Michael Saltzstein Shares the Importance of Data Breach Risk Management

As a business owner, you need to secure the personal data of your clients and employees. You can't risk a data breach. Michael Saltzstein shares that victims can sue you if you expose their Personal Identifiable Information, whether by accident or on purpose.

And don't expect to walk away scot-free. Statistics show that even SMBs lose over $2 million during data breaches, so a single attack could already leave you bankrupt. You'll also lose the public's trust, making it even more challenging to get your business back on track.

For these reasons, Michael Saltzstein encourages business owners to focus on data privacy and data breach risk management. Prevention is better than cure. You can't wholly eliminate cybersecurity threats, but you can protect your business, employees, and clients by:

Shredding Old Documents Properly

Don't just throw out old paperwork. Many identity thieves dig through the trash for contracts, payslips, and receipts, among other documents that contain restricted PII. Sadly, you can't stop crooks from diving into dumpsters. However, you can ensure that your old documents are indecipherable by using a P3 to P5 shredder.

Encrypting Your Data

Michael Saltzstein encourages companies to encrypt their data. The risk of a breach exists, regardless of whether you use on-site or cloud-based storage solutions. Skilled hackers can quickly bypass most of these systems. By encrypting your files, you'll at least ensure that crooks can't decode the PII they extract from your database.

Screening Business Partners Extensively

Be careful with your business partners. Before divulging sensitive information about your employees or clients, ensure they'll also faithfully observe the consumer protection privacy laws. Also, never share more info than needed.

Signing Up for Data Breach Insurance

Get an extensive data breach insurance policy. If things go south, you can rely on it to cover various expenses. Michael Saltzstein recommends making sure to increase your limits as your business expands. The coverage isn't as pricey as general liability insurance, so you won't pay more than a few hundred bucks per year.

Reinforcing Your Company's Cybersecurity System

Michael Saltzstein emphasizes that companies should incorporate data breach prevention into their risk management plans. Cyberattacks only seem unlikely until they happen to you. And considering the millions you could lose from a single attack, you'd do well to prevent data breaches right from the get-go.

Overall, use these tips to jumpstart your data privacy system. If you still have doubts, we encourage working with a seasoned team of cybersecurity professionals. Let them take charge of your files. Building a new department will cut your company's resources, but it also minimizes your cybersecurity risks significantly, adds Michael Saltzstein