How a Data Breach Can Affect Your Business

Just a few decades ago, businesses stored all their information in paper files. Today, of course, everything is digital – including private financial data, customer information, and intellectual property. A data breach can mean hackers gain access to all your company files. Learn more about your responsibility to protect sensitive information as a business owner, and how you can prevent data breaches from Tekie Geek. We provide outstanding managed IT and cybersecurity services in New York and New Jersey.

What Is a Data Breach?

A data breach is any incident that exposes confidential or sensitive information to an unauthorized party. Data breaches can happen to businesses of all sizes, in any industry. These breaches usually happen because of technological vulnerabilities or human behavior. Not every breach is committed by a bad actor – sometimes an honest mistake happens. Something as simple as logging on to an unsecured Wi-Fi network at a coffee shop can create an opening for a cyber attack.

Data breaches can be costly and time-consuming for businesses – you run the risk of regulatory fines and even lawsuits. That’s why due diligence to protect your data is so critical. Without comprehensive security policies and procedures, your information could be exposed at any moment.

What Is the NY SHIELD Act?

Passed in 2019, the Stop Hacks and Improve Electronic Data Security Act (SHIELD act) is a law that governs how companies protect private information and handle breaches.

The SHIELD Act amends existing New York State security laws by expanding the definition of what constitutes private information, including:

• Credit and debit card numbers
• Usernames and passwords
• Account numbers
• Biometric information

The law defines a breach as any unauthorized access to digital data that could compromise the security of private information. It requires companies to adopt reasonable safeguards to protect this information, such as risk assessments and employee training. And it’s not just companies in NYS that need to comply – any business that owns or licenses the private information of a New York resident must follow these regulations.

How Can Businesses Safeguard Their Data?

For many small businesses, the easiest way to ensure compliance with the SHIELD Act – and protect their internal and customer data – is to partner with a managed service provider. This is an expert IT consultant who can provide a multi-layered, comprehensive approach to privacy and security protections. A managed IT service provider fixes tech issues as they arise, but they also take proactive steps to secure your network, protect your business from viruses and malware, and assess potential risks.

In addition to working with a third-party IT service, your company may want to invest in cyber insurance. This is a form of liability insurance that protects your business from many of the expenses you might incur after a data breach. Policies often cover:

• Business interruption
• Errors and omission (E&O)
• Network security and privacy liability

While you’ll need to budget for cybersecurity insurance, working with a computer consultant like Tekie Geek may lower your premiums.

Protect Your Business With Tekie Geek

Small businesses have countless competing demands on their time. Even when you understand the importance of data security, you might not have the staff resources to address it. That’s where Tekie Geek comes in. We’re your IT superheroes. 

Serving clients in New York and New Jersey, we offer comprehensive managed IT and business continuity services to protect you from data breaches and keep your enterprise up and running. We customize our services to meet your specific needs and network architecture and provide 24/7 monitoring, so you always have the most up-to-date protections. To learn more about Tekie Geek’s expertise, contact us today.