Social media marketing is a data intensive undertaking that collects sensitive data from both target demographics and the client. Marketers collect information for their clients, have sensitive information about upcoming marketing campaigns, and obtain personal information from those who willingly turn it over to receive material from their favorite retailer or supplier.
In turn, both sides expect that the marketer keeps that information locked down securely and out of the way of hackers. Many marketers turn to the cloud to store this data, but they may not be aware of how important it is to lock down that information and make it impossible for a security breach to happen.
The High Cost of Security Breaches
The latest research from the Ponemon Institute shows that the odds of a data breach are one in four. What this means for marketers is that the risks of a security breach are high. And so is the cost. It’s estimated that a security breach in a large corporation costs $7 million on average.
Smaller operations aren’t going to put out nearly as much money, but it’s still going to be costly for a business to fix. People do not like it when their data is compromised and are more likely to use legal remedies in the event their data has been compromised. It’s far cheaper to invest in solid security protocols instead of being cheap and not spending money on security up front.
Experian, a credit reporting agency, conducted a survey covering the impact of a data breach on business reputation. What it found is that a brand lost anywhere between $184 million to $332 million, depending on the type of information hackers accessed. And a study by Semafone found that 87 percent of respondents were much less likely to do business with a company that had a data breach of credit and/or debit card information. It’s very difficult for a business to recover from such a breach and, even if they do, customers take a long time in re-establishing their trust.
A small business that has a data breach is far more likely to close its doors because it doesn’t have the financial resources available to weather a loss of reputation.
Never Assume Security Measures are Strong in the Cloud
Relying on HTTPS, scrambled passwords, and standard cloud security isn’t enough to ensure that there won’t be a data breach. Instead, use a cloud access security broker (CASB) for an additional layer of security and always monitor who’s doing what with the files in the cloud. CASB is a budding new security technology that provides total cloud control for any organization.
However, before investing in the technology, it’s important to understand your security use case to ensure the CASB can address them today as well as in the future. One way to do so would be to wait until Gartner releases a Magic Quadrant (MQ) for the CASB market, which will identify not only the CASB leaders but also their capabilities and core competencies.
It never hurts to secure everything down as hard as possible. It may take a few more seconds to access the files due to the layers of security, but sensitive data is kept out of sight of the hackers and keeps your clients and customers fully protected.