Reports of cybercrime continue to reign over worldwide news. Incidents of data breaches at the workplace continue to grow at a steady pace. Cybercriminals are continuously finding new and sophisticated ways to infiltrate softwares in pursuit of sensitive corporate information. All of this takes place despite the ever-growing awareness surrounding the importance of data security.
Preventative measures must be taken to avoid such vulnerabilities. One undeniably effective way is to completely remove the data before they become susceptible to a breach. In other words, a secure data erasure of all confidential data. This is a crucial step in preventing a data breach, the consequences of which are multifold.
One crucial step in preventing a data breach is to completely wipe the equipment clean of sensitive data.
It is an irrefutable fact that breaches of sensitive data can be extremely damaging to business. Many however fail to grasp the severity of such consequences until they become vulnerable to these dangers themselves. When disposing of old IT equipment, it is necessary to first wipe the equipment clean of information.
Financial Repercussions
A data breach can significantly impact a business’s revenue as well as its share price and valuation.
Possibly the most immediate consequence is the financial implications which can be overwhelmingly bad for any business. The affected business may have to incur the following:
Cost of compensating the victims
Launching an investigation of the breach
Investing in better security initiatives
Expensive legal fees
On top of it all, the General Data Protection Regulation (GDPR) imposes heavy fines on businesses that fail to protect their clients’ confidential data to the highest degree. The GDPR allows fines of up to US$24.1 million or 4% of annual global turnover - whichever is higher. The recent fines imposed on British Airways and Marriott proves just how serious the implications of GDPR non-compliance can be.
Additionally, a data breach can significantly impact a business’s revenue as well as its share price and valuation. As evidenced by what happened with Yahoo, that had to sell for US$350 million below its original asking price - all because of a massive data breach that compromised 500 million of its users.
Reputational Damage
News travels fast in this day and age. News of cybercrimes, in particular, tend to spread like wildfire due to their severity. Once the news of a data breach reaches the public, it is only natural that the affected business starts to lose its clients. Regardless of whether their own personal information had been leaked or not, clients wouldn’t want to risk being associated with a company that doesn’t do enough to protect them.
The loss of clients’ trust along with the negative publicity does irreparable damage to a business. If companies fail to prove that every precautionary step has been adopted to safeguard their clients’ information, they will have no choice but to suffer the catastrophic consequences of losing their existing clients, and any future clients they may have attracted.Legal Ramifications
Studies have shown that businesses can fold within months once a data breach has taken place.
Whether intentional or otherwise, a breach of confidentiality can result in clients seeking legal redress for the infringement. There has in fact been an increase in lawsuits and settlements in recent years as victims seek monetary compensation for their loss.
Add to these pay-offs the cost of legal fees to be borne, smaller businesses may never recover from their loss and end up winding up as a result. Studies have shown that businesses can fold within months once a data breach has taken place.
Destroy Your Data and Protect Your Business
Secure data erasure has proven time and again to be the most effective way of destroying data, and consequently protecting businesses from cyber harm.
Data security is key to a business’s survival. The best way to ensure data security is by rendering data inaccessible to cybercriminals. Retired IT equipment must be sanitised before they are disposed of or recycled. The best way to go about this is through a secure data erasure.
A data erasure software securely overwrites existing data over and over until it becomes impossible to be read by anyone. Once this is done an auditable certificate is generated - highlighting that any data contained in the equipment has been stripped away. The equipment is thus fully sanitised and ready to be recycled.
Secure data erasure has proven time and again to be the most effective way of destroying data, and consequently protecting businesses from cyber harm. Businesses must be aware of the risks associated with falling victim to a breach. The implications of a breach have a ripple effect - when one crippling event occurs, the rest follow.
Research conducted by Cybersecurity Ventures suggests cybercrimes would cost the world a whopping US$10.5 trillion by 2025. As hackers and other cybercriminals alike continue to do what they do, businesses must do everything in their power to shield themselves or suffer the devastating consequences.
We Have Your Back
Our secure IT asset disposal services provides the dependable solution you need for your e-waste and end-of-life asset needs. Our team applies safe and sustainable steps that are regulatory-compliant at every stage of the process.
From the point of collection, auditing, shredding and/or wiping to remarketing and/or donating your IT assets, you can be sure with our end-to-end services that we take your security seriously.
We have coverage against the loss of or damage to your goods during transportation. This includes marine cargo shipment from the ports to the warehouses
Our professional team of asset removers ensure your devices are packed safely into our vehicles which are also equipped with GPS-tracking systems. We have armed our warehouses with fingerprint-only access complete with security alarms and 24/7 CCTVs in place
Our reach spans across the globe through our networks of partners and vendors. Wherever your business is based, you can leverage our worldwide network and we would be happy to assist you throughout your ITAD journey
SPW is Asia's go-to solutions provider for data destruction, data erasure, IT asset remarketing, and environmentally-responsible IT asset disposals. Contact us and learn how you can incorporate an ITAD strategy into your business today.
