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Strategies to Protect Contract Data From A Security Breach

Risk & Compliance

More often than not security breaches have massive consequences and negatively impact a company’s profits, reputation, and survival. The phrase better safe than sorry is beyond opposite when it comes to protecting important company information, including data contained within a company’s contracts. Here are key strategies companies can take to protect their sensitive corporate information.

Create and Implement a Security Strategy

It appears that no one is safe from a hacking of some sort these days, and most companies have quite a bit to lose if they become the victim of one. Because of this, all companies large and small must come up with a strategy for safeguarding information. This may require hiring an IT security expert to work within the company or briefly engaging the consulting services of such a specialist.

Obviously, the strategy employed is dependent upon the size, needs, and budget of a company, but creating and implementing some type of security strategy to ensure that company data is protected is an absolute must nowadays. As a minimum, outline who in your company has access to which data, create a response plan in case of a data breach, and outline technology needs to execute the strategy.

Invest in Technology

As more and more companies are shifting to become paperless offices, or at least heavily rely on computers for the bulk of their work processes, it is imperative to invest in the proper technology for your sensitive data. There is no reason to fear that such an investment will require substantial sums of money. There are plenty of apps and cloud-based services catering to businesses of all varieties.

It may require a bit of time figuring out what exactly a company needs tech-wise and learning about the existing options, but it would take far more time trying to recover from a security breach that is sure to result if inadequate technology is utilized. Basic security features for any system that will be used to store sensitive company information (including contract data) include two-factor authentication, watermarking, audit logs, granular permission settings, data encryption, and a offsite backup for disaster recovery. 

Conduct Training for Staff

A security strategy is useless unless everyone in the company is completely aware of it and fully abides by it. As soon as the strategy is crafted and the appropriate technology is selected and set up, companies must train their employees on security best practices and the use of any specific systems or software.

Although many breaches occur because outsiders manage to intrude upon a network, quite a few mishaps result from internal mistakes. With proper training and monitoring, the likelihood of such an occurrence is greatly diminished.

Adjust as Appropriate

Technology advances rapidly and hackers somehow manage to respond accordingly, so companies have to stay up to date on the latest developments. Ideally, companies should invest in technologies that pay attention and react to any such changes, so that there is no need to invest in a completely new system or deal with time-consuming updates. Cloud-based solutions are generally the best choice, as they are regularly updated to respond to any changes in cyber security. 

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