The Recall Blog: Inside Information Management

How Small Firms Protect Their Data Like the Fortune 100 Do — On a Small-Business Budget

Tuesday, March 08 th, 2016Comments: Comments Off

When a data breach makes the news, it usually involves a big brand: Target, Home Depot, Anthem and JPMorgan were all victims of well-publicized breaches in recent years. You get the sense that hackers and cyber criminals are only out to score big jackpots from corporate behemoths.

Wrong. Most of the time, the hackers are after smaller companies — perhaps like yours.

The fact is, smaller firms are easier to breach. They have fewer resources and controls to guard against cyber crime. They are less likely to detect breaches until after the damage is done. And they’re less able to overcome the cleanup costs. According to the Ponemon Institute, a Michigan-based research center that focuses on privacy, data protection and information security policy, the average cost of a data breach in 2015 was $3.8 million — that’s a per-record cleanup bill of $154. For small businesses, just the legal and administrative costs — never mind the hit to their reputation — may be devastating.

What can you do? One option is, naturally, to do nothing. Hiding from the problem is free, after all. Security means spending some time and money, and no one loves to do that. Some small businesses roll the dice, install no meaningful data protection and hope to be an exception. They’re hoping to get lucky and never experience a data breach.

But more and more small and mid sized firms are opting to look into the matter and making a better choice. They’re discovering that the cost and effort required to protect their business and its valuable information is actually quite reasonable, for one. They’re also figuring out that in the last few years, advances in technology have leveled the playing field. It’s finally possible for smaller businesses to take advantage of data protection services that were once the exclusive domain of the Fortune 100 elite.

Smaller firms now have access to state-of-the-art tools: radio frequency identification (RFID) and cloud computing; industry best practices for compliance such as audit and chain-of-custody; the latest in data management, backup, archiving and disaster recovery. Your smaller company can get the kind of protection from data breaches and losses from criminal activity, human error, equipment malfunction or disasters such as fires and floods that the world’s largest firms get.

This is why more small businesses are no longer opting to roll the dice with no protection. Every business, regardless of size, has data that is vital to its operation and precious to its customers. The data may also be personal and financial information regulated under federal and state laws like HIPAA and Mass 201 CMR 17. Failure to protect that information may steer your firm afoul of the authorities — and that can be worse than getting hacked in the first place.

Why take that risk when complete life-cycle management — from creation and capture until destruction — is well within most small firms’ reach? Tens of thousands of businesses look to Recall. For nearly 20 years we’ve been working with some of the world’s largest — and smallest — corporations, providing world-class data protection and management services. We’re sure we can help you, too.

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