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Is your Business Data Secure?

In today’s competitive business world, Data is the Key driving factor and the most valuable asset of any organization. Protecting organization’s asset is primary responsibility of everyone associated with the business operations.

What is data security?

Data Security refers to the protections put in place to secure databases, websites, and computers against unwanted access (IBM, 2019). This procedure also includes safeguards against data loss or corruption. Small firms and large enterprises should implement protection measures to secure data.

Why businesses need data security?

In recent times, securing data has become increasingly important. Every company has large amounts of data in their database that must be protected. Any compromise of the information will harm the company severely. The most possible reasons why data security is more important now are:

  • To maintain business continuity

  • To prevent Cyber-attacks and data breaches

  • Cyber-attacks affect all the people

  • The fast technological changes will boom cyber attacks

  • Cyber concerns may result in increased rules and regulations

  • To keep illegal access at bay

Nowadays, Data Security has become a buzzword and every organization is aware of the importance of the company data. Thereby, organizations are prioritizing the business safety in terms of implementing strong data security measures at significant cost.

What is data breach?

“A data breach is a security incident in which malicious insiders or external attackers gain unauthorized access to confidential data or sensitive information such as medical records, financial information or personally identifiable information (PII)” - CyberArk

When data breach happened, that effects on personal data, it exposes sensitive or protected information to someone who has no right to have that data. Data breaches are one of the most common and most costly types of cybersecurity incidents. They affect businesses of every size, industry, and geography — and they occur with frightening regularity. Anyone can be at a risk of data breach from individual, , small businesses, large organisations and government are all at risk. Or in other words, A breach can affect anyone who has provided personal information and anyone who has collected and stored it.

What are the major causes of data breaches?

Data breaches can happen due to the weakness in the implemented technologies and weakness of the human behaviour. However, among these two main causes, Researchers from Stanford University and a top cybersecurity organization found that approximately 88 percent of all data breaches are caused by an employee mistake. Human error is still very much the driving force behind an overwhelming majority of cybersecurity problems.

Most recent data breach incidents happened in Australia

Data breaches are on the rise in Australia, especially in the financial and healthcare industries. According to the Edward Kost report on “11 Biggest Data Breaches in Australia” published for UpGuard, below listed incidents are the most recent data breach incidents happened in Australia.

  1. Canva Data Breach

  2. Ubiquiti Data Breach

  3. ProctorU Data Breach

  4. Australian National University (ANU) Data Breach

  5. Eastern Health Data Breach

  6. Service NSW Data Breach

  7. Melbourne Heart Group

  8. Australian Parliament House Data Breach

  9. Tasmanian Ambulance Data Breach

  10. Northern Territory Government Data Breach

  11. Western Australian Parliament Data Breach

In an attempt to curb this destructive trend, the Australian government is revising its cyber security framework and policies to strengthen the nation state's resilience to threatening operatives. However, Australian businesses cannot rely solely on government cybersecurity initiatives, Even the Australian Signals Directorate (ASD) acknowledges that the proposed security framework only enhances the basic level of security. It is the responsibility of each business to maintain this standard with additional data breach controls.

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