Digital Transformation

Firms ‘need to understand the value of data’

If companies value the data they hold, they will be more inclined to protect it.

Firms need to update their data protection policies if they value their private information, MWR InfoSecurity has stated.

Director of the security company Alex Fidgen pointed out that if organisations do not value the data they hold, it will not be important for them to have effective data security systems in place.

"However, in the modern day world, there are hardly any companies now that haven’t started to realise that the data they hold has value to them, especially when their revenue depends on it," he noted.

Ideally, what businesses should be doing is analysing the revenue they generate because this depends on the processes within the company and the information they hold.

"They [should] identify the data assets and as part of that they identify the processes which underpin those data assets – which then lead to the revenue generation. And then they can exactly look and start to examine the threats that they have against those processes and assets, and also the vulnerability that exists in their processes and assets," Mr Fidgen said.

Following these steps will help companies assess how they approach data protection and may result in them improving the way they safeguard their vital information.

"There’s a whole array of controls and it’s up to them to decide which controls are most appropriate to protect against that risk."

Meanwhile, accountant Mark Kohler has told about the importance of backup software for small businesses.

He advised start-ups and established micro firms to keep all their accounting records and tax documents up to date to ensure any future audits of the company go as smoothly as possible.

Scanning documents at the end of the year and backing up accountancy files should be a priority, while businesses can also sign up to a cloud server for online backup, Mr Kohler said.