Data is under attack. IBM states that the global average cost of a data breach in 2021 was over $ 4.35 million. It also claims that data breaches are rising, noting a 13% increase from 2020 to 2022. And according to their 2022 Cost of a Data Breach report, Canadian companies paid an average of $7.05 million per incident in 2022. That’s up from $6.75 million in 2021.
Ramifications of Data Loss
Cybercriminals are utilizing RDP attacks, social engineering, and phishing expeditions to target organizations and steal sensitive information. Data theft can degrade your company’s reputation, relationships, operations, and assets. Your customers could face financial fraud, identity theft, and more problems when their data is in the wrong hands.
Personally Identifiable Information (PII) like names, addresses, emails, financial information, and IP addresses are just some examples of vulnerable data. Stolen information can be leveraged for more advanced cybersecurity attacks or sold on the Dark Web to help others commit cybercrimes.
Legal Compliance
Legal penalties for data theft can cross international borders. For example, Canadian businesses with customers in Europe or the United States may have to legally comply with the European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act of 2018 (CCPA) for data security or pay heavy fines and penalties to victims.
Data Loss Prevention (DLP) Explained
DLP stands for Data Loss Prevention. It is a set of tools and processes that strengthen data security, so it’s not stolen, lost, or misused.
How To Stop Data Loss
DLP starts with a firm DLP policy. Your organization’s DLP policy is the set of rules that governs how you manage data by identifying, tracking, and shielding confidential files.
You must also train your employees in data loss prevention strategies. Training sessions and seminars are essential, while reminders on email are also helpful.
DLP Security Tools
In addition to a robust DLP policy, you need the best DLP software. Top DLP software should offer the following features:
- Reporting: Top data loss prevention tools should provide robust analytics and reporting features
- Shielding: Your DLP software should provide monitoring and content blocking.
- Cloud-Based: Cloud-based DLP stools are more convenient and accessible.
- Customizable: Organizations need versatile software that can match their architecture, policies, and implementation.
Data Loss Prevention (DLP) in Canada
More Canadian businesses are encouraging employees to work from anywhere on any device. That’s why organizations in major Canadian cities use Montreal, Toronto, Calgary, or Vancouver Managed IT services to harden their defences with strong DLP measures.
What is Microsoft 365 Data Loss Prevention (DLP)?
Microsoft 365 DLP is an essential Microsoft 365 Compliance tool that helps companies shield sensitive information by leveraging technologies, strategies, tools, and processes to create protective rules and policies. With Microsoft 365 DLP resources, administrators can create a strong policy, negate internal and external threats, and even mitigate the risk of data loss or leakage due to human error.
Microsoft 365 DLP has a broad scope, covering services, apps, endpoints, on-premises SharePoint, and even non-Microsoft cloud apps.
If you’re interested in utilizing Microsoft data loss prevention tools, partner with a long-established IT services provider with multiple Microsoft Gold Competencies today. You’ll gain a competitive advantage, achieve your goals and drive your business value forward.
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