07 May DATA PROTECTION FOR SMALL BUSINESSES 2018
Another Day, Another Data Breach Scandal
It seems like everywhere you look these days, there is a large data breach. The latest has been with Facebook which experienced a privacy and security lapse. At the time of writing, Facebook had admitted that the personal information of as many as 87 million users had been breached by a third-party company, Cambridge Analytica, and was used to influence American voters.
What This Means For Small Businesses
Your business may not boast millions of customers or users, but data protection is still a major concern for all businesses and their customers.
Failing to protect your customers’ private information can take a massive toll on your bottom line, as well as your reputation—just look at how Facebook’s stock price took a hit when the data breach was reported.
It Isn’t Just Local
Regardless of your company’s location, you must conform to the legal data protection requirements of the country or countries where your users and customers live. So, if your business is American, but you collect data from customers in England, you have two sets of laws to follow.
The best example of this is the General Data Protection Regulation (GDPR), which imposes significant obligations on businesses handling the data of any European Union (EU) resident. The GDPR is a sweeping piece of legislation that will affect millions of businesses, and may result in significant fines for those who don’t comply. It takes effect on May 25, 2018.
What And How Are You Collecting Information?
Small businesses need to be aware of the legal requirements they face when collecting private information based on their users’ and customers’ geographic locations.
The online world changes quickly, think about how much has changed in the last 2 years alone. As a business owner, you must stay informed on all the dynamic changes happening with cybersecurity, data protection, and privacy. Ensure that your team is keeping abreast of the regulations as they continue to evolve.
Consult Your IT Support Team
Your IT support team is your best line of defense to protect your business from a data breach or cybersecurity issue. Consulting with them quarterly will help you stay on top of evolving issues in the online world and will help keep your business safe.
For more information contact SOS Support today to speak with one of our representatives.