Act (HIPAA).
These documents provide an outline of what needs to be done in order for your organization to remain compliant with regulatory data requirements. You should also create internal policies that reflect these guidelines for your team members so everyone understands what’s expected when handling confidential information.
Remember that one of the most important factors when offering virtual offices to startups is data security and compliance. Not only could you face major legal issues, but so could the businesses that are using your space. By not having a compliance framework you risk both your own as well as your customer’s entire business and reputation.
Implementing Security Practices
Having your policies in place is only part of the battle; it’s essential that you pair them with tactics that actually work. This includes setting up processes like creating strong passwords, using two-factor authentication, encrypting communication channels, and more.
Additionally, conducting regular audits helps identify any areas where compliance might be lacking so they can be addressed quickly before any major issues arise. Some businesses choose to invest in cybersecurity tools like firewalls and antivirus software to help protect against malicious activity while giving users peace of mind knowing their data is safe and secure.
But we want to make your life easier, that’s why SphereMail is the perfect SaaS product to be used within the best practice guidelines to keep data secure when managing your business’s private data.
Keeping your organization secure is essential not only for your internal operations and the protection of your employees, but it's also paramount to your authority and brand awareness. Let’s take a look at the three key components of the impact of your security practices on your business.
Strengthening Customer Trust
Customers who know that their data is secure are more likely to trust your business and partner with you and trust using your virtual services. By using a personal authentication method like a phone number or email confirmation, you can effectively prevent 99.9% of unauthorized access attempts. This makes the use of SphereMail, which uses two-factor authentication worthwhile, as it will help build customer trust (and loyalty).
Improved Cost Efficiency
Investing in secure systems helps you save money over time by reducing risk; this includes having fewer risks of hacking attacks on sensitive data or having employees make mistakes due to inadequate training on safety procedures. It’s important that coworking spaces take preventative measures before a problem arises and invest in security systems now so they don’t have to pay for costly damages that can include a multitude of civil fines, customer lawsuits, and loss of your brand’s trust within your community.
Better Performance & Scalability
Having a secure environment allows businesses to scale up with confidence, knowing that their processes are running safely and efficiently while also allowing them access to new opportunities such as cloud computing or big data analytics which require a high level of security due to the amount of sensitive information involved.
To help you get started with improving your business security here are some tips for keeping your organization safe:
- Use strong passwords for all accounts & regularly update them
- Regularly back up important files & store backups offsite
- Use secure software like SphereMail to manage sensitive data in a secure environment.
- Restrict access to certain areas & databases based on employee roles
- Utilize two-factor authentication (2FA) for all accounts where possible
By following these steps, you can ensure that your coworking space remains safe from any potential threats while also giving you peace of mind knowing that you have taken all necessary precautions when it comes to protecting your data and customers.
In summary, security compliance is critical for US businesses as it helps protect not only their assets but also customers’ personal information from being exposed or compromised in any way. Developing a solid framework around best practices along with implementing security measures will go a long way towards ensuring your business meets these standards on an ongoing basis.
Cybersecurity Threats Are Now Higher Than Ever
Businesses and large corporations need to protect themselves against cybersecurity threats now more than ever. The vast amount of personal data available on corporate and social media platforms is a huge interest point for cyber attackers since it is almost considered “free for the taking”.
The economic crisis is also a huge factor that will drive cybercriminal activity since more people will now turn to cybercrime as a source of income. This means that targets are also gonna be more diverse. While large corporations used to be the main targets for cybercrime, and continue to be the larger percentage, cyber attackers will also start attacking smaller businesses.
This is why it is crucial to invest in software that will encrypt and secure your data.
Ensuring Peace of Mind with SphereMail's High-Security Standards
At SphereMail, we understand and value data security protocols. SphereMail keeps your information secure by continuously monitoring security events, and by using time-tested web application security in accordance with OWASP security standards.
Plus, all connectivity to our authentication service is done through an encrypted Transport Layer Security (TLS) Connection and we also follow best practice recommendations from the National Institute of Standards and Technology.
So you can be confident that any confidential or sensitive information remains private and secure. We also automate tedious manual tasks such as document preparation and filing so business owners have more time to focus on other aspects of their businesses.
Our expert team has over 12 years of experience in the industry and is always available to answer queries and provide support whenever needed. By relying on SphereMail, not only is your clients' data safeguarded but your clients can also rest assured knowing that everything has been taken care of efficiently behind the scenes.
Visit our website for more information or to get in touch with one of our experts.
